Economy
Tight Supplies Drive Brent Crude Price to 3-Month High
By Adedapo Adesanya
Brent crude price hit a three-month high on Tuesday after it moved up by 90 cents to $83.64 a barrel as the US West Texas Intermediate (WTI) crude rose by 89 cents to $79.63 per barrel.
The prices were supported on their way to the top on the back of signs of tighter supplies and pledges by Chinese authorities to shore up the economy.
The crude benchmarks have already clinched four weekly gains in a row, with supplies expected to tighten due to output cuts from the Organization of the Petroleum Exporting Countries (OPEC) and allies (OPEC+).
Market analysts noted that this price range is happening as the market is getting more concerned about the trend of tightening oil supplies, and it’s becoming more obvious that the expected drop-off in demand is not happening.
Extra support is coming from China, the world’s largest importer, as it stepped up to provide economic support since economic data has shown that the country is not meeting its forecasts.
On Monday, China took a step to boost policy support for the economy amid a complex post-COVID recovery, focusing on boosting domestic demand, signalling more stimulus steps.
The world’s second-largest economy grew at a weak pace in the second quarter as demand weakened at home and abroad, raising pressure on policymakers to deliver more stimulus to shore up post-COVID recovery.
According to the Politburo, a top decision-making body of the ruling Communist Party,
China will step up economic policy adjustments, focusing on expanding domestic demand, boosting confidence, and preventing risks.
While China is on track to hit its modest 2023 growth target of around 5 per cent, there are risks of the annual goal being missed for the second year in a row, analysts said.
Also, in the US and the Eurozone, business activity slowed in July, surveys showed.
In the US, falling input prices and slower hiring indicate the Federal Reserve could be making progress in its bid to reduce inflation. Markets anticipate 25-basis-point rate hikes from both the US Federal Reserve and the European Central Bank (ECB) this week.
Pressure came as Crude oil inventories in the United States unexpectedly rose this week by 1.319 million barrels, the American Petroleum Institute (API) data showed on Tuesday after decreasing by 797,000 barrels in the week prior.
Analysts were expecting a draw of 1.969 million barrels in U.S. crude-oil inventories. According to API data, the total number of barrels of crude oil gained so far this year is more than 35 million barrels, although the net draw in crude inventories since April is just under 12 million barrels.
US government data on inventories from the Energy Information Administration (EIA) is due later on Wednesday.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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