Oyedokun: Akintunde Oyedokun
Research Analyst
Oil prices pared early gains on Friday as renewed clashes near the Strait of Hormuz raised concerns over the U.S.-Iran ceasefire.
Brent crude rose 0.4% to $110.48 per barrel, while WTI gained 0.4% to $95.14, though both remained on track for weekly losses.
Investors also reacted to reports that U.S. regulators are probing $7 billion in oil trades placed ahead of major Iran-related announcements by President Donald Trump.
Canada Jobless Rate Hits Six-Month High As Economy Loses Jobs
Canada’s unemployment rate climbed to 6.9% in April as the economy lost 17,700 jobs, missing forecasts for a 15,000 job gain and a 6.7% jobless rate.
Full-time jobs fell by 46,700, while part-time employment rose by 29,000. The goods sector lost 26,800 jobs, while services added 9,100. Wage growth slowed to 4.8% from 5.1%, and youth unemployment rose to 14.3%.
The Canadian dollar weakened 0.6% to C$1.3673 per U.S. dollar, while two-year bond yields dropped to 2.501%.
U.S. Jobs Growth Beats Forecasts as Fed Holds Rate-Cut Outlook
U.S. job growth came in at 115,000 in April, above expectations, while unemployment stayed at 4.3%, reinforcing bets the Fed will keep rates unchanged amid inflation pressures linked to rising global tensions.
Healthcare led hiring, but underlying weakness persisted with rising part-time work and falling household employment. Wage growth reached 3.6%, though higher fuel prices and a rise in broader unemployment to 8.2% signal continued strain in the labor market.
Ghana Eyes $1bn Bond Boost For Cocoa Financing
Ghana plans to raise $1 billion through domestic bonds to finance cocoa purchases for the 2026/2027 season as it turns to local funding.
The move follows cocoa price swings and funding pressure after the 2024 rally. Officials say the bond could be issued before August, supported by easing inflation and lower interest rates.
The sector is also under strain, with state cocoa buyers owing farmers and facing liquidity challenges. Inflation rose slightly to 3.4% in April 2026, while the policy rate has been cut to 14%.
Nigeria May Drop World Bank Loans Over Slow Processing – AGF Warns
The Office of the Accountant-General of the Federation has warned Nigeria may reject loans from the World Bank if approval delays continue.
Accountant-General Dr. Shamseldeen Babatunde Ogunjimi said slow processing is affecting projects and may force a rethink if it exceeds six months.
He also said reforms are ongoing, including audit reporting and upgrades to GIFMIS.
The World Bank urged continued reforms and faster reporting.
