Indian refineries shun Nigeria’s oil, turn to Malaysia

A number of Indian state-owned refiners have been actively picking up Malaysian oil cargoes for loading in July and August amid growing uncertainty over the exports of Nigeria’s crude grades, according to regional sweet crude traders.

Bharat Petroleum Corporation Limited on Monday issued a spot tender to purchase several Malaysian light sweet crude grades, raising expectations that more Indian end-users could switch their focus to Southeast Asian supplies, Platts reported.

BPCL was said to be seeking up to one million barrels of various Southeast Asian light sweet crudes, including Malaysia’s Miri Light, Labuan, Tapis, Kikeh, Kimanis and Bintulu as well as Brunei’s Seria Light and Champion crudes for loading over September 11-20, according to an official tender notice seen by S&P Global Platts. Read more

NSE Equity Market 22-07-2016

The local bourse fell for the fifth consecutive trading day as it recorded 14 losers against 20 gainers, resulting in further depression of the overall performance measures, NSE ASI and Market capitalisation, fell by 1.21bps each. Gainers & Losers Shares of Nestle, NB, Interbrew, Guinness  Nigeria and UACN  gained N15.01, N1.01, N0.93, N0.53 and N0.41 to close at N850.01, N138.01, N19.58, N96.48 and N20.50 respectively. Read more

Nigeria The Most Stressed Out Country

Bloomberg has published its rating titled “The Most Stressed-Out Countries” and according to it, Nigeria is number 1.  Bloomberg ranked countries based on the stressfulness of their living environments. The estimates based on the information from the United Nations Office on Drugs and Crime, International Monetary Fund, Central Intelligence Agency World Factbook, Transparency International and World Health Organization. Seven equally weighted variables were considered: homicide rates, Read more

Sterling Bank Backpadel From Buying Keysone Bank

Sterling Bank Plc is reported to have turned down its planned talks to buy Keystone Bank Limited from the Asset Management Corporation of Nigeria (AMCON).According to Thisday Newspaper, the Chief Financial Officer (CFO) of the bank Abubakar Suleiman explained that Keystone Bank was “an unsuitable fit Sterling Bank via this same CFO had earlier in the year announced to the world that the bank was looking to buy “one or two” mid-sized banks aided by the devaluation of the Naira. Read more