July 21 (Lagos) - Back to work after the Eid break and there are some updates from the world of finance and business.


An Ijaw community in the south south (Niger Delta) has asked foreign oil Companies to vacate the areas or face consequences. The Ijaw communities are hosts to flow- stations and well heads operated by Chevron Nigeria Ltd, Nigerian Petroleum Development Company (NPDC), Neconde Energy Ltd, Shell Development Petroleum Company (SPDC) and Agip. The area is also one of the most backward in the Country in terms of infrastructure and healthcare development.



President Buhari is on the US Tour where he has met with US President Obama and both spoke about insurgency facing Nigeria. President Buhari also spoke at an event organized by the US Chamber of Commerce about need for greater business relationship between the two countries. Obama told reporters in the Oval Office that Buhari had integrity and “a very clear agenda in defeating Boko Haram extremists of all sorts inside his country.”


There were insurgent attacks over the weekend where multiple people were killed in Northern Nigeria increasing the security levels.



Crude Oil prices declined in the US below $ 50 a barrel briefly before rebounding to $ 50.50 a barrel. As more and more analysts realize the impact of what the Iran deal will cause in the oil markets there is increased selling in futures markets. The deal is particularly dangerous to Nigeria crude oil exports because Iran will target crude oil sales to India which was one its biggest customers before it become Nigeria's biggest customer due to sanctions on Iran.



US Banks reported big gains in net profits for the second quarter. Citigroup stock jumped to a six year high on Friday. Technology Company APPLE will report its June quarter today in New York and analyst expect quarterly sales to be above $ 51 billion ( N 10 Trillion ).



That 10 Trillion Apple quarter is calculated on the offical (inter-bank) exchange rate of N 199 to one USD. In the parallel market the Naira is heading towards the 250 mark and causing headaches to investors and businesses.



Back to Lagos and the Nigerian Stock Exchange will open shortly so everyone hoping for Thursday's rally to continue on today.




http://www.easykobo.com/News.aspx?id=10066



cc : Lalasticlala

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