By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange rallied by 0.15 per cent on Tuesday, December 9, helped by a sole price gainer at the close of business, which suppressed the effect of two price losers.

Central Securities Clearing System (CSCS) Plc expanded its value by N1.00 to close at N44.00 per share compared with the previous day’s N43.00 per share.

However, UBN Property Plc depreciated during the session by 23 Kobo to sell at N2.08 per unit compared with the preceding session’s N2.31 per unit, and FrieslandCampina Wamco Nigeria Plc shrank by 20 Kobo to finish at N58.25 per share, in contrast to Monday’s closing price of N58.45 per share.

At the close of transactions, the NASD Unlisted Security Index (NSI) jumped by 5.54 points to 3,613.06 points from 3,607.52 points, and the market capitalisation increased by N3.31 billion to N2.161 billion from the N2.158 trillion quoted in the preceding session.

Yesterday, the volume of securities bought and sold went up by 39.9 per cent to 81,534 units from the 58,300 units recorded in the preceding trading session, the value of securities surged by 120.6 per cent to N4.3 million from N1.9 million, and the number of deals soared by 100 per cent to 28 deals from 15 deals achieved in the previous trading session.

At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with a turnover of 171.8 million units worth N8.3 billion, and Air Liquide Plc with 507.6 million units traded for N4.2 billion.

In the same vein, InfraCredit Plc ended the trading day as the most traded stock by volume on a year-to-date basis with 5.8 billion units valued at N16.4 billion,  the second spot was taken by Industrial and General Insurance (IGI) Plc with 1.2 billion units worth N420.3 million, and the third position was occupied by Impresit Bakolori Plc with 537.0 million units sold for N524.9 million.

By Adedapo Adesanya

The Naira maintained stability against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, December 9, at N1,451/$1.

Equally, it closed flat against Pound Sterling and the Euro in the same market window, remaining unchanged at N1,934.75/£1 and N1,691.13/€1, respectively.

Also, the Nigerian currency traded flat against the US Dollar in the parallel market yesterday at N1,465/$1 but lost N2 at the GTBank FX counter to sell for N1,460/$1 versus Monday’s N1,458/$1.

Although the local currency faces pressures from increasing year-end Dollar demand, stoked by imports and some multinationals that are upstreaming US Dollars abroad; according to Cowry Asset Management, this is still stable reflecting divergent currency dynamics between the regulated official segment and the informal markets.

The Naira’s movement remains within the trading band, suggesting that the FX market is adjusting gradually to seasonal pressures while awaiting further policy signals from the Central Bank of Nigeria (CBN).

As for the cryptocurrency market, it witnessed a recovery ahead of an expected Federal Reserve’s rate cut.

The US central bank is expected to lower benchmark interest rates by 25 basis points at its two-day meeting concluding on Wednesday. While the rate cut is largely anticipated by market participants, looser financial conditions with a resilient US economy could help bolster risk appetite on markets.

Market analysts noted that the change of pattern could point to seller exhaustion.

Cardano (ADA) appreciated by 8.7 per cent to $0.4637, Ethereum (ETH) jumped by 7.2 per cent to $3,312.63, Solana (SOL) rose by 5.3 per cent to $139.23, Dogecoin (DOGE) increased its value by 5.0 per cent to $0.1467, and Bitcoin (BTC) mounted a 3.2 per cent gain to sell at $92,617.61.

In addition, Litecoin (LTC) expanded by 2.3 per cent to $84.52, Ripple (XRP) grew by 2.0 per cent to $2.08, and Binance Coin (BNB) improved by 0.9 per cent to $894.14, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were flat at $1.00 each.

By Adedapo Adesanya

Crude oil was down on Tuesday, with investors keeping a close eye on peace talks to end Russia’s war in Ukraine.

Brent crude futures lost 55 cents or 0.88 per cent to trade at $61.94 a barrel and the US West Texas Intermediate (WTI) crude futures fell by 63 cents or 1.07 per cent to $58.25 a barrel.

Ukrainian President Volodymyr Zelenskiy’s government will share a revised peace plan with the US after talks in London between Zelenskiy and the leaders of France, Germany and Britain. Peace between Ukraine and Russia could lead to the removal of international sanctions on Russian companies and free up restricted oil supply.

This has not stopped Russian offensive as the latest attacks on Ukraine’s energy system cut power access for roughly half of the residents in the Ukrainian capital Kyiv on Tuesday.

Meanwhile, the Group of Seven countries and the European Union are in talks to replace a price cap on Russian oil exports with a full maritime services ban in a bid to reduce Russia’s oil revenue.

Also, concerns about ample supply and a looming decision on US interest rates impacted prices.

The Federal Reserve will announce its policy decision on Wednesday, with markets pricing in an 87 per cent probability of a quarter-point rate reduction. Lower interest rates typically are a positive driver for oil demand given the decrease in borrowing costs.

Yet, some analysts were cautious about how much impact this could have on oil prices for now.

The market also expects an oversupplied 2026 oil market buoyed by supply boost from the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) and other non-OPEC+ countries like the US and Brazil.

The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a large draw of 4.8 million barrels in the week ending December 5. Crude oil inventories shrank by 2.48 million barrels in the week prior. Crude oil inventories in the United States are so far showing a net increase of just 121,000 barrels for the year.

Gasoline (petrol) inventories saw a sizeable increase of 7 million barrels in the week ending December 5. In the week prior, gasoline inventories grew by 3.14 million barrels. Distillate inventories also rose in the reporting period, gaining 1 million barrels, compared to the week prior’s 2.88-million-barrel build.

Official data from the US Energy Information Agency (EIA) will be released later on Wednesday.