Economy
Tighter Crude Supplies, Low Omicron Threat Raise Oil by 3%
By Adedapo Adesanya
Oil witnessed a 3 per cent rise on Tuesday on expectations of tighter crude supplies and expectations that the spread of the Omicron variant will not derail a global demand recovery.
Consequently, the price of the Brent crude rose by $2.76 or 3.41 per cent to close at $83.63 per barrel, while the US West Texas Intermediate (WTI) crude rose by $3.10 or 3.96 per cent to trade at $81.33 per barrel.
The inability of some countries to add to supply is driving prices higher as it is tightening the market, with the recent outages in Libya buoying prices.
The National Oil Corp said it was suspending exports from the Es Sider terminal.
Poor maintenance at export facilities drove the North African producer to shut in exports from the terminal, compounding weather-related woes which have made it hard for tankers to connect to loading facilities at the terminal.
The announcement of new disruptions at Es Sider comes shortly after the El Feel field returned to production. The Petroleum Facilities Guard (PFG) had halted pipeline flows from the field in December 2021.
This means that it won’t be able to add to supply additions by the Organisation of the Petroleum Exporting Countries (OPEC) which are running below the increase permitted under a pact with its allies.
OPEC and its allies, OPEC+’s inability to ramp up production as quickly as it has agreed to is also lending support to crude oil prices.
While the larger 23-man OPEC+ group has agreed to increase output at 400,000 barrels per day, it has been unable to achieve this volume in any month.
For instance, in December 2021, the smaller 13-member OPEC group managed to increase output by just 70,000 barrels per day up from November, lower than the 253,000 barrels per day that were its share of the 400,000 barrels per day hike that OPEC+ agreed to.
On the demand side, the US Federal Reserve said there are expectations that the economic impact of Omicron to be short-lived.
This is happening as countries refused to return to severe lockdown even as COVID-19 cases continue to surge as seen in demand for jet fuel.
Also adding to the support was a weaker US Dollar because it makes oil cheaper for buyers holding other currencies and tends to reflect a higher risk appetite among investors.
Market analysts expect that US inventories data to show crude stockpiles fell by about 2 million barrels.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its gains by 1.68 per cent on Tuesday, February 10, further lifting the Unlisted Security Index (NSI) by 63.37 points to 3,830.31 points from the previous session’s 3,766.94 points.
In the same vein, the market capitalisation of the bourse expanded by N37.92 billion during the session to N2.291 trillion from the N2.253 trillion it ended on Monday.
The growth was helped by six price gainers led by Central Securities Clearing System (CSCS), which gained N5.88 to sell at N64.73 per share versus N58.85 per share, FrieslandCampina Wamco Nigeria Plc rose by N3.67 to N69.67 per unit from N66.00 per unit, Afriland Properties Plc increased by 94 Kobo to N15.95 per share from N15.01 per share, Geo-Fluids Plc appreciated by 33 Kobo to N4.41 per unit from N4.08 per unit, IPWA Plc soared by 26 Kobo to N2.85 per share from N2.59 per share, and Food Concepts Plc improved by 26 Kobo to N2.89 per unit from N2.63 per unit.
Business Post reports that there were three price losers yesterday, led by MRS Oil, which lost N20.00 to trade at N180.00 per share versus N200.00 per share, NASD Plc dipped by N3.60 to N51.40 per unit from N55.00 per unit, and Air Liquide Plc depreciated by N2.21 to N20.32 per share from N22.53 per share.
The activity level was down on Tuesday, as the volume of securities slid 50.1 per cent to 6.9 million units from 13.3 million units, the value of securities decreased by 10.4 per cent to N89.1 million from N99.3 million, and the number of deals reduced by 2.1 per cent to 46 deals from 47 deals.
CSCS Plc was the most traded stock by value on a year-to-date basis, with 17.7 million units sold for N752.8 million, Geo-Fluids Plc recorded the sale of 29.2 million units valued at N149.8 million, and FrieslandCampina Wamco Nigeria Plc ended with a turnover of 1.8 million units worth N119.8 million.
The most traded stock by volume on a year-to-date basis was Geo-Fluids Plc with 29.2 million units exchanged for N149.8 million, followed by CSCS Plc with 17.7 million units traded for N752.8 million, and Mass Telecom Innovation Plc with 15.1 million units valued at N6.1 million.
By Adedapo Adesanya
The consistent reform agenda of the Central Bank of Nigeria (CBN) aimed at enhancing market stability by improving foreign exchange (FX) liquidity further strengthened the Nigerian Naira against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, February 10, by N3.24 or 0.24 per cent to N1,351.02/$1 from the previous day’s N1,354.26/$1.
At the black market, the Naira gained N20 against the United States Dollar yesterday to trade at N1,430/$1 compared with the preceding day’s N1,450/$1, and at the GTBank FX desk, it improved its value by N16 to sell for N1,363/$1, in contrast to the N1,379/$1 it was exchanged a day earlier.
The domestic currency also appreciated against the Euro in the official market during the session by N6.70 to N1,606.49/€1 from the preceding session’s N1,613.19/€1 but depreciated against the Pound Sterling by 85 Kobo to close at N1,846.57/£1 compared with Monday’s closing price of N1,845.72/£1.
Nigeria’s FX market has continued the year on a firmer footing, extending the positive momentum recorded in 2025.
The Governor of the central bank, Mr Yemi Cardoso, said reforms have extended across the financial landscape, anchored on disinflation, FX market normalisation, and financial-system resilience, which are strengthening real-sector confidence.
In addition, stronger trade receipts, reflecting the impact of elevated global oil prices, helped boost FX supply and support currency stability.
Meanwhile, the cryptocurrency market was under pressure, with analysts saying the recent drawdown, which is the steepest since the 2024 halving, has come on low spot trading volumes, suggesting retail investors have mostly stepped aside while leveraged derivatives drive price moves.
This comes ahead of a closely-watched US employment data for January due on Wednesday, which the US government officials suggest could be weaker than forecast.
Originally scheduled for last Friday, the government’s January Nonfarm Payrolls Report is now coming out on Wednesday morning due to the brief federal shutdown last month.
Solana (SOL) weakened by 4.5 per cent to $81.91, Binance Coin (BNB) slumped 4.4 per cent to $608.22, Ripple (XRP) dipped 4.3 per cent to $1.37, Ethereum (ETH) dropped 3.7 per cent to $1,975.44, and Dogecoin (DOGE) saw a 3.2 per cent fall in value to trade at $0.0916.
Further, Bitcoin (BTC) went down by 2.8 per cent to $67,517.93, Cardano (ADA) slid 2.7 per cent to $0.2581, and Litecoin (LTC) declined by 2.1 per cent to $52.55, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The Nigerian bourse showed no signs of slowing its bull run as it further appreciated by 1.65 per cent on Tuesday, its highest daily gain in 2026.
This was influenced by continued interest in shares in the energy, consumer goods and industrial goods sectors.
Data from the Nigerian Exchange (NGX) Limited revealed that the energy space increased by 2.97 per cent, the industrial goods counter appreciated by 2.93 per cent, the banking index expanded by 1.83 per cent, the consumer goods sector improved by 0.16 per cent, and the insurance segment rose by 0.01 per cent.
As a result, the All-Share Index (ASI) added 2,863.20 points to close at 176,809.42 points compared with the previous day’s 173,946.22 points, and the market capitalisation soared by N1.838 trillion to N113.497 trillion from N111.659 trillion.
The growth recorded by Customs Street yesterday was mainly due to buying pressure on some bellwether stocks like MTN, GTCO, BUA Cement, Lafarge Africa and others.
Sixty-six equities ended on the gainers’ chart during the session, while 22 equities finished on the losers’ chart, indicating a positive market breadth index and bullish investor sentiment.
The quartet of Omatek, Deap Capital, eTranzact, and John Holt chalked up 10.00 per cent each to sell for N3.19, N8.25, N20.35, and N8.80 apiece, while Vitafoam Nigeria gained 9.98 per cent to settle at N105.80.
Conversely, Abbey Mortgage Bank lost 9.82 per cent to trade at N12.40, SAHCO declined by 9.06 per cent to N150.00, Guinea Insurance slipped by 6.67 per cent to N1.54, Consolidated Hallmark shrank by 6.64 per cent to N4.50, and Livestock Feeds depleted by 6.34 per cent to N6.65.
A total of 1.3 billion stocks valued at N50.4 billion exchanged hands in 58,965 deals on Tuesday compared with the 775.2 million stocks worth N27.9 billion transacted in 65,960 deals on Monday, implying a fall in the number of deals by 10.61 per cent, and a growth in the trading volume and value by 67.70 per cent and 80.65 per cent, respectively.
Deap Capital was the most active stock for the day with a turnover of 283.1 million units valued at N2.0 billion, Access Holdings traded 135.5 million units worth N3.2 billion, Veritas Kapital transacted 67.3 million units for N149.7 million, Tantalizers exchanged 54.7 million units valued at N289.8 million, and Zenith Bank sold 52.1 million units worth N4.0 billion.
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