By Dipo Olowookere

A 0.57 per cent growth was recorded by the Nigerian Exchange (NGX) Limited on Tuesday, resulting in the portfolios of investors swelling by N711 billion, with the market capitalisation closing at N126.199 trillion compared with the previous day’s N125.488 trillion.

In the same vein, the All-Share Index (ASI) increased at the close of transactions by 1,107.73 points to 196,621.96 points from 195,514.23 points.

Buying pressure was across the key sectors of the market yesterday, with the energy index outshining after it closed higher by 4.52 per cent. The insurance counter appreciated by 1.55 per cent, the consumer goods space improved by 0.88 per cent, the industrial goods sector gained 0.17 per cent, and the banking segment expanded by 0.04 per cent.

Investor sentiment was bullish after Customs Street finished with 39 price gainers and 35 price losers, representing a positive market breadth index.

Sunu Assurances gained 10.00 per cent to trade at N4.84, UAC Nigeria also appreciated by 10.00 per cent to N106.70, Oando grew by 9.96 per cent to N50.25, Sovereign Trust Insurance surged 9.88 per cent to N2.67, and Fortis Global Insurance rose by 9.71 per cent to N1.13.

Conversely, Fidson lost 10.00 per cent to settle at N81.00, Mecure decreased by 9,95 per cent to N68.30, Aluminium Extrusion slipped by 9.88 per cent to N15.50, McNichols gave up 8.26 per cent to quote at N7.00, and Deap Capital shed 8.17 per cent to N6.52.

A total of 880.0 million stocks worth N44.5 billion exchanged hands in 86,761 deals on Tuesday compared with the 789.9 million stocks valued at N35.1 billion traded in 84,259 deals on Monday, showing a spike in the trading volume, value, and number of deals by 11.41 per cent, 26.78 per cent, and 2.97 per cent, respectively.

Fortis Global Insurance led the activity chart with 58.4 million equities valued at N66.0 million, Sterling Holdco traded 56.8 million shares worth N461.0 million, Japaul exchanged 47.3 million stocks for N189.0 million, Zenith Bank transacted 40.9 million equities valued at N3.8 billion, and Jaiz Bank sold 38.7 million shares worth N483.7 million.

By Adedapo Adesanya

Oil gained almost 5 per cent on Tuesday as the United States and Israel’s ​battle with Iran intensified, disrupting energy shipments from the Middle East and stoking fears of a longer conflict.

Brent futures chalked up $3.66 ‌or up 4.7 per cent to trade at $81.40 a barrel, its highest settlement since January 2025, while the US West Texas Intermediate (WTI) futures appreciated by $3.33 or 4.7 per cent to at $74.56 per barrel.

Israeli and US forces attacked targets across Iran on Tuesday, prompting Iranian retaliatory strikes around the Gulf as the conflict spread to Lebanon.

Iran has responded with strikes against regional energy infrastructure and tankers in the Strait of Hormuz, through which a fifth of the world’s ​oil and liquefied natural gas typically passes.

Also, Iraq, which is the second largest crude producer ​in the Organisation of the Petroleum Exporting Countries (OPEC) behind Saudi Arabia, cut production by nearly 1.5 million barrels a day.

The Iraqi government said that disrupted navigation and a shortage of available tankers have pushed storage tanks in southern export terminals toward critical levels, forcing production reductions.

The cuts could ​more than double within days as the country runs out of storage space for crude it cannot export due ⁠to the crisis.

Separately, a drone attack targeted the port of Fujairah in the United Arab Emirates (UAE), the country’s largest oil export hub outside the Strait of Hormuz. The incident adds to mounting security risks for Gulf energy infrastructure.

​Concerns increased after Iranian media reported on Monday that Iran will fire on any ship trying to pass through the Strait.

Now, tankers and container ships are avoiding the Strait, with insurers cancelling coverage for vessels and global oil and gas shipping rates soared. Any sustained disruption materially tightens the seaborne crude market, particularly for Middle Eastern barrels bound for Asia.

US President Donald Trump said US and Israeli air attacks ​were projected to last four to five weeks, but could go on longer.

Analysts warn that beyond roughly three weeks of disruption, producers may have no choice but to curb output.

The market is debating how long the supply risk will last, and whether $100 oil is a floor rather than a ceiling if Hormuz does not normalise.

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 5.6 million barrels in the week ending February 27, after adding 11.4 million barrels in the week prior. Official data from the US Energy Information Administration (EIA) will be released later on Wednesday.

By Adedapo Adesanya

The federal government is in advanced talks with China to expand its existing Yuan–Naira currency swap to as much as $10 billion, a move aimed at easing pressure on the US dollar and narrowing the trade imbalance that heavily favours the Asian country.

The director general and Global Liaison for the Nigeria–China Strategic Partnership (NSCP), Mr Joseph Tegbe, said in Abuja that the government was seeking to renew and scale up the current $2.5 billion swap arrangement to allow businesses transact directly in yuan, reducing reliance on the dollar for bilateral trade.

According to him, the existing swap line, though initially underutilised, is being renewed and expanded, with proposals to increase it to $10 billion.

Mr Tegbe said Nigeria was also fast-tracking export protocols to take full advantage of China’s zero-tariff policy for African countries, set to take effect in May 2026.

“Products like hides, skins, cashew, and aquatic products such as crabs and shrimps, which are often exported informally, will now enter China legally under zero duty,” he stated.

The DG highlighted that beyond trade, Nigeria is pursuing equity-based partnerships with Chinese firms. Notable initiatives. These include China Harbour Engineering Company’s $1 billion investment in the Lekki Deep Sea Port and large-scale developmental projects in agriculture, steel, and poultry.

Nigerian businesses to transact directly in Yuan, avoiding the current need to convert Naira to dollars and then to Yuan, which places additional strain on dollar demand.

“We are in discussions with China to establish a truly workable Yuan–Naira swap arrangement. We already have about a $2.5 billion swap line, and although progress slowed toward the end of last year, we are now looking to renew and expand it.

“What this means for the economy is simple: a Nigerian business should be able to pay in naira into his local bank account here and receive Yuan in China directly to do his/her business. Currently, traders convert Naira to Dollars, and then Dollars to Yuan, which increases demand for the US Dollar.

“But someone trading with China does not need Dollars — they need Yuan. If transactions move directly between naira and yuan, it will significantly reduce pressure on the Dollar–Naira exchange rate,” he said.

He noted that for the swap to be effective, Nigeria’s foreign exchange reserves must be at a comfortable level, a goal being addressed by the Central Bank of Nigeria (CBN) as part of broader efforts to stabilise the currency and facilitate smoother bilateral trade.

“Our foreign exchange reserves must also be at a comfortable level for the swap to function effectively. Without sufficient reserves, the arrangement cannot deliver its full benefits. That is why we are strengthening our FX position and renewing the agreement.

“Businesses have told us the current threshold is insufficient, so we are working to increase it to the equivalent of $10 billion,” Mr Tegbe said.