By Adedapo Adesanya

Oil prices jumped early on Thursday as Iran declared the critical energy chokepoint, the Strait of Hormuz, closed ‌after the US launched additional strikes against the Middle East oil producer.

Brent futures rose $1.48 or 1.59 per cent to $94.58 per barrel, and the US West Texas Intermediate (WTI) crude climbed $1.71 or 1.90 per cent to $91.74 a barrel.

Iran’s top joint military command announced the closure of the ​Strait of Hormuz on Thursday, including oil tankers and commercial ships, saying any vessel attempting ⁠passage will be shot at.

Market analysts noted that the renewed ​escalation in fighting prompted oil prices to rally in early morning trading.

On Wednesday, the US military said on X that commercial ships continue to transit in and out of the strait. It also said no US warships have been struck in the strait, after ​Iran’s state media reported US ships near the waterway were targeted by missiles and drones.

US forces began launching ​additional strikes against multiple targets in Iran on Wednesday, the latest in an escalating exchange of attacks that threaten ‌to ⁠reignite a full-scale war, which was paused in early April when the two sides agreed to a fragile ceasefire.

Defence Secretary Pete Hegseth held a press briefing announcing further attacks on Iran, saying, “If we need to negotiate with bombs, we’ll negotiate with bombs.” US Central Command later described those attacks as targeting “Iranian military surveillance capabilities, communication systems, and air defence sites across Iran.”

In response to the attacks, Iran’s top joint military command then announced that the Strait was closed to all shipping.

President Donald Trump said the strikes would stop shortly, but that they would continue if Iran’s leaders did not sign an agreement with the US immediately.

Iran’s months-long ​blockade of the strait, which ​normally carries a fifth ⁠of global oil and gas shipments, has kept oil prices elevated.

The latest exchange of strikes between the US and Iran marks the most significant escalation in the conflict since both countries agreed to a fragile ceasefire in April. Since then, oil inventories have drained dramatically, and no tangible breakthroughs have been announced.

Crude oil inventories in the US decreased by 7.2 million barrels during the week ending June 5, according to new data from the Energy Information Administration (EIA).  The EIA’s data release follows figures that were released by the American Petroleum Institute (API) a day earlier, which reported that crude oil inventories saw a draw of 9.119 million barrels in the period.

By Dipo Olowookere

A marginal 0.06 per cent was recorded by Customs Street at the close of business on Wednesday, extending the dominance of the bulls for another trading session.

The uptick printed by the Nigerian Exchange (NGX) Limited was despite weak investor sentiment after reporting 30 price gainers and 36 price losers, representing a positive market breadth index.

Livestock Feeds gained 10.00 per cent to close at N9.35, Deap Capital expanded by 9.86 per cent to N5.35, Abbey Mortgage Bank appreciated by 9.78 per cent to N12.35, Vitafoam grew by 8.25 per cent to N210.00, and FTN Cocoa chalked up 6.54 per cent to finish at N9.45.

On the flip side, Neimeth lost 10.00 per cent to trade at N9.00, International Energy Insurance slipped by 9.92 per cent to N7.90, John Holt shrank by 9.73 per cent to N13.45, Union Homes REIT declined by 8.56 per cent to N70.00, and eTranzact went down by 8.06 per cent to N16.55.

Though activity level contracted yesterday, it remained on the high side, as market participants transacted 1.2 billion equities worth N38.8 billion in 54,193 deals compared with the 1.3 billion equities valued at N57.9 billion traded in 59,956 deals on Tuesday, indicating a shortfall in the trading volume, value, and number of deals by 7.69 per cent, 32.99 per cent, and 9.61 per cent, respectively.

Sterling Holdings sold 565.3 million shares valued at N4.5 billion to emerge as the busiest during the session. FCMB transacted 122.1 million equities for N1.5 billion, Access Holdings sold 49.5 million stocks worth N1.3 billion, Jaiz Bank exchanged 34.9 million shares valued at N313.8 million, and Universal Insurance traded 32.4 million stocks worth N35.6 million.

Business Post reports that the banking and industrial goods sectors respectively lost 0.79 per cent and 0.09 per cent yesterday as a result of profit-taking.

However, the consumer goods index rose 0.42 per cent, the energy counter increased by 0.14 per cent, and the insurance segment improved by 0.03 per cent due to bargain-hunting.

As a result, the All-Share Index (ASI) went up by 154.59 points to 244,852.21 points from 244,697.62 points, and the market capitalisation soared by N99 billion to N157.043 trillion from N156.944 trillion.

By Aduragbemi Omiyale

A strategic non-equity capital of N2 billion has been pumped into one of Nigeria’s emerging integrated agribusiness companies, Zichis Agro Allied Industries Plc.

Chilla Entertainment is one of the promoters of Zichis. The capital injection reaffirms the investor’s confidence in the company’s vision, growth prospects, and long-term value creation strategy.

In a note to the Nigerian Exchange (NGX) Limited, the funds will be a long-term liability in the company’s balance sheet to be redeemed at a future date in terms of debt conversion to equity during a public offer or rights issues.

It is designed to transform Zichis into one of Nigeria’s leading agro-industrial enterprises with a fully integrated value chain spanning feed production, poultry farming, palm cultivation, and agro-processing.

The newly injected capital will primarily be deployed towards expanding the firm’s operational capacity and strengthening its working capital position.

Key areas of investment include a significant increase in poultry production capacity, strengthening of the company’s integrated livestock value chain, and enhancement of operational efficiency and output levels.

In addition, the N2 billion would be used to increase the procurement of raw materials to support higher production volumes, grow the supply chain for the organisation’s feed mill operations, and position the business to meet growing demand within Nigeria’s livestock and poultry sectors.

Also, Zichis will accelerate the cultivation of its newly acquired 2,000-acre agricultural land in Ogun State to significantly increase its agricultural asset base and future revenue-generating capacity.

Zichis is strategically positioning itself to capitalise on these opportunities through its diversified agribusiness model, expanding production footprint, and disciplined execution strategy.

The endgame is to enhance shareholder value, expand operational capacity, build sustainable competitive advantages, and deliver long-term returns to investors.

Recently, the board and management visited the Nigerian Institute for Oil Palm Research (NIFOR) in Edo State for a strategic partnership on the acquisition of high-yield oil palm seedlings and the implementation of modern cultivation techniques across its expanding palm estate.

This collaboration is expected to enhance productivity, improve long-term yields, and support the company’s objective of becoming a major participant in Nigeria’s growing palm oil value chain.

Zichis reaffirmed its commitment to maintaining the highest standards of corporate governance, transparency, accountability, and regulatory compliance.