Trafigura, Vitol, Mercuria, world’s biggest oil traders, secure shale oil flow in ramped up investments
Businessam StaffJuly 7, 2017
Trafigura, Mercuria and Vitol, three of the world’s biggest oil and gas trading companies are reportedly ramping up investments in energy infrastructure and signing new supply deals in the United States that analysts say are likely to ensure the flow of shale oil and gas for a long time to come, according to a Bloomberg […]
Oil prices plunge 3% on oversupplied market
Businessam StaffJuly 7, 2017
Oil prices fell three percent on Friday after data showed U.S. production rose last week just as OPEC exports hit a 2017 high, casting doubt over efforts by producers to curb oversupply, Reuters reports. Global benchmark Brent futures LCOc1 were down $1.43, or three percent, at $46.68 a barrel at 1116 GMT, after falling to […]
Saudi Arabia silent over ‘whatever it takes’ at OPEC’s critical moment
Businessam StaffJuly 7, 2017
Now is the time to maximize the impact of OPEC’s oil production cuts, yet the market is still waiting for the group’s biggest member to show it’s doing “whatever it takes” to eliminate the global oversupply, Bloomberg says. OPEC’s best chance to make a big dent in the lingering glut in the U.S., and with […]
Nigeria equities claw back losses as price appreciation leads to 21.9% rise in traded value
Businessam StaffJuly 6, 2017
The Nigerian equities market rebounded Thursday from a 4-day losing streak as traded value rose 21.9 percent to N3.6 billion, pushing the benchmark index by 0.2 percent to close at 32,354.78 points as year-to-date gain romped to 20.4 percent. Market capitalization consequently increased by N18.1 billion to settle at N11.2 trillion. Top influencer of Thursday […]
Yields from fixed income market help contributory pension assets grow 16% in 2016
Businessam StaffJuly 6, 2017
Nigeria’s pension industry’s assets under management bucked all micro-economic headwinds thrown at it in 2016 and grew to about N6.15 trillion, a rise of 16% compared to the N5.3 trillion posted in 2015. The growth was chiefly driven by higher yields offered on the fixed income market, a factor that kept it resilient against contraction […]
Inflation watch: FSDH analysts see index dropping 0.16bps to 15.46% in June
Businessam StaffJuly 6, 2017
Anticipating the Nigerian Bureau of Statistics figures, analysts at FSDH research have projected a further drop in inflation figures for the month of June. “We expect the June 2017 inflation rate (year-on-year) to drop to 15.64% from 16.25% recorded in the month of May 2017,” they said, attributing their prognosis to the moderation in prices […]
Nigeria’s mortgage finance sector seen to expand 14.6% in 2017 despite high defaults
Businessam StaffJuly 6, 2017
The Nigerian mortgage finance sector has been projected to expand 14.6 percent in 2017 despite macroeconomic challenges of labour volatility, high interest rates and growing defaults, which have seen non-performing loans grow to about 55 percent in the last four months. A recent market intelligence report cited by FBNQuest analysts, indeed projects an annual expansion […]
Long rough road still ahead for Nigeria naira, says EIU
Phillip IsakpaJuly 6, 2017
*Central bank can’t keep a hard peg on currency… The Economist Intelligence Unit (EIU), a member of The Economist Group, is projecting that a rough road is still ahead for the Nigerian currency, the naira, ahead the country’s elections and into 2021. In a July Nigeria country report just released by the EIU and seen […]
Russia new stumbling block to OPEC production curbs
Businessam StaffJuly 5, 2017
Russia has been reported to have opposed any proposal to deepen OPEC-led production cuts, which has led to crude oil prices falling sharply since this week, snapping the longest winning streak this year. Bloomberg reports that Russia doesn’t want to change the current deal because any further supply curbs would send the wrong message to […]
Nigeria equities benchmark index pared 0.3% despite rise in transaction volume, value
Businessam StaffJuly 5, 2017
The equities market extended the negative trend that has persisted since the start of the week to Wednesday’s session, despite increases in volume and value of transactions. At the close of trading, the bourse benchmark index lost 0.3 percent to close at 32,302.32 points while year-to-date (YTD) return retreated to 20.2 percent. Consequently, N36.7bn was […]