Tighter Crude Supplies, Low Omicron Threat Raise Oil by 3%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.6 per cent appreciation on Friday, December 8, as investors gained about N19.12 billion to push the valuation of the unlisted bourse to N1.202 trillion from the N1.182 trillion it closed in the preceding session. This achievement was influenced by the gains recorded by the trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) Plc. Data showed that Aradel Holdings Plc improved its value by N30 to settle at N900.00 per unit compared with the previous day’s N870.00 per unit, FrieslandCampina Wamco Nigeria

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Adedapo Adesanya Dangote Refinery is set to commence crude refining in the coming days as an OTIS Tanker, carrying 950,000 barrels of Agbami crude has reportedly set sail to Dangote’s offshore crude receiving terminal, Business Post has gathered. It is expected to arrive around 8 pm today, December 7, 2023. This development confirms expectations that the 650,000 barrels per day will commence operations before year-end and produce its first batch of petroleum soon after the company had initially announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually

A total of $706,452 has been paid in ransom to cybercriminals by Nigerian businesses. According to Sophos in The State of Ransomware 2022 report, Industrial Control Safety Systems (ICSS) in Critical infrastructure are increasingly exposed to cyber-attacks because of the digitization drive of the industry. As supervisory control and data acquisition (SCADA) systems, distributed control systems (DCS), and other control systems become connected to the Internet to allow greater business efficiency (remote process monitoring, system maintenance, process control, and production data analysis)-Industry 4.0, they also make the business more vulnerable to threats with the potential to affect critical Industrial Control

By Modupe Gbadeyanka The Nigerian Senate has vowed not to consider the 2017 appropriation bill to be presented next Wednesday by President Muhammadu Buhari to a joint session of the National Assembly except the 2017-2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) it is currently working on was approved. This clarification was made by the Deputy Majority Leader of the Senate, Mr Bala Ibn Na’Allah, while speaking on the possibility of presenting the budget proposals to the legislature when the MTEF/FSP had not been passed. He said “what people don’t understand is that the approval of the

By Modupe Gbadeyanka A partnership has been announced between Keystone Bank and a real estate investment firm called Orange Island Development for the hosting of the maiden edition of ‘The Orange Island/Keystone walk’ tagged ‘Invest in your health’. This is Keystone Bank’s way of demonstrating its commitment to promoting fitness and healthy living amongst Nigerians. According to the organizers, the initiative, which will mobilise people to walk a distance of 5km, will hold on Saturday January 19, 2019. Speaking on the initiative, the Chief Executive Officer of Orange Island, Ms Yinka Ogunsulire, said, “We are excited to welcome everyone to

By Adedapo Adesanya The price of the Brent crude oil appreciated by more than 4 per cent or $2.61 on Wednesday as more positive news led by a drop in United States inventory and fresh positive expectation over oil demand boosted optimism about returning demand for crude. During the trading day, the value of the commodity increased to $66.28 per barrel, while the price of its counterpart, the West Texas Intermediate (WTI) crude, rose by 4.9 per cent or $2.97 to $63.15 per barrel. According to the Energy Information Administration (EIA), the US crude inventories fell by 5.9 million barrels

By Sodeinde Temidayo David The total value of transactions recorded at the Investors and Exporters (I&E) window of the foreign exchange (FX) market in Nigeria increased by 33.9 per cent or $269.4 million last week, analysis by Business Post has shown. According to data tracked on the FMDQ Securities Exchange between Monday, August 30 and Friday, September 3, indicated that the I&E FX segment printed a weekly turnover of $1.1 billion compared with the $795.12 million achieved in the preceding week. This significant boost was driven by the transactions reported on Wednesday, September 1 as the market opened the new

By Dipo Olowookere The treasury bills market was marginally upbeat on Tuesday, August 07, 2018 with the average yields slightly going down at the close of transactions. Business Post gathered that most activities focused on the shorter end of the curve as investors focus on the maturing bills on Thursday. At the close of business, the average treasury bills yields depreciated by 0.06 percent to settle at 11.91 percent. According to analysts at Zedcrest Research, the yields are expected to record a slight downtrend tomorrow on the back of a relatively buoyant level of system liquidity. “Trading activities are however

By Dipo Olowookere Ogun state Governor, Prince Dapo Abiodun, has approved the appointment of Mr Olatokunbo Joseph Talabi as the Secretary to the State Government and Mr Shuaib Afolabi Salisu as the governor’s Chief of Staff. A statement issued by the state government on Saturday disclosed that both appointments take immediate effect. It was said that the new SSG comes to the job with a rich private sector background as a business development professional, banker and entrepreneur. He was until his appointment the Chief Executive Officer of Superflux International Limited, a market leader in security printing. The 57-year-old Talabi holds

By Modupe Gbadeyanka On Wednesday, the Nigerian government traded N172.85 billion at its first treasury bill sale of the year with yields unchanged from the previous auction, held on December 21, 2016, fixed income traders said on Thursday. Reuters reports that the Central Bank of Nigeria (CBN) sold N115.85 billion of one-year debt at a rate of 18.68 percent, the same as the previous auction, traders said. They said the apex bank also sold 35 billion naira of 91-day paper at 14 percent and N22 billion of six-month bills at 17.5 percent, unchanged from the previous auction. Subscription at the