Trading Tuesday
Ranora Daily - Your daily source for reliable market analysis and news.
Market Data
Local
Global
*Data as of 6pm WAT
Market News
Local
Nigeria suffers first oil production fall in seven months - Punch
Nigeria’s crude oil output dropped by 38,102 barrels per day in March, translating to a cumulative loss of about 1,181,162 barrels in the month under review, and signaled the first plunge in oil production since the last seven months.
Eight banks record N502bn loan losses– Punch
In an apparent move to reduce the negative impact of Ghana’s debt crisis among others on their risks assets, eight banks recorded N502bn net impairment charges in 2022. The provisioning showed a jump of 101.05 per cent compared with N249.75bn recorded in 2021. An impairment charge usually reflects a fall in value or worse-than-expected performance of the asset.
Dangote Refinery For Launch May 22, To Refine 103.34m Litres Daily – Leadership
With the much awaited 650,000 barrels per day Dangote Refinery scheduled for launch by President Muhammadu Buhari on May 22, 2023, there is renewed hope for Nigeria to boost its locally refined capacity by 103.34 million litres per day. Dangote Group announced the date for the launch of its much-awaited refineries.
Global
Binance Lifts Block on Bitcoin Withdrawals Amidst Heavy Volumes - Reuters
Cryptocurrency exchange Binance temporarily suspended bitcoin withdrawals, citing a backlog of transactions and increased processing fees caused by a surge in network activity. The interruption had a minimal impact on bitcoin's value, with a slight 1% decrease to $28,162. Binance later resumed withdrawals at higher fees to ensure transaction processing by mining pools.
Ajay Banga Selected as President of the World Bank - World Bank
Ajay Banga has been appointed as the President of the World Bank by its Executive Directors. With a distinguished background in leadership positions at General Atlantic and Mastercard, Banga brings extensive experience.
Yellen Urges Congress to Lift Debt Cap, No Alternatives Found – Bloomberg
Treasury Secretary Janet Yellen has stressed the importance of Congress raising the debt limit, as there are no favorable alternatives to resolve the situation. With the government approaching the borrowing cap, temporary accounting measures are being used, but they may run out by June 1, necessitating urgent action.
Weekly Investment Watchlist
Bank Failures
Economic data calendar
May 8: Fed senior loan officer survey; whole sale inventories
May 9: NFIB small business optimism
May 10: MBA Mortgage applications; consumer price index, monthly budget statement
May 11: Producer Price Index; jobless claims
May 12: Import and export price indexes, University of Michigan sentiment survey
Investment Tip of The Day
Your risk tolerance is your willingness and ability to accept risk in your investments. Understanding your risk tolerance can help you make more informed investment decisions and avoid taking on too much risk. Consider factors such as your age, income, financial goals, and personal preferences when assessing your risk tolerance.
Meme of the Day
