Crude oil price continued its bullish run on Thursday morning after data showed that America’s crude inventories dropped again, easing worries about an oil supply glut.
Brent crude futures gained 0.59%, at $35.96 per barrel, while the U.S. West Texas Intermediate (WTI) crude futures also gained 1.07%, at $33.85 a barrel.
America’s crude inventories dropped by 5 million barrels last week, against expectations in a Reuters poll for a 1.2 million-barrel rise, according to data released by the Energy Information Administration.
“While signs that WTI storage pressures are abating is positive for prices, the latest report shows that the fall in stocks owes more to supply factors than growing product demand,” Capital Economics said in a note issued on Wednesday.
“OPEC itself is hopeful that the rally in prices will continue and strong compliance to output cut pledges will be followed by its members,” OPEC’s secretary-general said.
“We expect this to be the story for some time yet as OPEC+ cuts help to put a floor under prices in the second half of this year,” Capital Economics said.
However, there are concerns that the economic fallouts from the CoVID-19 pandemic, especially in America, (the world’s largest economy and biggest oil consumer), have limited crude oil bullish run.
Industrial Index loses -12.39 points, as BUA and Lafarge Cement shares top losers list
The NSE Industrials index lost 12.39 index points in the first trading week in the month of April.
The Nigerian Stock Exchange Industrial Index at the close of trading activities for the first week in the month of April closed on a bearish note, following a 0.66% decrease in the shares of BUA CEMENT and Lafarge.
At the close of trading activities on the Nigerian Stock Exchange on the 9th of April 2021, the industrial index depreciated by 55.01 index points, to close lower at 1,928.18 index points for the week.
When compared to the overall performance of the market, the NSE Industrial index underperformed, noting that the NSE All-Share Index and Market Capitalization depreciated by 0.66% to close the week at 38,866.39 and N20.3350 trillion respectively.
What you should know
The NSE Industrial Index was designed to provide an investable benchmark to capture the performance of the Industrial Sector. It comprises the most capitalized and liquid companies in the industrial sector and is based on the market capitalization methodology.
The index tracks the performance of ten industrial companies on the Nigerian Stock Exchange which includes Dangote, BUA, and Lafarge Cement.
The overall performance of the companies for the week was bearish, as the index closed on a negative note driven by the decrease in the share price of BUA Cement and Lafarge.
MEYER (19.51) was the only gainer for the week, while BUACEMENT (-1.09%) and LAFARGE WAPCO (-3.00%) were the only losers for the week.
- MEYER up by19.51% to close at N0.49.
- WAPCO down by -3.00% to close at N21.00.
- BUACEMENT down by -1.09% to close at N72.70.
Consumer goods index gains 6.16 points, driven by gains in Nestle, Flourmills and Honeywell shares
The NSE Consumer goods index gained 6.16 index points following gains in the share prices of Nestle, Flourmills and Honeywell.
The Nigerian Stock Exchange Consumer Goods Index (CGI), a market index that tracks the performance of consumer goods companies, gained a total of 6.16 index points, to close the first week of active trading in April at 556.03 index points following the gains in the shares of Nestle, Flour Mills of Nigeria and Honeywell Flour Mills.
A preview of the index performance for the week revealed that at the close of trading activities on Friday 9th of April 2021, the NSECG index appreciated by 1.12% to close the week higher at 556.03 index points, from 549.87 index points at the open of trade for the week.
In line with this, the index gained a total of 6.16 index points at the close of trade for the week.
The index performed better when compared to the market index, noting that the All-Share Index and the market capitalization depreciated by 0.13%, to close the week at 38,866.39 and N20.335 trillion respectively.
What you should know
- The NSE Consumer goods Index was designed to provide an investable benchmark to capture the performance of companies in the consumer goods sector. The index comprises the most capitalized and liquid companies in food, beverage, and tobacco.
- The index is based on the market capitalization methodology, as it tracks the performance of fifteen consumer goods companies on the Nigerian Stock Exchange which includes, Nestle, Nigerian Breweries (NB), Dangote Sugar, and International Breweries.
- The overall performance of the companies was relatively bullish, as the index closed on a positive note, 6.16 index points higher.
- FLOURMILLS (6.90%) led the gainers’ chart, followed by HONYFLOUR (4.24%), while GUINNESS (-17.27%) topped the losers list, followed by CADBURY (-3.03%).
- FLOURMILLS up by 6.90% to close at N31.00.
- HONYFLOUR up by 4.24% to close at N1.23.
- NESTLE up by 3.27% to close at N1420.
- GUINNESS down by -17.27% to close at N29.70.
- CADBURY down by -3.03% to close at N8.00.
- INTBREW down by -1.72% to close at N5.70.
- CHAMPION down by -1.33% to close at N2.22.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.
- NSE approves delisting of 11 Plc shares.
- Berger Paints Nigeria Plc reports a 67% decline in Profits in FY 2020.
- MTN Nigeria raises N73.5 billion from CP Issuance to finance operations.
- Jaiz Bank proposes dividend worth N884 million for shareholders.