Trading Tuesday - Nigeria’s Rising Reserves and Oil Gains Amid Global Energy Shifts Set Market Outlook
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Market Overview
Good evening and welcome to today’s market wrap. Nigerian markets are buoyed by rising foreign reserves, robust bond subscriptions, and energy sector developments, including NNPC and Chevron’s new offshore oil discovery and Dangote Refinery’s petrol price adjustment. Globally, trade realignments, such as India redirecting diesel exports to West Africa and Tanzania’s $42 billion LNG project, alongside geopolitical moves in South Korea, Ukraine, and Kazakhstan, signal dynamic shifts in energy and trade flows.
Nigerian News & Market Update
Nigeria, UAE sign deal to waive tariffs on products:
Nigeria and the UAE have signed a Comprehensive Economic Partnership Agreement that will remove tariffs on thousands of products, boosting bilateral trade, investment, and business opportunities. - Punch
NNPC, Chevron eye 146,000bpd after oil discovery:
NNPC and Chevron plan to ramp up joint venture oil production to 146,000 barrels per day following a successful new offshore oil discovery in the Niger Delta. - Punch
Dangote Refinery Hikes Gantry Petrol Price To ₦799, Pump Price To ₦839 Per Litre At MRS Stations:
Dangote Refinery has raised petrol prices, increasing the gantry price to ₦799 per litre and the pump price to ₦839 per litre at MRS stations nationwide after the festive price cut ended. - Channels
DMO Raises N1.54trn from Nigerian Bonds Auction, Rates Shift:
Nigeria’s Debt Management Office raised ₦1.54 trillion at its January bond auction as strong investor demand drove high subscriptions and a slight softening in benchmark yields. - Dmarketforces
Nigeria’s Foreign Reserve Climbs, Reaches Highest in 8 Years:
Nigeria’s foreign reserves have risen to about $46billion, the highest level in eight years, supported by increased crude oil production and relative stability in global commodity prices. - Dmarketforces
Nigeria Sectoral Indices Performance
The table below shows that the NGX indices closed mixed on the day, with gains in NGX 30, Insurance, Oil/Gas, Industrial Goods and the ASI, while Banking, Consumer Goods and Premium Board slipped slightly. Week-to-date performance is broadly negative across most sectors, led by losses in Insurance, Oil/Gas and Banking. Month-to-date and year-to-date trends remain strongly positive overall, with Oil/Gas, Insurance, Lotus and Premium Board posting the highest gains.
Fixed Income (FGN Bonds
Global News & News Update
Indian diesel exports to West Africa jump as EU bans Russian crude-derived fuel:
India has redirected diesel exports from the EU to West Africa after an EU ban on fuel made from Russian crude, reshaping global fuel trade flows. - Reuters
Trump’s new South Korea tariff threats underscore see-sawing trade negotiations:
Trump’s renewed tariff threats highlight ongoing uncertainty and stop-start negotiations over the U.S.–South Korea trade deal and its $350 billion investment package. - Reuters
Poland, Ukraine agreed to increase gas import capacity:
Poland and Ukraine have agreed to boost gas import capacity via Poland from February 2026 to strengthen Ukraine’s energy supplies. - Reuters
Tanzania expects to sign $42 billion mega LNG project before June:
Tanzania expects to sign a LNG project deal before June, unlocking major gas reserves and positioning East Africa as a future LNG export hub. - Reuters
Kazakhstan’s Tengiz oilfield seen recovering less than half its output by February 7:
Kazakhstan's Tengiz oilfield is slowly recovering from a fire and power outage, expected to reach less than half its normal output by February 7. - Reuters
Indices, Commodities & Currencies
The table below depicts that the Global equities were mixed, with the S&P 500 and NASDAQ 100 posting modest gains while the DJIA and DAX fell slightly. Oil prices rose amid energy demand optimism, whereas metals, particularly platinum and silver, experienced sharp declines. The U.S. dollar softened against major currencies, and grains recorded moderate gains.
Fixed Income (USA Bonds)
Conclusion
Looking ahead, investors should monitor crude production trends, foreign reserve stability, and the impact of tariff and trade agreements, as these factors are likely to influence liquidity, bond yields, and currency movements in Nigeria, while global energy disruptions may create both risk and opportunity across markets.
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