Business News Today
Crude Oil Prices Spike
Oil prices surged around 2% on Friday and is on track to break a two week losing streak. Th e price surge was driven on supply fears after a Ukrainian drone attack hit an oil depot in the Russian Black Sea port of Novorossiysk, a major export hub. Lukoil PJSC has also begun cutting staff across its global oil trading operations just days before the new US sanction measures take effect, marking one of the earliest visible impacts of sanctions set to start on November 21.
Analysts also noted that nearly a third of Russia’s seaborne oil exports may be stuck in tankers due to rerouting and slower unloading, a situation worsened by India and China suspending purchases of Russian crude. Brent crude futures rose $1.24, or 1.97%, to $64.25 a barrel by 0315 GMT, while U.S. West Texas Intermediate crude rose $1.25, or 2.13%, to $59.94 a barrel. Brent Crude prices have since modulated somewhat and are at $63.84 currently – still over 1.3% up for the day
South African Markets and Rand Respond Positively to Budget Speech
The South African rand strengthened yesterday to trade below the key 17 per USD mark, its highest level since January 2023. This was driven by investor optimism over the budget review, a subdued dollar and rising prices of gold. Finance Minister Enoch Godongwana delivered an optimistic and credible budget speech on Wednesday 12 November, that highlighted the country’s strong fiscal trajectory and commitment to stabilizing public debt. He also announced a major policy shift, introducing a 3% inflation target with a 1% tolerance band, replacing the previous 3–6% range, and unveiled a ZAR 1 trillion infrastructure investment programme over the next three years.
The tighter band aims to strengthen price stability and help consumers and businesses plan long-term investments with greater confidence. According to the National Treasury, the lower price-growth target is likely to curb inflation and inflation expectations over time, paving the way for lower interest rates, while also improving competitiveness. South Africa’s 10-year government bond yield also responded and fell further to below 8.60%, levels last seen in February 2021, reflecting the country’s rising appeal to investors amid stronger economic and fiscal fundamentals.
Nigeria Burns Fuel Import Duty Plan
Nigeria has shelved plans to introduce a 15% import duty on petrol and diesel imports, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced yesterday, citing assurances of adequate fuel supply through the holiday season.The tariff, previously approved by President Bola Tinubu as part of fiscal reforms aimed at boosting non-oil revenue, was revealed in a leaked government memo last month and was slated to take effect in December. “The implementation of the 15 percent ad-valorem import duty on imported premium motor spirit and diesel is no longer in view,” the NMDPRA said in a statement. Fuel marketers had opposed the planned levy, warning that it could discourage imports and make the country overly dependent on the 650,000-barrel-per-day Dangote Petroleum Refinery in Lagos.
Breaking News Shorts:
- Blue Origin, owned by Jeff Bezos, has landed the booster of its New Glenn mega-rocket on a drone ship in the Atlantic Ocean on its second attempt making it the second company to perform such a feat, following Elon Musk’s SpaceX Falcon and Starship’s reusable rockets.
- China’s new home prices dropped 2.2% year-on-year in October 2025, matching the decline in September. The latest result came despite Beijing’s ongoing support measures aimed at cushioning the impact of ongoing property market weakness. October’s figures marked the 28th straight month of price declines.
- The United States said yesterday it will remove tariffs on some foods and other imports from Argentina, Ecuador, Guatemala, and El Salvador under framework agreements designed to give US firms greater access to those markets. The agreements are expected to help lower prices for coffee, bananas, and other foodstuffs,
- The Shanghai Composite fell 0.1% to around 4,025, while the Shenzhen Component dropped 0.7% to 13,385 today, reversing gains from the prior session as new Chinese economic data pointed to weak consumer demand and a deepening property market slowdown. Fixed asset investment, including real estate, declined by 1.7%
- The Democratic Republic of Congo has produced its first 1,000 metric tons of traceable artisanal cobalt, a key step in formalising the sector in a country that supplies much of the world’s battery metal.Congo holds about 72% of global cobalt reserves and accounts for over 74% of supply, much of it from informal artisanal mines.
Markets by Numbers
Currency markets indicate the US dollar softer today, with the Euro trading against the US dollar at 1.16414 while the Pound is trading at 1.31459 to the US dollar. The Yen is currently trading at 154.41 to the dollar. The rand (ZAR) is currently at R17.02 to the US dollar.
Commodities:
- Gold futures have gained over 0.4% today, and are currently trading around $419015 per ounce.
- Copper prices are trending lower today, with prices currently around $5.0381
- Silver futures prices are 0.7 5% higher this morning, and currently trading around $52.711
- Platinum futures are up marginally this morning, and currently trading at $1582.50, While Palladium prices are trending higher this morning and are currently trading around $1440.50 per ounce.
- Brent crude oil prices have surged today, and currently at $63.91 with WTI trading higher at $59.60
- Cocoa futures continue to tumble, and currently trading around $5625.00 per ton.
- Coffee futures have dived by almost 5% today, and are currently trading at around $4.0165 per pound
Crypto Currencies:
- Bitcoin prices have plunged to below the $100 000 mark, down over -2% today and trading at around $97484 per coin
- Ether prices are trending over -1.6% lower today, and are currently trading around $3176.26
- $Trumpcoin are trending over -6% lower today, and currently trading around $7.14
(All prices quoted at approximately 07H20 Central African Time)
Africa News Briefs:
- The Nigerian government has announced it is cancelling a controversial policy that mandated the use of indigenous languages for teaching in the earliest years of schooling instead of English. Education Minister Tunji Alausa said the programme, introduced just three years ago, had failed to deliver and was being scrapped with immediate effect. Instead, English will be reinstated as the medium of instruction from pre-primary levels through to university.
