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Economy

Strong Chinese Data, Demand Growth Lift Oil Market

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global oil market

By Adedapo Adesanya

The oil market witnessed growth on Tuesday as a string of positive news eased the recent pressures coming from the coronavirus pandemic.

At the market yesterday, the price of the Brent crude futures rose by 63 cents or 1.01 per cent to $63.91 per barrel, while the price of the West Texas Intermediate (WTI) crude futures improved by 71 cents or 1.19 per cent to trade at $60.41 per barrel.

The day’s major support was from China as data showed that exports grew at a robust pace in March in yet another boost to the nation’s economic recovery as global demand picks up amid progress in worldwide COVID-19 vaccinations.

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In addition, import growth surged to the highest in four years.

Crude oil imports into China jumped 21 per cent in March from a low base of comparison a year earlier as refiners ramped up operations.

It continued gain caused by trouble caused by Yemen’s Iran-aligned Houthi movement which fired 17 drones and two ballistic missiles at targets in Saudi Arabia, including Saudi oil facilities.

The rise in geopolitical tension only has a notable bullish impact on oil prices if it is coupled with actual physical supply disruption but this was not the case.

Positive oil demand forecast also helped the market on Tuesday as the Organisation of the Petroleum Exporting Countries (OPEC) in its monthly report raised its forecast for 2021 oil demand growth by 70,000 barrels per day from its previous forecast of 5.95 million barrels per day or 6.6 per cent.

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Also supporting prices ahead of weekly data, US crude oil stockpiles were expected to have fallen last week for a third straight week. This will be confirmed by the Energy Information Administration (EIA), the statistical arm of the US Department of Energy, on Wednesday.

However, the market will be studying the latest development following pauses on the Johnson & Johnson vaccine which could delay economic recovery and limit oil demand growth.

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The US Center for Disease Control and Prevention and the US Food and Drug Administration recommended that the United States pause the use of J&J’s COVID-19 vaccine over six reported US cases of a “rare and severe” type of blood clot.

The six reported cases were among more than 6.8 million doses of the Johnson & Johnson vaccine administered in the United States.

The company has now decided to hold its rollout in Europe, a region that is already behind in vaccination plans.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

Making New Kings of Mastery

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OctaFX Kings of Mastery

Let’s be honest, we do not adore those African traditional movies anymore. The ones where coronation ceremonies are held; where the king will be forced to drink one or two concoctions, perform some ritual rites and then finally sit on his throne and have people sing great songs to him. While some of us have stopped consuming that form of Nollywood entertainment, we forget that we live it every day.

We want to become kings and masters at our workplaces, or in businesses we manage, we want to have those skills that make us “boss”. So, we perform the rites needed to become a king; from the concoction of sleepless nights to the long strolls on the internet; researching what isn’t lost but must be found.

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We put in the work, so we can finally call ourselves Kings and Queens of mastery; either at that Design job, Photography gig, Business and Life in general!

The only question left to ask is, “why don’t we channel this same energy into Forex trading?” Yes, think about the question for a second because I’m sure you have a “Why” to the question being asked. Great, the truth remains that as Nigerians, we are always ready to put in the work, get the job done, earn as much as we can and be one step closer to financial freedom. Now that’s where trading with OctaFX comes in.

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As we hustle our way towards combining multiple jobs and businesses, we can also trade forex, all we need to do is learn, put in the work, and become masters at it.

OctaFX Kings of Mastery

Forex might not be a walk in the park but like kings, we have built the resilience required for the challenge. And OctaFX is always ready and available to make the process easier by providing proper guidance to traders on its website.

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As an international forex broker operating in Nigeria, it’s the brand’s mission to provide traders of all skill levels with new and exciting opportunities to increase their financial gains.

OctaFX Kings of Mastery

So, stop reading the article. Begin your journey to mastery here and this side too.

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Economy

Nigeria’s Unlisted Securities Market Sheds 1.55%

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Unlisted Securities Market

By Adedapo Adesanya

Depreciation in the stock prices of FrieslandCampina WAMCO Nigeria Plc, Central Securities Clearing Systems (CSCS) Plc, and Nigerian Exchange Group depressed the NASD Over-the-Counter (OTC) Securities Exchange on Friday, July 23.

Yesterday, Nigeria’s unlisted securities market depreciated by 1.55 per cent at the close of transactions, with investors losing N10.33 million. This weakened the market capitalisation to N655.73 billion from N666.06 billion it finished on Thursday.

Also, the NASD Unlisted Security Index (NSI) shed 11.88 points at the close of business to end the day at 754.43 points as against 766.31 points it recorded at the previous session.

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Business Post reports that Friesland lost 6.6 per cent or N7.92 to settle at N120.08 per share compared to N128.00 per cent of the previous session.

CSCS Plc depreciated by 2.7 per cent or 50 kobo to close at N18.50 per unit in contrast to N19.00 per unit of the preceding day, while NGX went down by 0.3 per cent or 5 kobo to close the day at N17.13 per share versus N17.18 per share it ended on Thursday.

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When the market closed for the day, the number of shares transacted by investors increased by 1.1 per cent to 2.6 million units from 2.6 million units, the value of shares rose by 54.1 per cent to N71.7 million from N46.5 million, while the number of deals increased by 19.2 per cent to 31 deals from 26 deals.

With 1.0 billion units of its shares traded for N700.1 million, Geo Fluids Plc ended the session as the most active stock by volume (year-to-date). NGX Group Plc followed with 348.2 million units valued at N7.5 billion, while Swap Technologies & Telecomms Plc occupied third place with 46.6 million units worth N41.0 million.

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However, NGX Group finished the session as the most active stock by value (year-to-date) for trading 348.2 million units for N7.5 billion, VFD Group Plc remained in the second spot with 4.1 million units valued at N1.3 billion, while NDEP Plc has traded 3.2 million units valued at N976.2 million.

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Economy

Domestic Currency Falls to N504/$1 at Black Market

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domestic currency

By Adedapo Adesanya

The Naira weakened against the Dollar at the black market on Friday, July 23, losing N1 to sell at N504/$1 in contrast to N503/$1 it traded on Thursday.

Also, at the unregulated segment of the foreign exchange (FX) market yesterday, the domestic currency depreciated against the Pound Sterling and the Euro.

Against the British currency, the Naira lost N2 to close at N705/£1 compared to Thursday’s N703/£1 while against the Euro, it dropped N5 to close at N595/€1 compared to N590/€1 of the previous day.

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However, at the Investors and Exchange (I&E) window, the Nigerian Naira appreciated against the greenback yesterday by 13 kobo or 0.03 per cent to trade at N411.50/$1 versus N411.63/$1 it traded at the preceding session.

Though the turnover for the day reduced, the demand for FX at the market segment remained high as investors transacted $135.28 million compared with the $137.83 million achieved on Thursday, signifying that the total transactions went down by 1.9 per cent or $2.55 million.

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But the exchange rate of the Naira relative to the Dollar remained unchanged at the interbank segment of the market, closing at N410.14/$1, the same rate it was traded on Thursday.

As for the digital currency market, investors are beginning to have confidence in cryptocurrencies as the tokens tracked by Business Post on the trading platform, Quidax, closed mostly positive.

At the close of business yesterday, Ethereum (ETH) appreciated by 9.7 per cent to close at N1,008,998.99, Dash (DASH) gained 1.5 per cent to sell at N72,899.99, Ripple (XRP) improved by 0.7 per cent to N305.00, the US Dollar Tether (USDT) increased by 0.5 per cent to N514.99, while Bitcoin (BTC) appreciated by 0.1 per cent to close at N16,500,002.00.

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However, Tron (TRX) lost 4.8 per cent to sell at N27.03, while Litecoin (LTC) declined by 3.7 per cent to trade at N59,204.99.

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