Author: Olu Anisere

Oil Prices Rise Demand Optimism Eclipses Output Threats Oil prices rose in the global commodity market on Thursday as demand optimism eclipsed threat of increase supply from the Organisation of Petroleum Exporting Countries and allies (OPEC+) members. Also supporting the rally was a report that highlighted declined in US crude inventories and the Federal Reserve’s decision to hold interest rates steady. Brent crude increased by around 0.5%, trading at $61.21 per barrel. US benchmark West Texas Intermediate rose by about 0.6%, reaching $58.05 per barrel, compared to its prior session close of $57.70. Oil prices rose as a build in…

Afreximbank Launches $1bn Africa Film Fund for Creative Industry African Export-Import Bank (Afreximbank) through its development impact investment arm, the Fund for Export-Development in Africa (FEDA), has committed to spearhead the launch of the Africa Film Fund as part of its Creative Africa Nexus Programme (CANEX). This transformative undertaking of up to US$1 billion is designed to revolutionize Global Africa’s film and creative industry. This move follows Afreximbank Group’s commitment at the CANEX Weekend (CANEX WKND 2024) in Algiers, Algeria, in October 2024, where the Bank announced plans to launch a private equity film fund through FEDA to support film…

Nigeria, Brazil to Review BASA Agreement The Federal Republic of Nigeria and the Federative Republic of Brazil are to review their existing Bilateral Air Services Agreement (BASA) to allow for immediate commencement of direct flight operations between the two countries. Mr Tunde Moshood, Special Adviser, Media and Communications to the Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed this in a statement in Abuja. Moshood said the BASA review is part of the engagements of the minister who led a delegation to Brazil on official visit. He said Keyamo would have a special meeting with his Brazilian counterpart, the…

Interbank Rates Increase as OMO Auction Saps Liquidity Interbank rates increased as OMO bill auction debits sapped liquidity levels in the financial system. Money market rates adjusted moderately in reaction to the liquidity squeeze, without exerting much pressure on key indicators. The Nigerian Interbank Offered Rate (NIBOR) declined across all tenors, reflecting liquidity conditions in the banking system, according to investment banking firm Cowry Asset Management Limited. Meanwhile, key money market indicators showed upward movement, as the Open Repo Rate increased by 0.08% to 26.58%, and the Overnight Lending Rate rose by 0.21% to 27.17%. The Nigerian Interbank Treasury Bills…

Oando Climbs as Energy Stock Attracts Attention Oando Plc.’s market value surged in the equities market as energy stock caught investors’ attention in the local bourse. The company’s share price surged on the back of improved market activity that showed investors taking positions amidst earnings expectations. According to data from the Nigerian Exchange (NGX), Oando’s share price increased by 6.71% to close at N43.75 as 2.199 million shares valued at N93.602 million exchanged hands in the market. The price recovery pushed the energy company’s market value to about N544 billion in the equities market, an amount that is significantly below…

Euro Settles at $1.13 Ahead of Fed Policy Decision The euro held above $1.13, supported by easing trade tensions after U.S. President Donald Trump reiterated that China remains open to a deal. For today, the dollar is weak with the risk mood leaning towards the softer side. S&P 500 futures are down 0.7%, and that’s seeing the dollar down across the board as well. So, those are the more important things to note. Investors also looked ahead to key monetary policy decisions from the Federal Reserve, Bank of England, Norges Bank, and Riksbank. The Fed is widely expected to keep…

Oil Rebounds as China Responds to Trade Talks Oil prices climbed in the global commodity market after China indicated it was open to new trade talks with the United States, fueling optimism of a potential thaw in the prolonged trade war that has unsettled global markets. Brent crude increased by around 0.84%, trading at $62.32 per barrel. US benchmark West Texas Intermediate increased by about 0.86%, settling at $59.25 per barrel, compared to its prior session close of $58.73. China’s Ministry of Commerce said it was evaluating a proposal from Washington for renewed negotiations. The possibility of reopening dialogue helped…

Ecobank Profit Grows by 16.6% in Q1-2025 Ecobank group profit grew by 16.6% year on year to $122.5 million in the first quarter of 2025, according to details obtained from the pan-African banking group unaudited report submitted on Nigerian Exchange platform. Hence, Ecobank earnings per share (EPS) climbed to $0.34 from $0.28 in the comparable period in 2024. Analysts said the strong earnings performance in Q1-2025 was supported by growth in non-interest revenue and net interest income. Gross earnings grew by 2.4% year on year to close at $675.5 million, from $659.9 million in the comparable period. Net interest income…

Euro Retreats as US Dollar Hit 2-Week High The euro retreated to $1.13 on Thursday in the forex market as the US dollar rallied for two weeks on improved trade optimism. The EUR-USD pairs had climbed to $1.15 because forex traders were dumping the greenback as the US disrupted globalisation of trade. According to FX market data, the euro edged toward $1.13 in thin trading on the first day of May, after gaining more than 5% against the U.S. dollar in April. The DXY dollar index rises to a high of 100.0260. This happened as the greenback found support amid…

Oil Prices Slump over Excess Supply Concerns In the global commodity market, crude oil prices fell further on Wednesday, weighed down by demand concerns stemming from the trade war between the world’s two largest oil consumers, the US and China, and growing expectations of a supply glut. Brent crude fell by around 1.09%, trading at $62.31 per barrel. The US benchmark West Texas Intermediate declined by about 1.25%, settling at $59.19 per barrel, compared to its prior session close of $59.94. Both benchmarks fell to their lowest level in four years on April 9, after a sharp drop triggered by…