BusinessDay

Five things to know to start your Friday

Oil export earnings in Saudi Arabia hit $30 billion in March, 2022

Following the rise in oil prices and production, the value of oil exports in the kingdom of Saudi Arabia reached $30 billion in March 2022.

The oil export statistics, which covered a six-year period, revealed that the value of crude exports is now nearly $1 billion per day, a 123 percent increase year on year.

With Brent crude prices averaging $112 a barrel since February 2022, the country’s crude production rose to 10.3 million barrels a day in March, making it one of the highest it has reached in the past five years. An increase that the country attributes to supply disruptions caused by the Russia-Ukraine conflict.

The International Monetary Fund (IMF) has acknowledged the impact the rising crude oil prices have had on Saudi Arabia’s revenue. stating that the higher revenues have helped the country make more than $15 billion in revenue.

Islamic State’s new leader captured in Turkey, says officials

Officials of the Turkish anti-terrorism police and intelligence agencies who have collaborated on many fronts in their fight to arrest Islamic terrorists have reported the capture of the Islamic State’s new leader.

The capture of the leader of the terrorist organisation follows weeks of investigation and close observation by officials, which ended in his capture in Istanbul.

The news of his capture, which was reported on the local news website OdaTV, identified the man as Abu al-Hassan al-Qurayshi. However, the news of his capture has not been independently verified by any foreign news agencies, or any of the US intelligence agencies, or confirmed by President Recep Tayyip Erdogan of Turkey.

Abu al-Hassan al-Qurayshi took over the Islamic state in February 2022 after the previous leader was killed in a US attack in Syria.

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Africa CDC warns against vaccine hoarding amid Monkeypox outbreak

The African Centres for Disease Control (CDC) has warned countries in the continent against hoarding the monkeypox vaccine just like wealthier nations did during the early stages of the release of the COVID-19 vaccine.

The acting director of the health agency who spoke to the press on Thursday was reacting to news about some nations on the continent not prioritising the recent outbreak of the monkeypox virus.

The virus, which is common in the west and central parts of Africa, has been detected in at least 19 countries, with 200 suspected and confirmed cases, most of which have been in Europe.

The virus, according to global health agencies, has yet to record any deaths.

According to Bloomberg, Ahmed Ogwell Ouma of the African Centres for Disease Control and Prevention told a news conference that vaccines should go more to countries that need them than those that can afford them.

US futures flat, Wall Street set for weekly gain

According to the tradingeconomics, US stock futures stayed unchanged despite a fresh rally driven by increased demand for stocks on Wall Street. This increased demand is likely to arrest the more than four weeks’ decline suffered in the major stock exchanges.

Analysts have linked this renewed demand to earnings report of some major retail companies as their profit continues to drive gains in the stock market. At the close of trading on Thursday, Ulta Beauty gain jump 7 percent a better-than-expected quarterly results, while Gap fell 13 percent after slashing its profit guidance.

On Thursday, all major indexes were on the green as the Dow, the S&P 500 and Nasdaq all gain 1.61 percent, 1.99 percent and 2.68 percent respectively. “

Those gains came as a batch of strong earnings from the retail sector boosted sentiment, including from Macy’s (19.3%), Dollar Tree (21.9%) and Dollar General (13.7%).” Tradingeconomics stated.

NSE gains continue as market attracted N301 bln

Following yesterday’s impressive performance, the domestic bourse continued from where it left off as investors increased their buying attention on the shares of MTNN, causing the shares of the telecommunication giant, who controls more than 35 percent of the telecommunication market, to rise by 4.4 percent at the close of trading.

Thus, the all-share index continued its forward-moving drive as it gained another 1.1 percent, adding to the previous day’s 1.24 percent, to close at 53, 151.32 basis points.

The year-to-date fared even better as it sustained its upward route by adding +24.4 percent as against its previous day’s position of 23.12 percent.

As measured by market breadth, market sentiment regained its positivity as 24 companies gained relative to 11 losers. A gain that drove market capitalization by N301 billion to close at N28.654 trillion as against its previous day’s close of N28.352 trillion.

Transcorp was the most traded stock by volume, with 47.7 million units of its stock traded, while MTN dominated the value section of stocks traded, with shares worth N1.88 billion traded.

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