Connect with us

News

Global Stocks Uplifted by Oil Rally

Published

on

Forex Time.jpg
Kindly share this post

Stock markets were offered a welcome boost during trading on Tuesday following the sharp appreciation in oil prices that temporarily elevated confidence towards the global economy, consequently heightening investor risk appetite.

In Europe, stocks displayed resilience ahead of the looming ECB press conference despite expectations fading over the central bank unleashing further stimulus measures.

The optimism from rising oil prices dispersed into the US market with the S&P 500 surging to fresh 2016 highs above 2100 and this positive contagion could provide a short term lifeline for Asian equities, especially the Nikkei that was previously depressed from a strengthening Japanese Yen.

While these ongoing short-term gains in the stock markets show some improvement in investor risk appetite, market participants should remain alert because concerns over slowing global growth and incessant declines in commodity prices continue to lurk in the background.

With the resurgence in global stocks ignoring the firm fundamentals and evidently low confidence towards the global economy, it seems that the financial markets have become so sensitive that oil prices are now controlling global sentiment and subsequently dictating stock market movements.

Such a scenario simply spells more pain for stocks in the future, especially when investors digest the reality of the excessive oversupply in the oil markets which inevitably may send oil prices lower.

Euro braces ahead of ECB meeting
The Eurozone saga continues with the nation engrossed in a losing battle with tepid inflation, while deteriorating economic growth in Europe has left the ECB under immense pressure to act again.

Despite the painful declines in commodity prices and failing global growth obstructing the ECB’s 2% inflation goals, Mario Draghi may decide to remain on standby this week amid discussions of central banks running out of ammunition to stabilize the financial turmoil.

Investors should keep in mind that the last time the ECB embarked on aggressive stimulus measures in March, the market reaction was inverse with the Euro appreciating as fears intensified over the central banks inability to jumpstart Eurozone growth.

Mario Draghi may likely repeat his dovish mantra in a bid to devalue the Euro while also hinting of possible measures in the future if inflation fails to pick up.

The EURUSD is bullish on the daily timeframe and the new higher low at 1.1250 could provide a foundation for another an upsurge towards 1.1400.

Prices are trading above the daily 20 SMA while the MACD has also crossed to the upside. Previous light resistance at 1.1350 could transform into a dynamic support for an incline towards 1.1400.
‎‎
Sterling surges across the board
A combination of renewed risk appetite, partially alleviated concerns of a Brexit following a lead in the stay campaign, and potential profit taking offered a foundation for Sterling bulls to surge sharply against the Dollar during trading on Tuesday.

This move felt highly exaggerated and with the ongoing debate over the impact of a Brexit punishing investor attraction towards the currency, further declines in prices should be expected in the future.

Investors should keep in mind that this appreciation in the Sterling had nothing to do with an improved sentiment towards the currency and with expectations fading towards the BoE raising UK rates in 2016, any upsurge may be capped.

Focus may be directed on the average earnings and claimant count reports today with potential signs of weakness offering bearish investors an opportunity to install another round of heavy selling across the board.

The GBPUSD rallied above 1.4400 and while bulls may be commended for their valiant efforts, this relief rally could provide a platform for bears to send prices lower on the condition that 1.4500 defends.

Crude oil rattles markets
WTI bulls were offered short-term encouragement this week following the Kuwait strike which trimmed the nation’s oil output from 2.86 to 1.1mbdp and encouraged buyers to send crude oil prices to the highs of $42.80.

It should be kept in mind that strikes do not last forever and when Kuwait resumes oil production as normal, oil prices may be poised to decline back down towards $40.

The noise of strikes and ongoing talks of production freezes does not however drown out the disappointment from the OPEC meeting in Doha, and with the cartel’s credibility balancing on a thin line, investors may have become skeptical of anything the group has to say regarding freezes and output cuts.

Nothing has changed and sentiment remains bearish towards WTI oil, it only remains a matter of time until something triggers a steep and memorable decline.

From a technical standpoint, bears need to break back below $40 for a path towards $38.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

News

Nigeria, Others Lag Behind as Egypt Tops Africa in AI Readiness

Published

on

Kindly share this post

Nigeria and other Sub-Saharan Africa countries rank ninth out of nine global regions as Egypt has emerged as Africa’s leading country in artificial intelligence readiness, ranking first on the continent and 51st globally in the 2025 Government AI Readiness Index published by Oxford Insights.

The impressive ranking has been lauded as underscoring North Africa’s growing influence in the global AI race.

According to Egypt’s Ministry of Communications and Information Technology (MCIT), the country scored 57.5 points out of 100, climbing 14 places from 65th in 2024.

The Nile nation also ranked fourth in the Middle East and North Africa (MENA) region, behind Saudi Arabia, Israel and the United Arab Emirates.

The Oxford Insights index assesses 195 governments using 69 indicators across six pillars, including policy capacity, governance, AI infrastructure, public sector adoption, development and diffusion, and resilience.

Egypt topped the Policy Capacity pillar globally with a perfect score of 100, tying with the UK, Serbia and Australia, an indicator of strong national AI policymaking and institutional readiness.

Oxford Insights noted that countries such as Egypt are “expanding the use of AI across national priorities while shaping policies to strengthen domestic AI ecosystems,” although gaps in infrastructure and talent development remain in some contexts.

MCIT minister Amr Talaat attributed Egypt’s strong performance to deliberate government action.

“This achievement reflects our efforts to integrate artificial intelligence into public services and accelerate digital transformation through Egypt’s second National AI Strategy. We are positioning Egypt as a regional AI hub while ensuring AI delivers real economic and social value,” he said.

Launched for 2025–2030, Egypt’s National AI Strategy targets sectors such as healthcare, justice and public administration, while aiming to train 30 000 AI specialists by 2030 and raise AI’s contribution to GDP to 7.7%.

Talaat also highlighted Egypt’s cybersecurity credentials when he highlighted that the country ranked among the top 12 globally in the ITU’s Global Cyber security Index.

Regionally, the results expose sharp contrasts across Africa. Sub-Saharan Africa ranks ninth out of nine global regions, with an average score of 28.04, reflecting persistent gaps in AI infrastructure and public sector adoption.

However, countries such as Kenya, South Africa, Mauritius and Nigeria lead the sub-region, while Rwanda and Ethiopia are gaining momentum through innovation hubs and policy reforms.

In contrast, the MENA region ranks fifth globally, buoyed by significant investment in AI infrastructure and policy capacity, particularly in Gulf states.


Kindly share this post
Continue Reading

News

SERAP Sues INEC Over Alleged ₦55.9Bn Election Funds Diversion

Published

on

Kindly share this post

Socio-Economic Rights and Accountability Project (SERAP) has dragged the Independent National Electoral Commission (INEC) to court over the alleged failure to account for ₦55.9 billion reportedly meant for the procurement of election materials for the 2019 general elections.

SERAP Sues INEC Over Alleged ₦55.9Bn Election Funds Diversion

The grave allegations are documented in the latest annual report published by the Auditor-General on 9 September 2025.

In the suit number FHC/ABJ/CS/38/2026 filed last Friday at the Federal High Court in Abuja, SERAP is seeking: “an order of mandamus to direct and compel INEC to account for the missing or diverted N55.9 billion meant to buy smart card readers, ballot papers, and other election materials for the 2019 general elections.”

SERAP is also seeking: “an order of mandamus to direct and compel INEC to disclose the names of all contractors paid the N55.9 billion for the procurement of smart card readers, ballot papers, result sheets, and other election materials for the 2019 general elections, including the names of their directors and shareholders.”

In the suit, SERAP is arguing that: “INEC must operate without corruption if the commission is to ensure free and fair elections in the country and uphold Nigerians’ right to participation.”

SERAP is also arguing that, “INEC cannot ensure impartial administration of future elections if these allegations are not satisfactorily addressed, perpetrators including the contractors involved are not prosecuted and the proceeds of corruption are not fully recovered.”

According to SERAP, “INEC cannot properly carry out its constitutional and statutory responsibilities to conduct free and fair elections in the country if it continues to fail to uphold the basic principles of transparency, accountability and the rule of law.”

SERAP is also arguing that, “These allegations also constitute abuse of public office and show the urgent need by INEC to commit to transparency, accountability, clean governance and the rule of law.”

SERAP also said, “Allegations of corruption in the supply of smart card readers, ballot papers, result sheets and other election materials directly undermine Nigerians’ right to participate in elections that are free, fair, transparent, and credible.”

The lawsuit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Kehinde Oyewumi, and Andrew Nwankwo, read in part: “These grim allegations by the Auditor-General suggest a grave violation of the public trust, the Nigerian Constitution 1999 [as amended] and international anticorruption standards.”

“According to the recently published 2022 audited report by the Auditor General of the Federation (AGF), the Independent National Electoral Commission (INEC) ‘irregularly paid’ over N5.3 billion [N5,312,238,499.39] ‘to a contractor for the supply of Smart Card Readers for the 2019 general elections’.

“The contract was awarded without prior approval from the Bureau of Public Procurement (BPP) and the Federal Executive Council. The payment was also ‘made without any document. There was no evidence of supplies to the commission.’”


Kindly share this post
Continue Reading

News

FG Inaugurates N40Bn CCTV Control Centre for Third Mainland Bridge

Published

on

Kindly share this post

Federal government has inaugurated a ₦40 billion closed-circuit television (CCTV) control centre for the Third Mainland Bridge in Lagos.

FG Inaugurates N40Bn CCTV Control Centre for Third Mainland Bridge

Speaking at the inauguration on Sunday, David Umahi, minister of Works, said the project followed extensive rehabilitation works carried out on the bridge after the current administration took office in 2023.

“When we came on board in 2023, we met a very terrible Third Mainland Bridge,” Umahi said, adding that the structure, along with Carter and Iddo bridges, required comprehensive re-evaluation and repairs both above and below water level.

He said President Bola Tinubu approved the total rehabilitation of the bridge, including replacement of expansion joints, noting that the completed work had improved driving conditions and extended the bridge’s lifespan.

Umahi said the CCTV system, first announced in 2025, was designed to curb dangerous driving, prevent suicide attempts and strengthen security.

He added that security personnel would monitor live footage from the control centre and enforce speed limits on the bridge.

The minister commended the China Civil Engineering Construction Corporation (CCECC), which executed the project, for what he described as high-quality delivery. He said the contract also included a surveillance boat and two Hilux vans, which would be handed over to the police to support monitoring and rapid response.

“The idea is that we can see everything that is happening on the bridge,” Umahi said, expressing concern over excessive speeding and urging motorists to comply with traffic regulations.

Earlier, Olufemi Dare, federal controller of works in Lagos, said the facility was the first of its kind on any bridge in Nigeria.

He said the system allows real-time monitoring of activities on the bridge and surrounding waters.

Dare said the project includes 240 solar panels, 10 inverters, a 300 KVA transformer, a standby generator, multiple monitoring screens and full air-conditioning for the control centre.

He added that the contract also covers 1,268 solar-powered street lights and a borehole facility.

According to Dare, the project was awarded at a cost of ₦40.17 billion, with about ₦36 billion paid so far to the contractor. He said the current inauguration marked the first phase, with additional commissioning planned once work on the bridge’s extension is completed.

He thanked the president for approving the project and praised Umahi for ensuring due process during its execution.


Kindly share this post
Continue Reading

Trending