Economy
Oil Rises as Market Anticipates Stable OPEC+ Cuts
By Adedapo Adesanya
Crude oil prices pointed north on Tuesday as the market anticipates support for stable oil output from the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) ahead of a meeting on Thursday.
The international crude benchmark, Brent, gained 33 cents or 0.51 per cent to trade at $64.47 per barrel while the US benchmark, West Texas Intermediate (WTI), went up by 0.18 per cent or 11 cents to sell at $60.64 per barrel.
The market has now looked beyond the Suez Canal issue and is turning its focusing on the upcoming OPEC+ meeting, where according to industry sources, producers will likely roll over the output cuts.
The 400-meter long container ship called Ever Given was tipped by strong winds and it went length-ways across the canal last Tuesday, causing a gridlock of at least 100 vessels. It has, however, been resolved.
With the focus now on the meeting, Saudi Arabia is prepared to support extending oil cuts and is also ready to prolong its own voluntary cuts to boost prices amid a new wave of coronavirus lockdowns.
After steady oil price gains earlier this year, OPEC+ had hoped to ease output cuts but a fresh wave of lockdowns, aimed to prevent a new surge in the virus, has pushed oil off this year’s highs.
By indications of past events, this would most likely encourage the group to extend cuts into May when it meets.
This will largely depend on non-OPEC leader in the alliance, Russia. The country favours a rollover of the alliance’s oil production cuts while seeking a slight increase for itself to meet higher seasonal demand.
Under existing curbs, OPEC, led by Saudi Arabia, and non-OPEC producers, led by Russia, have cut just over 7 million barrels per day while Saudi Arabia has made an additional voluntary reduction of 1 million barrels per day.
OPEC+ decided in January to give Russia and Kazakhstan small increases for February and March, keeping the overall production with no significant difference.
In each of those two months, Russia was set to ease its cuts by 75,000 barrels per day. For April, Russia was allowed to boost its production by 130,000 barrels per day, while the other members of the OPEC+ alliance including Nigeria are to keep their production flat next month.
The OPEC+ panel reviewing production and the market situation is set to meet on March 31, while the ministers will gather for their monthly online meeting on April 1 – where the decision will be announced.
The market faced pressure as the US Dollar rose against major currencies. This weighed on oil prices as a stronger greenback makes dollar-priced crude more expensive to buyers in other currencies.
Also, there are indications that crude inventories may rise in the United States, another pointer that could weaken prices.
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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