By Adedapo Adesanya

Oil prices plunged by 9 per cent on Friday after Iran said passage for all ​commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period.

Brent crude futures lost $9.01 or 9.07 per cent to trade at $90.38 a barrel, while the US West Texas Intermediate (WTI) crude futures depreciated by $10.48 or 11.45 per cent to finish at $83.85 a barrel.

Iran said Friday that the Strait of Hormuz is “completely open” for the remainder of the Israel-Lebanon ceasefire, bolstering hopes of a breakthrough in the weeks-long crisis over the crucial oil route.

Iran had maintained its blockade of the strait despite a two-week ceasefire with the US, which expires on Tuesday, and previously said it would not open the key waterway while Israel continued to strike Lebanon.

Business Post had reported that oil prices weakened to around $88 per barrel after Iranian Foreign Minister Seyed Abbas Araghchi posted on X that “all commercial vessels” would be allowed to pass through the strait throughout the remainder of the ten-day ceasefire in Lebanon.

US President Donald Trump thanked Iran on Truth Social, but stressed that the US naval blockade of the regime’s ports would remain “in full force and effect” until a peace deal was completed. “This process should go very quickly in that most of the points are already negotiated,” he added.

A second round of truce talks between the US and Iran is expected to take place as oil tankers are beginning to test the waters at the Strait of Hormuz.

Despite the fact that all ships can sail through the Strait of Hormuz, this passage needs to be coordinated with Iran’s Islamic Revolutionary Guard Corps (IRGC).

Market analysts noted that if these initial tankers make it through, flows will begin to partially normalise. However, a handful of vessels does not equal restored capacity. The backlog alone will take significant time to clear, and producers across the region are still dealing with disrupted output and logistics.

Prices had already fallen earlier in the Friday session as possible ​further talks between the US and Iran over the weekend and a 10-day ceasefire between Lebanon and Israel raised investors’ hopes that the war in the Middle East could be ‌nearing an ⁠end.

The American President also said on Friday that the US has banned Israel from further bombing in Lebanon, using a harsher tone than usual with the ​longtime US ally.

By Dipo Olowookere

The daily stock trading hours on the floor of the Nigerian Exchange (NGX) have been expanded by an hour to 4.00 pm after extensive stakeholder engagement, ensuring alignment and operational readiness ahead of the go-live date.

A statement from the bourse on Friday said the extension was approved by the Securities and Exchange Commission (SEC).

Before now, trading activity on Customs Street resumed from 9.30 am to 2:30 pm, but from Monday, April 27, 2026, the resumption time would be 9.00 am, and the closing gong would be struck by 4.00 pm from Monday to Friday.

It was explained that this action was taken “to deepen market liquidity, enhance price discovery, and broaden investor access.”

The NGX has witnessed renewed investor interest due to increased awareness of equities lately, especially as the nation and the global community await the much-anticipated listing of Dangote Refinery shares later in the year, all things being equal.

The statement also noted that this extended trading window would provide greater flexibility for investors, improve responsiveness to market-moving information, and support broader participation across the market.

The development builds on the momentum of Nigeria’s recent reclassification to Frontier Market status by FTSE Russell, reinforcing NGX’s global positioning and enhancing its attractiveness to a broader pool of domestic and international investors.

It further stated that this reform reflects strong regulatory collaboration and underscores the SEC’s continued commitment to advancing market development initiatives. Alongside Nigeria’s Frontier Market reclassification, it signals a deliberate shift towards a more accessible, liquid, and globally competitive market.

With this development, NGX reinforces its position as a leading multi-asset exchange, deepening liquidity, improving market access, and supporting efficient capital formation within Nigeria’s financial markets.

By Modupe Gbadeyanka

Stanbic IBTC Asset Management has been rated high in performance, governance standards, and steadfast commitment to delivering consistent value to investors.

This rating was given by Global Banking & Finance Review, as it awarded the subsidiary of Stanbic IBTC Holdings Plc the Best Asset Management Award at the 2026 Global Banking & Finance Review Awards.

The judging panel evaluates nominees with rigorous criteria, focusing on key performance metrics such as fund performance, sustainability, product innovation, governance quality, risk management, and the depth of client relationships. Stanbic IBTC Asset Management exceeded these benchmarks, distinguishing itself from competitors within the industry.

Stanbic IBTC Asset Management, a registered and regulated fund and portfolio manager by the Securities and Exchange Commission (SEC), has consistently set a benchmark for excellence in fund management, earning the trust of an increasingly discerning investor base. Even amid persistent market volatility and dynamic macroeconomic conditions, the firm has demonstrated resilience and innovation, ensuring that elevated expectations are not only met but exceeded.

The firm has developed a comprehensive product portfolio designed to adapt to varying market conditions. Serving a diverse clientele, including retail investors, institutions, and high-net-worth individuals, it offers mutual funds, structured products, and tailored portfolio management services. What truly distinguishes Stanbic IBTC Asset Management is not only the breadth of its offerings but also its deep understanding of the market and continued investment in innovation, ensuring that clients consistently benefit from solutions aligned with their evolving needs.

In addition to its commitment to performance, the firm continues to invest in enhancing client experience through digital onboarding, real-time reporting, and transparent communication. These initiatives reflect Stanbic IBTC Asset Management’s dedication to making its services more accessible and easier to understand for investors at every stage of their journey.

Its goals extend beyond just managing individual portfolios. Through ongoing investments in financial literacy and investor education, Stanbic IBTC Asset Management aims to cultivate a more informed investing public, thereby contributing to the long-term health of the market.

“This award is a testament to the trust our clients continue to place in us and the dedication of our people who make it possible. We are deeply grateful for the support and patronage of our clients, and equally proud of our team, whose commitment and expertise drive every success.

“Together, we remain focused on delivering value and safeguarding the financial futures entrusted to us,” the chief executive of Stanbic IBTC Asset Management, Ms Busola Jejelowo, stated.