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Forte Oil Leads Gainers, Financial Stocks Lift Turnover by N10.6 Billion

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  • Forte Oil Leads Gainers, Financial Stocks Lift Turnover by N10.6 Billion

Forte Oil traded higher at the end of last week’s transactions on the Nigerian Stock Exchange, leading nine others with 62.78 per cent to close at N106.23 per share.

Following Forte Oil last week was Portland Paints and Products with 26.52 per cent to close at N2.29 per share.

Other gainers of last week’s transactions are Trans National Corporation, FBN Holdings, Total Nigeria, which added 19.72, 10.76 and 10.07 per cent to close at N0.85, N3.50 and N276.05 per share respectively. Fidelity bank garnered 8.86 per cent to close at N0.86 per share.

Honeywell flourmills gained 8.16 per cent to close at N1.06 per share. African Prudential added 7.41 per cent to close at N2.90 per share. NEM insurance also gained 5.41 per cent to close at N0.78 per share.

However, Guinness topped the losers’ chart with 12.47 per cent to close at N77.90 per share while Neimeth Pharmaceutical followed with 9.09 per cent to close at N0.60 per share.

Avon Crown Caps, and Lafarge Africa also dropped 9.09, to close at N1.20 and N38.82 per share respectively. UACN Property depreciated by 8.97 per cent to close at N8.97per cent to close at N2.03 per share. Diamond Bank lost 7.61 per cent to close at N0.85 per share. Wema Bank dropped 7.02 per cent to close at N0.53 per share. Stanbic IBTC depreciated by 6.67 per cent to close at N14.00 per share. Unilever also lost 6.25 per cent to close at N45.00 per share.

Consequently, heavy transactions in the shares of some banks, especially Diamond Bank and Wema Bank lifted the volume of shares traded, as a turnover of 894.759 million shares worth N10.629 billion were recorded in 13,418 deals by investors on the Exchange.

This volume of shares traded, was, however, higher than a total of 2.479 billion units valued at N9.988 billion that changed hands in 12,059 deals during the preceding week.

Specifically, the financial services industry (measured by volume) led the activity chart with 695.612 million shares valued at N2.542 billion traded in 6,978 deals; thus contributing 77.74per cent and 23.92 per cent to the total equity turnover volume and value respectively.

The consumer goods industry followed with 71.988 million shares worth N5.956 billion in 2,362 deals.

The conglomerates industry ranked third with a turnover of 56.868 million shares worth N112.727 million in 717 deals.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

The Drop in US Crude Oil Inventories Boosted Oil Prices on Wednesday

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The Drop in US Crude Oil Inventories Boosted Oil Prices on Wednesday

Crude oil prices rose on Wednesday following a decline in US crude inventories last week.

The American Petroleum Institute (API) had reported that United States crude oil inventories declined by 5.3 million barrels in the week ended January 22, 2021, more than a reduction of 430,000 barrels predicted by a Reuters poll.

The unexpected decline, coupled with slowing new COVID-19 cases in China, the world’s largest importer of crude oil, boosted oil prices on Wednesday.

Brent crude, against which Nigerian crude oil is measured, rose by 41 cents or 0.7 percent to $56.32 per barrel.

The U.S. West Texas Intermediate (WTI) crude oil also gained 56 cents or 1 percent to $53.17 a barrel.

WTI is slightly firmer on the back of a larger-than-expected draw in US crude inventories reported by the API, which is offset by builds in gasoline and distillates,” said Vandana Hari, oil market analyst at Vanda Insights.

The data, however, showed petrol inventories grew by 3.1 million barrels in the week, more than experts projected.

Similarly, API data revealed that distillate fuel inventories that include diesel and heating oil, jumped by 1.4 million barrels, far higher than the 361,000 barrels decline predicted. However, refinery runs declined by 76,000 barrels per day.

Market participants are now in ‘wait and see’ mode, wanting to see how lockdowns evolve in the coming weeks and months, and how successful countries are in rolling out Covid-19 vaccines,” ING economics said in a note.

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Crude Oil

COVID-19 Plunges Nigeria’s Oil Revenue by 41% in the First Nine Months of 2020

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COVID-19 Plunges Nigeria’s Oil Revenue by 41% in the First Nine Months of 2020

Nigeria’s oil revenue declined by 41.44 percent in the first nine months of 2020 to $2.033 billion, according to the latest data from the Nigerian National Petroleum Corporation, NNPC.

This represents a decline of 41.44 percent from $3.47 billion filed in the same period of 2019 when there was no COVID-19.

In the September 2020 edition of NNPC’s Monthly Financial and Operations Report (MFOR), revenue from oil and gas rose by 16 percent to $120.49 million in the month of September, a 66 percent or $234.81 million drop from $355.3 million posted in the same month of 2019.

The global lockdowns caused by the COVID-19 pandemic plunged Nigeria’s crude oil sales and global demand for the commodity. This was further compounded by Nigeria’s high cost of production compared to Saudi Arabia, Russia and others that were offering discounts to boost sales during one of the most challenging periods in human history.

Experts like Prof. Yinka Omorogbe, President of Nigeria Association of Energy Economics, NAEE, were not surprised with the drop in earnings given the effect of COVID-19 on the world’s economy.

She, however, called for the revamp of the nation’s petroleum sector laws and diversification of the economy away from oil revenue dependence. She said “Covid-19 made 2020 a very hot year and it battered the oil industry internationally and we are not an exception; so we could not have been unaffected”.

She also said the effect of the fall “is definitely a wake-up call; we have to diversify, strengthen our other resources and capabilities”.

Omorogbe, a former NNPC Board Secretary, urged the government and the operators in the sector to look inward and think strategically, stating: “think medium term, think of where they want to be and the government, above all, must think of how best we can utilize our resources, so that we can achieve our objectives once we know and define them.

“It is a clear wake-up call, if not we will just sit here and find that we have become one of the poorest nations in the world”, she noted.

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Commodities

Crude Oil, Other Commodities Closing Price for Monday

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Crude Oil, Other Commodities Closing Price for Monday

Brent crude oil, Nigeria’s crude oil benchmark, gained 47 cents to $55.88 per barrel on Monday, while the US crude oil expanded by 50 cents to $52.77 per barrel.

Gold for February delivery fell $1 to $1,855.20 an ounce. Silver for March delivery fell 7 cents to $25.48 an ounce and March copper was little changed at $3.63 a pound.

The dollar fell to 103.80 Japanese yen from 103.83 yen. The euro fell to $1.2139 from $1.2167.

Wholesale gasoline for February delivery rose 1 cent to $1.56 a gallon. February heating oil rose 2 cents to $1.59 a gallon. February natural gas rose 16 cents to $2.60 per 1,000 cubic feet.

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