Economy
Oil Slides Further on Economic Slowdown Fears
By Adedapo Adesanya
Oil prices showed no signs of stopping their fall on Tuesday, May 10 as fears of an economic slowdown saw the market bleed by more than 3 per cent.
Specifically, the Brent crude fell by 3.2 per cent or $3.40 to sell at $102.50 per barrel, while the United States West Texas Intermediate (WTI) went down by $3.24 or 3.14 per cent to $99.85 per barrel.
The demand outlook is pressured by coronavirus lockdowns in China with oil demand being threatened by the extended measures as part of its Zero COVID policy.
Some of China’s biggest cities have been hit by major COVID lockdowns this spring and it’s having a disruptive effect on the country’s economy.
Last week, Chinese President Xi Jinping reiterated that his government has no intention of turning away from the controversial Zero-COVID commitment, as well as urged officials to unswervingly adhere to the general policy and warned against any criticism or doubting of the policy.
Also, a slowdown in plans by the European Union (EU) over whether or not it is going to embargo Russian oil also pressured prices.
The EU Commission has delayed acting on the proposal as it will need all the approval of the 27 members before it can fully implement that plan.
The commission plans to offer Eastern European EU nations that have so far objected to an embargo on Russian oil (Hungary, Slovakia, and the Czech Republic) more money to upgrade oil infrastructure, though their sanctions waivers are still to be agreed upon.
There are indications that the bloc could reach an agreement this week.
Joining the pressure factors, the US Dollar held near a two-decade high ahead of a reading on inflation that could hint at the outlook for Fed policy.
On the supply side, the US Energy Information Administration (EIA) trimmed its US crude oil production forecasts for 2022 and 2023. It now expects output in 2022 to average 11.9 million barrels per day compared with its previous estimate of 12 million barrels per day.
In the US, crude inventories likely fell last week, this will be confirmed by data from the EIA on Wednesday.
**Revokes Trading Licences of LMB, Platinum Stockbrokers
By Aduragbemi Omiyale
A stockbroking company, Premium Capital and Stockbrokers Limited, has been fined N5 million for engaging in “unauthorised sale of its clients’ securities.”
A circular issued by the Nigerian Exchange (NGX) Regulation Limited disclosed that the trading licence of the organisation has also been revoked.
In the notice signed by the Head of Market Regulation for NGX RegCo, Chinedu Akamaka, Premium Capital violated Rule 11.9 of the Rulebook of The Exchange, 2015 (Dealing Members’ Rules), which focuses on the Prohibition of Unauthorised Sale of Securities.
Business Post reports that Premium Capital was not the only stockbroker that had its trading licence withdrawn, as it also affected others.
The licence of LMB Stockbrokers Limited was revoked by NGX RegCo for prolonged inactivity, which falls contrary to Rule 6.4: Revocation of Inactive Dealing Members’ Licences, Rulebook of The Exchange, 2015 (Dealing Members’ Rules), as amended.
The same also affected Platinum Stockbrokers Limited, which has not witnessed activity on the floor of the NGX Limited for a while.
Similarly, the authorised dealing clerkship of Mr Bernard Oluwole Ilori, was taken back with immediate effect in alignment with an earlier determination by the Securities and Exchange Commission’s (SEC) Administrative Proceedings Committee (APC), which arose from his involvement in regulatory infractions connected to Mutual Alliance Investment and Securities Limited and resulted in his 10-year ban from the Nigerian capital market since March 25, 2021.
Investors have been “strongly advised not to engage in any activity with the firms” whose trading licenses have been revoked.
By Aduragbemi Omiyale
The securities of DN Tyre and Rubber Plc, and Greif Nigeria Plc have been delisted by the regulatory arm of the Nigerian Exchange (NGX) Group Plc, NGX Regulation Limited.
A statement signed by the Head of the Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, said the delisting became effective on Thursday, April 9, 2026.
In the notice issued yesterday, it was further disclosed that the action complied with the provisions of Clause 14 of the Amended Form of General Undertaking, for Listing on Nigerian Exchange Limited General Undertaking.
According to this clause, “The exchange reserves the right to, at its sole and absolute discretion, suspend trading in any listed securities of the Issuer, delist such securities, or remove the name of the issuer (listed company) from the daily official list of the exchange with or without prior notice to the issuer, upon failure of the issuer to comply with any one or more of the provisions of this General Undertaking, or when in its sole discretion, the exchange determines that such suspension of trading or delisting is in the public interest, or otherwise warranted.”
It was explained that the shares of the two firms were delisted because they fell below the listing standards.
“The securities of DN Tyre and Rubber Plc and Greif Nigeria have been delisted from the facilities of Nigerian Exchange Limited (NGX) effective Thursday, April 9, 2026, on the grounds that the companies are operating below the listing standards of NGX and their securities are no longer considered suitable for continued listing and trading in the market,” the disclosure noted.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange declined by 0.95 per cent on Thursday, April 9, plunging the Unlisted Security Index (NSI) by 37.41 points to 3,893.50 points from 3,930.91 points.
In the same vein, the market capitalisation lost N22.38 billion during the session to N2.329 trillion from the N2.351 trillion it ended at midweek.
The OTC securities exchange was under selling pressure yesterday, resulting in a negative market breadth index after three securities lost weight and one gained weight.
Central Securities Clearing System (CSCS) Plc led the losers’ table after it shed N3.74 to sell at N64.21 per unit versus N67.95 per unit. Food Concepts Plc went down by 19 Kobo to N2.68 per share from N2.87 per share, and Free Range Farms Plc dropped 10 Kobo to settle at 90 Kobo per unit versus N1.00 per unit.
On the flip side, MRS Oil gained N5 to close at N165.00 per share compared with the preceding day’s N160.00 per share.
At the trading session, there was a 23.5 per cent jump in the value of securities to N40.4 million from N32.7 million, but the volume of securities fell by 81.9 per cent to 1.04 million units from 5.7 million units, and the number of deals went down by 29.7 per cent to 26 deals from the preceding session’s 37 deals.
At the close of transactions, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 57.5 million units exchanged for N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.
Also, GNI Plc ended the trading day as the most traded stock by volume on a year-to-date basis with the sale of 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units worth N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
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