Mid-Week Market Review: December 2024, Edition 3
Commodities Oil prices experienced a significant pullback on Tuesday, reaching their lowest levels in a week, driven by concerns over global demand. The downward pressure was amplified by disappointing economic data from Germany and China, two major players in the global economy. Brent crude futures dropped to $73.32 per barrel, while West Texas Intermediate (WTI) […]
Weekly Market Review: December 2024, Edition 3
Prologue Nigeria’s monetary authorities have gone far and beyond to address the country’s inflation and foreign exchange problems and, thankfully, positive results have started to show. The Monetary Policy Rate (MPR) has been pushed up a whole 875 basis points since the start of 2024 along with many complementing measures that have been instituted to […]
Mid-Week Market Review: December 2024, Edition 2
Commodities Contrary to overall expectations, oil markets have witnessed an uptick in prices over the last week, specifically escalated in the last 2 days. (WTI inched up from $68.623 to $70.18, and Brent climbed from $72.37 to $ $73.46, both at the time of publication). Despite broad concerns about global supply outweighing demand reinforced by […]
Weekly Market Review: December 2024, Edition 2
Prologue Last week, Nigeria conducted a successful Eurobond auction, the first issuance since 2022, and it was a revelation of overwhelming investor confidence in the country’s macroeconomic policies. The auction received a total subscription above $9 billion, significantly exceeding the $2.2 billion issued. Analysts believe this strong demand reflected support from a broad array of […]
Mid-Week Market Review: December 2024, Edition 1
Commodities Oil prices witnessed a slight decline on Friday, peaking at a weekly loss of 4.55% for WTI Crude Oil and 2.26% for Brent. This downward pressure was driven by a reduction in concerns about supply disruptions due to the Israel-Hezbollah conflict and growing expectations of increased global oil supply in 2025. These factors outweighed […]
Weekly Market Review: December 2024, Edition 1
Prologue On Tuesday, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) made its latest policy decision, announcing a 25 basis points hike in the Monetary Policy Rate (MPR)—from 27.25% to 27.50%. This brings the MPR increases to a total of 875 basis points since Governor Olayemi Cardoso took office. The recent […]
Mid-Week Market Review: November 2024, Edition 4
Commodities Crude oil prices saw an increase on Friday, rising more than 3% compared to the previous trading session. Over the week, both Brent and WTI crude benchmarks experienced notable gains, with Brent rising by around 6.20% and WTI up by 6.30%. The surge in oil prices came in response to escalating tensions in Ukraine. […]
Weekly Market Review: November 2024, Edition 4
Prologue Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, recently clarified that the current Finance Act will be rendered ‘null and void’ once the proposed Tax Reform Bills are passed into law by the legislative and executive branches of the government. This statement was made during a stakeholder session […]
Mid-Week Market Review: November 2024, Edition 3
Commodities Crude oil prices saw a modest increase on Wednesday as tensions in the Ukraine conflict intensified, alongside signs of rising crude imports by China. As of 10:06 AM, Brent Crude rose 0.66%, reaching $73.794 per barrel, while West Texas Intermediate (WTI) crude increased by 0.81% to $69.802 per barrel. The escalation of the war […]
Weekly Market Review: November 2024, Edition 3
Prologue The recent increase in Nigeria’s foreign reserves, which have risen above $40 billion as of November 13, 2024, signifies a positive shift in the country’s economic outlook. This growth from approximately $33 billion at the beginning of the year and around $38 billion just a month ago reflects improved financial stability and resilience against […]
