Mid-Week Market Review: November 2024, Edition 2
Commodities In the oil market, traders are keenly awaiting a series of crucial US economic indicators this week, with the October Consumer Price Index (CPI) due for release later today. Comments from Federal Reserve Chair, Jerome Powell, along with remarks from other key officials, are also expected to shape market sentiment. Oil prices remained near […]
Weekly Market Review: November 2024, Edition 2
Prologue Fitch Ratings has issued a rather unsettling forecast for Nigeria’s banking sector, predicting an uptick in non-performing loans (NPLs) for 2024, as a consequence of the country’s aggressive high interest rates and inflation that seems to have an endless appetite. In its latest credit rating update, Fitch confirmed Nigeria’s Long-Term Foreign-Currency Issuer Default Rating […]
Mid-Week Market Review: November 2024, Edition 1
Commodities Last week, oil prices saw a slight uptick on Friday due to reports indicating that Iran was preparing a retaliatory strike against Israel from Iraq. Despite this, Brent crude recorded a weekly decline of approximately 3.35%, while WTI fell by about 3.19%. The market’s focus shifted back to the U.S. presidential election and ongoing […]
Weekly Market Review: November 2024, Edition 1
Prologue The World Bank has urged the Central Bank of Nigeria (CBN) to abandon its current practice of conducting foreign exchange auctions and to adopt a more flexible exchange rate strategy. This recommendation stems from the broader recognition that Nigeria’s economy requires transformative reforms to ensure sustainable growth and stability. With the recent caution from […]
Mid-Week Market Review: October 2024, Edition 4
Commodities The Energy Information Administration (EIA) reported last Thursday that U.S. crude oil production hit an all-time high, even as stockpiles of crude, gasoline, and distillates saw declines. For the week ending October 11, crude inventories fell by 2.2 million barrels to a total of 420.6 million barrels, while stocks at the Cushing delivery hub […]
Weekly Market Review: October 2024, Edition 4
Prologue For the first time in three (3) months, the moderation in inflation saw a different turn. Recall that the inflation figure printed as high as 34.19% in June 2024. Despite drops in inflation over recent months, September witnessed a rise of 55 basis points, with the rate climbing from 32.15% to 32.70%. At the […]
Mid-week Market Review: October 2024, Edition 3
Commodities Libya’s National Oil Corporation (NOC) announced last Friday that it has resumed oil production to pre-crisis levels, now reaching 1.25 million barrels. This recovery follows a recent disruption linked to a crisis within the country’s central bank. On the same day, oil prices for Brent and WTI Crude closed lower, but still marked a […]
Weekly Market Review: October 2024, Edition 3
Prologue Notwithstanding efforts by the Federal Government, Debt Management Office (DMO), and Central Bank of Nigeria (CBN) geared towards boosting Foreign Direct Investments (FDIs), recent reports reveal a significant drop in FDIs to $29.83 million in the second quarter of 2024—an all-time low. Over the last 16 months, Nigeria has secured $6.45 billion in loans […]
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 […]
