Business
Euro and pound remain steady as European shares bounce back
LONDON – On Tuesday, Shares in Europe improved as investors tried to take advantage of the price drop caused by geopolitical tension and doubts about global growth.
Markets were encouraged by hopes of stimulus measures in China and by a growing consensus that a rift between the West and Russia was unlikely to get out of hand.
Bourses in London.FTSE, Paris.FCHI and Frankfurt.GDAXI opened around 0.9 percent higher, bouncing after Monday’s 1 percent drop put the region’s FTSEurofirst 300 index .FTEU3 on track for its worst month since June.
While equity markets were hunting for bargains, the euro at 1.3827, the pound at 1.6483 and the region’s benchmark government bonds were little changed as they digested fresh data from the region’s biggest economies.
Top of the list was German business sentiment data from Germany’s Ifo institute. As expected, it dipped after this month’s tensions with Russia over Ukraine.
In Britain, inflation data showed price increases had slowed, reinforcing views that the Bank of England would hold off on raising interest rates.
“The reason why the equity markets are doing well is a bit of a rebound from the recent sharp sell-off,” said David Madden, a market analyst at IG index in London. “The euro has struggled a bit because of dollar strength more than anything, though I do think any strong sanctions slapped on Russia by the U.S. and Europe or vice-versa would knock equities again.”
STANDOFF
The Group of Seven major industrialized nations warned Russia on Monday it faces additional economic sanctions if President Vladimir Putin takes further action to destabilize Ukraine.
“The fallout from Ukraine so far has been very limited,” said Ramin Nakisa, a global macro strategist at UBS. “The politicians won’t have a strong mandate for heavy sanctions.”
In Asian trading, Japan’s Nikkei .N225 had dropped 0.4 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dipped 0.2 percent after a lackluster session on Wall Street.
Short-dated U.S. Treasuries prices remained in focus after Federal Reserve chief Janet Yellen said last week that interest rates could rise early next year.
Two-year Treasuries, the most sensitive to interest rate changes, were steady at 0.4288 percent in early European deals, after reaching a six-month high of 0.4650 on Monday. Money market futures were pricing in some possibility of a rate hike by spring 2015.
LESS PRECIOUS
Buoyant short-term rates undermined precious metals again. Gold fetched $1,315.35 per ounce, close to Monday’s near- five-week low of $1,307.54. Silver tumbled to a six-week low of
$19.84.
Rising U.S. rates are also generally negative for emerging markets, but many of them have held up so far. They have been helped in part by expectations the Chinese government will introduce economic stimulus measures after weak Chinese manufacturing data was reported on Monday.
Mainland Chinese shares .SSEC touched a one-month high in Asian trade as companies linked to Shanghai’s free-trade zone gained on the back of media reports that its restrictions on foreign investors may be relaxed.
“The (manufacturing) data was pretty bad,” said Naoki Tashiro, president of T.S. China Research. “It looks almost certain that the first-quarter growth is likely to fall short of the government’s growth target of 7.5 percent. So the government is likely to take some measures.”
The Australian dollar, often seen as a liquid proxy for bets on the Chinese economy, briefly reached a three-month high of $0.9158. Copper, also highly sensitive to China’s fortunes, touched a week high.
Copper prices have now stabilized after sinking to a three-and-a-half year low on worries that China’s slowdown might trigger a wave of defaults on loan deals where copper was used as collateral.
“Copper is a little bit in pause mode at the moment,” said analyst Mark Keenan of Societe Generale in Singapore. “People are watching for any signs of fresh defaults, but also for the official PMI stats out next week.”
AVA Capital Plc has been admitted to the Main Board of Nigerian Exchange Limited (NGX) following the listing by introduction of its 5 billion ordinary shares at ₦7.50 per share, with a market capitalisation of ₦37.5 billion.
The listing marks a significant milestone in the Company’s growth journey, reinforcing its commitment to sustainable growth, strong corporate governance and long-term value creation, while enhancing its visibility within Nigeria’s capital market.
Speaking at the listing ceremony, the Chief Executive Officer of AVA Capital Plc, Kayode Fadahunsi, described the admission as a defining moment in the Company’s evolution. “Our admission to the Main Board of Nigerian Exchange is more than a listing; it is a public affirmation of the business we have built and the future we are committed to creating. We have established a resilient institution with a clear growth strategy, strong governance culture and an unwavering focus on creating sustainable value for our shareholders. Becoming a listed company deepens our accountability, broadens our visibility and positions us to seize new opportunities as we continue our growth journey.”
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Commenting on the listing, the Chief Executive Officer of Nigerian Exchange Limited, Jude Chiemeka, said the admission reflects the continued confidence of businesses in Nigeria’s capital market as a platform for sustainable growth. “Today’s listing reflects the confidence that forward-looking companies continue to place in the Nigerian capital market. By joining the Main Board of Nigerian Exchange, AVA Capital Plc is embracing the transparency, governance standards and market discipline that define public companies, while positioning itself to access a broader investor base and unlock long-term value. We are delighted to welcome AVA Capital Plc to the NGX family and look forward to supporting its continued growth.”
The admission of AVA Capital Plc expands the range of investment opportunities available to investors while reinforcing NGX’s commitment to connecting businesses with long-term capital and supporting their growth through enhanced visibility, strong governance and deeper investor engagement.
June 2026 results of the Nigerian National Petroleum Company Limited (NNPC Ltd) shows a Profit After Tax (PAT) of N535 billion, despite recording a marginal decline in crude oil and condensate production during the month.
The figure represents a 15.8 percent increase over the preceding month, according to the latest Monthly Financial and Operations Report of the state oil major, which indicates that the PAT rose by N73bn from the N462bn recorded in May, while revenue increased to N4.389tn.
According to the report, the company remitted cumulative statutory payments of N6.286tn to the Federation in H1, 2026.
It read, “NNPC Limited recorded N535bn profit after tax for the month of June, representing a 15.8 per cent increase from the N462bn recorded in May. Total revenue for the month stood at N4.389tn, while cumulative statutory payments to the Federation for the period January to June 2026 increased to N6.286tn, underscoring NNPC Limited’s sustained contribution to national revenue generation.”
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Average crude oil and condensate production declined marginally to 1.72 million barrels per day in June from 1.73 million barrels per day in May, representing a 0.58 percent decrease. However, output was 1.18 percent higher than the 1.70 million barrels per day recorded in June 2025.
According to the report, production was affected by operational disruptions, facility integrity issues and subsurface challenges across several assets.
It stated, “June production performance was impacted by operational disruptions, facility integrity issues, and subsurface challenges across several assets. However, performance was partially mitigated by production ramp-up following the completion of the Assa-Rumuekpe and 28-inch TNP Turnaround Maintenance.”
Despite the slight production decline, crude oil and condensate sales surged to 28.23 million barrels in June from 18.95 million barrels in May, representing a 48.97 percent month-on-month increase. The June sales volume was also 6.77 percent higher than the 26.44 million barrels sold in June 2025.
Gas production also improved, rising to 7,841 million standard cubic feet per day from 7,774 million standard cubic feet per day in May, while gas sales recovered to 4,970 million standard cubic feet per day from 4,921 million standard cubic feet per day.
The report highlighted progress on two major gas infrastructure projects. The Obiafu-Obrikom-Oben Gas Pipeline reached 98 percent completion, with final tie-in works ongoing.
It stated, “The Obiafu-Obrikom-Oben (OB3) Gas Pipeline progressed to 98% completion, with final tie-in works ongoing towards achieving First Gas in August 2026.”
Construction on the Ajaokuta-Kaduna-Kano Gas Pipeline also advanced to 94 percent completion. According to the company, “Construction and installation activities on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94 per cent completion, supporting the target of early gas delivery to Abuja in 2026.”
The NNPC Ltd declared that it would continue implementing measures to sustain production growth despite operational challenges.
It stated, “Focus remains on delivering incremental production across the asset portfolio by improving facility reliability and availability, minimizing Unscheduled Downtime, optimising crude export operations, and accelerating the maturation of production opportunities to sustain Upstream production growth.”
The report also showed that upstream pipeline availability remained at 100 percent during the month, while petrol availability across the NNPC Retail Limited stations stood at 53 percent. It added that all production, sales and financial figures remained provisional and were subject to reconciliation with relevant stakeholders.
The landed cost of imported Premium Motor Spirit (petrol) has climbed above the gantry price offered by the Dangote Petroleum Refinery, reinforcing calls by petroleum marketers for Nigeria to halt fuel importation and prioritise local refining.
The latest Energy Bulletin released by the Major Energies Marketers Association of Nigeria showed that the spot landed cost of imported petrol stood at N1,223.32 per litre as of July 29.
The price is higher than the Dangote refinery’s gantry price of N1,215 per litre, indicating that imported petrol currently costs marketers more than supplies sourced from the 650,000-barrels-per-day Lekki-based refinery.
The MEMAN bulletin also showed that Brent crude averaged $90 per barrel during the review period.
The development comes days after the Independent Petroleum Marketers Association of Nigeria renewed its call for an end to petrol importation, arguing that local refining capacity is sufficient to meet the country’s fuel demand.
IPMAN National Publicity Secretary, Chinedu Ukadike, recently told The PUNCH that there was no justification for continued petrol imports when local refineries, particularly the Dangote refinery, were producing enough to supply the domestic market.
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He argued that importing petrol when locally refined products were available only exerted additional pressure on foreign exchange and undermined investments in domestic refining.
The latest pricing data appears to support the marketers’ position, with the landed cost of imported petrol now exceeding the Dangote refinery’s gantry price.
According to the MEMAN bulletin, Dangote’s coastal price for PMS stood at N1,195 per litre, while its gantry price was N1,215 per litre, inclusive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority charges.
The report also showed that the naira averaged N1,367.03/$ during the review period, while international crude oil prices remained elevated, contributing to higher import costs.
The rise in global crude prices also pushed up the cost of refined petroleum products internationally. The price of diesel traded on the Intercontinental Exchange in Europe averaged $1,246.54 per metric tonne during the review period.
The bulletin further revealed that the spot landed cost of diesel rose to N1,739.96 per litre, compared with a 30-day average of N1,427.00 per litre, while aviation fuel climbed to N1,616.43 per litre against a 30-day average of N1,421.10 per litre.
The pricing trend suggests that locally refined petrol currently offers marketers a cheaper alternative than imports.
Earlier, the Independent Petroleum Marketers Association of Nigeria urged the Federal Government to halt the importation of petrol, arguing that imported petrol has become more expensive than locally refined products and is frustrating efforts to stabilise prices in the downstream sector.
The association said the continued issuance of fuel import licences was worsening price volatility, putting additional pressure on the naira and undermining the competitiveness of domestic refineries, particularly the Dangote Petroleum Refinery.
Speaking with The PUNCH, the National Publicity Secretary of IPMAN, Chinedu Ukadike, said the recent import licences issued by the NMDPRA had failed to achieve their intended objective of moderating domestic fuel prices.
According to him, petrol imported under the new licences is being sold at rates significantly higher than the price of products supplied by the Dangote refinery.
Meanwhile, data from Petroleumprice.ng also showed that some depot owners continued to adjust their ex-depot petrol prices on Thursday amid changing market conditions. AIPEC sold at N1,216 per litre.
Ardova reduced its ex-depot price by N1 to N1,217 per litre, while Ascon and T-Time each cut their prices by N2 to N1,216 per litre. Emadeb, however, increased its price by N1 to N1,218 per litre, while NIPCO retained its price at N1,217 per litre.
Outside Lagos, Aradel raised its ex-depot price by N5 to N1,240 per litre in Port Harcourt. Matrix and Sigmund reduced their prices by N10 each to N1,225 and N1,224 per litre, respectively, while T.S.L. cut its price by N15 to N1,225 per litre.
In Calabar, Hong Petroleum, Mainland and Sobaz each reduced their depot prices by N5 to N1,220 per litre. In Warri, A.Y.M. Shafa increased its price by N3 to N1,233 per litre, while Optima raised its price by N2 to N1,232 per litre. Matrix reduced its price by N3 to N1,230 per litre, while Rainoil cut its price by N2 to N1,240 per litre.
The PUNCH reports that the pump prices of petrol currently hover around N1,250 to N1,300 per litre in Lagos and Ogun states, while they are higher in the North and other distant locations.
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