Exchange (NGX) on domestic and foreign
portfolio participation in equities trading showed that total equities market transactions decreased in April 2021 compared to the volume of transactions done in March 2021 despite increased participation by domestic institutional investors.
The increased participation by the domestic institutional investors was in
consonance with our expectation expressed in the Cowry Weekly Financial Market Review dated May 14, 2021, that “we should begin to see some strategic positioning in stocks with high dividend yield despite the rising fixed income yield environment”.
Given the increased involvement of the domestic players on the Nigerian Exchange, especially the domestic institutional investors, the ratio of total domestic transactions to total foreign transactions tilted to 83:17 in the month under review, from 82:18 in March 2021 as total domestic transactions contracted by 29.78% while total foreign portfolio transactions contracted by 31.05%
Brent crude was down 29 cents, or 0.4%, at $71.02 a barrel by 0057 GMT, after falling 4 cents on Thursday following a gain to the highest since May 2019. The contract is on track for a gain of nearly 2% this week
Lukoil expects OPEC+ to agree to raise oil output at July meeting
Vagit Alekperov, the head of Russia’s second-largest oil company Lukoil, said on Thursday that he expects the group of leading oil producers, known as OPEC+, will decide to raise output at its meeting next month.
In an interview with Reuters, he said that the current OPEC+ deal on oil output curbs should be extended once it expires next April.
OPEC+ will meet on July 1 to decide on production levels from August.
“The OPEC+ deal should be extended, it helps to forecast the (oil) price. The participants may take a decision on a small output increase of no more than 500,000 barrels per day (bpd) at the next meeting,” Alekperov said.