By Dipo Olowookere

Sell-offs in energy stocks could not bring down Nigeria’s stock exchange on Thursday, as the gains recorded by the others sustained the upward momentum.

Yesterday, the Nigerian Exchange (NGX) Limited further appreciated by 1.39 per cent on the back of a strong appetite for domestic equities, which are gaining traction among investors.

The banking index grew by 2.63 per cent, the consumer goods sector appreciated by 054 per cent, the insurance counter improved by 0.50 per cent, and the industrial goods space rose by 0.29 per cent, while the energy industry fell by 0.11 per cent.

When the bourse closed for the day, the All-Share Index (ASI) pointed northwards by 2,645.61 points to settle at 193,073.57 points compared with the previous day’s 190,427.96 points, and the market capitalisation soared by N1.698 trillion to N123.934 trillion from N122.236 trillion.

The trio of Deap Capital, Okomu Oil, and Fortis Global Insurance appreciated by 10.00 per cent each to N6.93, N1,459.70, and 55 Kobo apiece, while the duo of Infinity Trust Insurance and Zichis gained 9.96 per cent each to settle at N14.35, and N15.79, respectively.

On the flip side, the quartet of Tripple G, Multiverse, Secure Electronic Technology, and McNichols lost 10.00 per cent each to quote at N5.40, N25.20, N1.80, and N8.28, respectively, while Meyer declined by 9.80 per cent to N20.70.

Business Post reports that there were 52 appreciating equities and 26 depreciating equities on Thursday, showing a positive market breadth index and strong investor sentiment.

The busiest stock yesterday was Japaul with 80.1 million units valued at N293.3 million, Secure Electronic Technology sold 71.8 million units worth N136.5 million, Mutual Benefits transacted 58.7 million units for N277.6 million, Zenith Bank exchanged 53.2 million units valued at N4.5 billion, and GTCO traded 52.6 million units worth N6.2 billion.

Unlike the preceding session, the activity chart was in red after market participants transacted 898.5 million shares for N38.5 billion in 61,953 deals compared with the 3.7 billion shares worth N61.9 billion traded in 68,693 deals at midweek, implying a decline in the trading volume, value, and number of deals by 75.72 per cent, 37.80 per cent, and 9.81 per cent apiece.

By Adedapo Adesanya

The Naira depreciated further against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, February 19, by N3.24 or 0.24 per cent to N1,341.35/$1 from the N1,338.11/$1 it was traded a day earlier.

However, it improved its value against the Pound Sterling in the official market during the session by N11.16 to sell for N1,805.86/£1 compared with the previous day’s N1,817.02/£1, and gained N7.83 against the Euro to close at N1,577.29/€1 versus Wednesday’s closing price of N1,585.12/€1.

At the GTBank forex counter, the Naira lost N2 against the greenback to settle at N1,349/$1 compared with the N1,347/$1 it was exchanged at midweek, and at the black market, the exchange rate remained unchanged at N1,370/$1.

The performance of the domestic currency in the spot market was weak yesterday amid prevailing dynamics of supply and demand, as the Central Bank of Nigeria (CBN) maintains its efforts to stabilise the foreign exchange market. The exchange rate remained within the expected range, lifted by strong forex inflows and central bank dollar sales to Bureaux de Change (BDC) operators.

Meanwhile, the cryptocurrency market remained bearish, as there was continued caution in coins amid shaky interest in the digital assets.

On the policy front, there were tentative signs of progress on the digital asset market structure bill. The White House hosted talks between crypto industry representatives and bankers, which yielded incremental movement, though no compromise has yet emerged.

Ripple (XRP) declined by 1.7 per cent to $1.39, Litecoin (LTC) went down by 1.3 per cent to $52.46, Cardano (ADA) dropped 0.8 per cent to trade at $0.2715, Dogecoin (DOGE) retreated by 0.7 per cent to $0.0978, and Ethereum (ETH) contracted by 0.2 per cent to $1,943.30.

On the flip side, Solana (SOL) appreciated by 0.8 per cent to $82.12, Bitcoin improved its value by 0.7 per cent to $66,854.86, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $605.58, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.

By Adedapo Adesanya

Crude oil prices were up by around 2 per cent as traders worried about escalating tensions between the United States and Iran, which have stepped up military activity in the oil-producing Middle East.

The price of Brent crude futures grew by $1.31 or 1.9 per cent to $71.66 a barrel, while US West Texas Intermediate (WTI) crude futures appreciated by $1.24 or 1.9 per cent to $66.43 a barrel.

Axios reported that the US is moving closer to a war with Iran. A campaign in Iran would be nothing like the Venezuela blitz and could involve “a massive, weeks-long campaign,” the publication reported, citing sources. The US has deployed aircraft carriers, warships and jets to the region.

Two aircraft carriers and dozens of land-based planes have moved to the Gulf, which The Wall Street Journal reported was enough to wage a sustained and weekslong air war against Iran.

Although the US President Donald Trump has not yet made a final decision about a possible military intervention, it has been reported that it has been discussed among top US national security officials.

However, it was also reported that the US President has discussed options, including a strike that could be ordered as soon as this coming Saturday. He warned Iran on Thursday that it must reach a deal over its nuclear programme or “bad things” will happen, and appeared to set a 10-day deadline before the US might take action.

Iran planned a joint naval exercise with Russia after it shut down the Strait of Hormuz for a few hours for military drills. The Strait is a vital link for trade, with about 20 per cent of global oil supply passing through it.

It issued a notice to airmen that it planned rocket launches in areas across the south of the country on Thursday, while some countries have asked their residents to leave Iran.

Adding to the difficult U.S.-Iran talks, the Russia-Ukraine talks in Geneva also broke down without any breakthrough and pushed oil prices higher.

Crude oil exports from Saudi Arabia, the world’s largest oil exporter, fell to 6.988 million barrels per day, their lowest level since September.

US crude stocks dropped by 9 million barrels, as refining utilisation and exports climbed, according to the Energy Information Administration (EIA). Gasoline (petrol) and distillate inventories also fell last week, thanks to higher consumer demand. Before this, the American Petroleum Institute (API) estimated that crude oil inventories in the US fell by 609,000 barrels in the week ending February 13, after increasing by 13.4 million barrels in the week prior.