SHORT TAKES

CBN Reserves

+3.2%

The Central Bank of Nigeria (CBN) grew its gross dollar reserves by 3.2 percent in November, according to data on movement in reserves from the banks website.

Gross reserves stood at $24.7 billion on November 29, up from $23.94 billion on November 1.

Deal Premium

+76%

Nipco Investments Ltd paid a 76 percent premium to acquire the 60 percent equity ownership of ExxonMobil Oil Corporation (EMOC) in Mobil Oil Nigeria plc.

In a message to the Nigerian Stock exchange (NSE), Mobil Oil Nigeria said the acquisition of EMOC’s 216.357 million ordinary shares by Nipco will be for the consideration of $301 million subject to price adjustments for dividends and other factors.

OPEC Oil Rally

‘+9%

Brent oil climbed to the highest level of 2016 after OPEC approved its first supply cuts in eight years.

Brent for January settlement surged 8.8 percent to expire at $50.47 a barrel on Wednesday.

West Texas Intermediate surged 9.3 percent after the deal was announced, the biggest gain in nine months, to close at $49.44 a barrel on Wednesday.

The focus now shifts to how strictly the group will implement the deal.