Economy
Oil Prices Slide on Large US Crude Inventories
By Adedapo Adesanya
Oil prices fell on Wednesday after data showed that US crude inventories rose, as traders continued to consider the conflict in the Middle East, with Brent crude futures settling at $74.96 per barrel after shedding $1.08 or 1.42 per cent as the US West Texas Intermediate (WTI) crude futures depleted by 97 cents or 1.35 per cent to $70.77 a barrel.
The US Energy Information Administration (EIA) reported an inventory increase of 5.5 million barrels for the week to October 18.
The inventory change followed an American Petroleum Institute (API) estimate of a build totalling 1.64 million barrels for the reported period. It also compared with a draw of 2.2 million barrels for the previous week, as reported by the EIA last Thursday.
In petrol build, the American authority estimated an inventory build of 900,000 barrels for the week to October 18, with production averaging 10 million barrels daily versus an inventory decline of 2.2 million barrels for the previous week when petrol production averaged 9.3 million barrels daily.
Market analysts noted that the crude inventory build is due to the recent hurricane in the US which curtailed production in the largest oil producer in the world.
Pressure also came on oil prices as the US Dollar index rose to its highest since late July.
A strong US Dollar can hurt demand for oil, which is priced in the American currency, as it makes it more expensive for holders of other currencies.
The market also continued to monitor developments and concerns over potential oil supply risk from conflict in the Middle East.
On Wednesday, there was no tangible outcome from the US Secretary of State Antony Blinken’s latest visit to Israel.
Israel continues to pound both Gaza and Lebanon, and most recently it killed the next in line to the top spot at Hezbollah, Hashem Safieddine, sparking expectations of retaliation.
Mr Blinken pushed on Wednesday for a halt to fighting between Israel and militant groups Hamas and Hezbollah, but heavy air strikes carried out by Israel on a Lebanese port city Tyre showed that there is no calm in sight.
Market participants expect the conflict to go on longer and have taken advantage of the events unfolding to price longer.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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