23 July 2024 Morning Biz News: Galp’s N$2.1 Billion Investment in Namibia Highlights Busy Financial Week; Rand Steady, Oil Prices Drop, and SAP Surpasses Revenue Expectations

1. Galp Energia’s Major Investment in Namibia Galp Energia has invested approximately N$2.1 billion in upstream projects in Namibia during the first half of 2024, according to The Brief. The total investment by the group amounted to €564 million, with €389 million allocated specifically to upstream activities. In the second quarter of 2024, capital expenditure reached €241 million, with Namibia accounting for about one-third of the upstream investments, reflecting Galp’s 80% stake.
2. South African Rand Holds Steady The South African rand remained stable on Monday as investors awaited upcoming inflation data for clues on the future direction of interest rates. By late in the day, the currency traded at 18.29 against the dollar, maintaining its previous close.
3. Oil Prices Dip for Third Consecutive Session Oil prices fell for a third consecutive trading session on Tuesday, driven by concerns over increasing oil supplies and weak demand. Brent crude futures for September decreased by 9 cents to $82.31 per barrel, while U.S. West Texas Intermediate crude for September fell to $78.30 per barrel.
4. SAP Reports Strong Q2 Performance Europe’s largest software maker, SAP, reported a 25% increase in its cloud business and exceeded analysts’ revenue estimates for the second quarter. Total revenue rose 10% to €8.29 billion, surpassing the consensus estimate of €8.25 billion, driven by strong demand for its business planning software.

Latest Financial Indicators

• The Namibian dollar trades at 18.25 to the US$, 19.87 to the Euro, and 23.59 to the Pound.
• Gold is trading at $2,398.09 per fine ounce.
• Brent crude stands at $82.63 per barrel.
• 1 Bitcoin is priced at $1,228,217.07.