Mid-Week Market Review: October 2024, Edition 2
Commodities Oil prices lost early gains on Wednesday as weak demand and rising supply offset concerns over potential disruptions from Middle East conflicts and Hurricane Milton in the U.S. In the early hours of today, Brent crude futures was seen to have dropped by 0.47% to $76.82 per barrel, while U.S. West Texas Intermediate (WTI) […]
Weekly Market Review: October 2024, Edition 2
Prologue Last week, Nigeria marked her 64th Independence Anniversary with modest celebrations across the country. Among the key highlights of events was President Bola Ahmed Tinubu’s announcement relating to the clearing of over N30 trillion in Ways and Means debt, a significant financial burden accumulated over time. This announcement sparked widespread discussion, as it suggested […]
Mid-Week Market Review: October 2024, Edition 1
Commodities On Friday, oil prices closed on a positive note, although they recorded a weekly decrease. We saw the Brent crude benchmark fall by about 3% over the week, while WTI crude had a steeper drop of around 5%. In the U.S., some Gulf of Mexico operators have restarted operations after Hurricane Helene struck Florida […]
Weekly Market Review: Vol. 115.1
Prologue Actions of the Central Bank of Nigeria (CBN) since its Monetary Policy Committee (MPC) meeting held on Tuesday, September 24th, 2024, have shocked the markets in ways not evidenced in a very long time. The CBN hiked the Monetary Policy Rate (MPR) by 50 basis points (from 26.75% to 27.25%), to the astonishment of […]
Mid-Week Market Review: Alternative Assets and Commodities. Vol. 114.2
Commodities Last Friday, although oil prices dipped slightly, their performance marked a second consecutive week of gains. This upward trend is somewhat constrained by the sluggish state of China’s economy. Despite the recent downturn, both major benchmarks – Brent and WTI Crude Oil – saw a rise of over 4% in the week, a notable […]
Weekly Market Review: Vol. 114.1
Prologue Nigeria’s inflation rate in August 2024 was reportedly at 32.15%, a rate lower than the figure in July 2024, which was 33.40%. We have observed the effect of the reduced inflation rate amongst some traders who appear excited about the possibility of a rate cut at the forthcoming MPC meeting. Last week, several central […]
Mid-Week Market Review: Alternative Assets and Commodities
Commodities Yesterday, oil prices surged by $1 per barrel. Several considerations have been credited to this recent development, some of them including the ongoing interruptions with the supply of oil and market expectations of increased demand if the Federal Reserve lowers its benchmark interest rates at the end of the meeting today. Following Hurricane Francine […]
Weekly Market Review: Vol. 113
Prologue The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced that the Federal Government’s revenue rose by N9.1 trillion in the first half of the year 2024. In a report presented by Dr. Armstrong Takang at the 17th Annual Banking and Finance Conference, the impact of this growth appeared to […]
Crypto and Oil Markets
Commodities: Oil prices dropped on Friday, resulting in a weekly loss, largely due to disappointing U.S. jobs data for August. This suppressed the support that prices had gained earlier from OPEC+ producers delaying their planned supply increases. On Thursday, Brent crude fell to its lowest level since June 2023, despite a reduction in U.S. oil […]
Weekly Market Review: Vol. 112
Prologue In the week under review, American billionaire and philanthropist, Bill Gates, expressed concerns over the lack of progress in Nigeria’s economy, noting that the country’s revenue-to-GDP ratio was stronger 15 years ago. Speaking at a National Executive Council meeting held at the State House in Abuja, Gates emphasised the need for the Federal Government […]