Daily Archives: June 1, 2021

World stocks bullish on increased spendings, as Nigerian stocks look downcast

Performance in developed markets and amongst Brazil, Russia India, China and South Africa (BRICS) were bullish was a result of proposed increased spendings in the United States of America and the continuous accommodative monetary policy by the European Central Bank. But performance on the floor of the Nigeria stock market and that of most African countries looked downcast at the close of trading activities last week.
In Nigeria, the bears dominated the scene last week, with the All Share Index (ASI) going down by 0.2 per cent week-on-week (w/ w).

Rise in crude oil prices fails to reflect on naira, foreign reserves

Despite the 5.1 per cent rise in Brent crude oil price last week, foreign reserves shed $10.9 million or 0.3 per cent of its value, while the naira depreciated by N10 last week at the parallel market.
Last week, Brent crude oil price rose 5.1 per cent week-on-week (w/w) to $69.76 per barrel l as expectations that reopening economies and higher travel numbers in the US and Europe would boost fuel demand outweighed concerns about the coronavirus spread in parts of Asia. On the domestic front, external reserves fell 0.3 per cent w/w ($110.9 million) to $34.3 billion from $34.4 billion the previous week.

3 oil firms joins NNPC in bid to buy stake in Dangote refinery

Three oil firms have joined the Nigerian National Petroleum Corporation (NNPC) have approached Dangote Industries to acquire a stake in Africa’s largest oil refinery, a senior executive told Reuters weekend.
Devakumar Edwin, group executive director, said the firms from Western and Middle East countries and involved in trading and crude production were looking to secure crude supply agreements, a similar objective to that pursued by the Nigerian National Petroleum Corporation (NNPC).

Ecobank lures agency banking partners with rewards, benefits

The Head, Agency Banking, Ecobank Nigeria, Olanike Kolawole has said there are many inherent rewards and benefits of being an agency banking partner, also known as Xpress Point agent of the bank. Kolawole, who was speaking on the bank’s ongoing mouthwatering gifts presentation to its Xpress Point agents across the six geo-political zones of the country for their increased transactions on the bank’s platforms, stated that apart from helping to drive Ecobank’s financial inclusion strategy in Nigeria, the agents were being empowered to create wealth and enjoy financial freedom.

OPEC oil output rise in May in spite of losses by Nigeria, Iran -survey

OPEC oil output has risen in May as the group agreed to ease supply curbs under a pact with allies, a Reuters survey showed, although a drop in Iranian exports and involuntary reductions in African members limited the increase.
The 13-member Organization of the Petroleum Exporting Countries has pumped 25.52 million barrels per day (bpd) in May, the survey found, up 280,000 bpd from April. Output has risen every month since June 2020 with the exception of February.