Economy
Brent Surges to $85 as US-Israel War with Iran Drives Rally
By Adedapo Adesanya
Brent crude hit $85.41 per barrel after it chalked up $4.01 or 4.93 per cent on Thursday, extending a rally triggered by the US-Israel war with Iran.
The US West Texas Intermediate crude, on its part, settled at $81.01 per barrel, its highest since July 2024, after increasing by $6.35 or 8.51 per cent yesterday.
The escalating US-Israeli war with Iran continues to disrupt supplies and shipping, driving some major producers in the Middle East to reduce output.
The crisis around the Strait of Hormuz has become a severe stress test for both Gulf crude suppliers and their key buyers.
Around 300 oil tankers remained inside the Strait of Hormuz after vessel traffic in and out of the chokepoint nearly halted following the outbreak of the war.
Despite repeated assurances from the US that the waterway was never formally blocked, satellite tracking suggests that no oil or product tankers transited the strait since March 1.
The disruption immediately placed the world’s largest importers under pressure as the strait is the world’s busiest oil transit chokepoint through which the equivalent of 20 per cent of global daily oil consumption passes.
Analysts noted that crude oil supplies from Iraq and Kuwait could start shutting down within days if the Strait of Hormuz remains closed, potentially cutting 3.3 million barrels per day by day eight of the conflict.
An oil tanker anchored off Kuwait reported a large explosion and a subsequent leak from a cargo tank, raising environmental worries.
Iraq, the second-largest crude producer in the Organisation of the Petroleum Exporting Countries (OPEC), has cut output by nearly 1.5 million barrels per day due to a lack of storage and an export route, while Qatar, the biggest liquefied natural gas producer in the Gulf, declared force majeure on gas exports on Wednesday.
A drone strike hit oil infrastructure in Bahrain, adding to concerns about the vulnerability of Gulf refining assets as regional tensions escalate. Damage to a refinery can tighten product markets almost immediately, pushing up prices for petrol, diesel, and jet fuel.
Already, some oil refineries in the Middle East, China and India have shut their crude units.
By Adedapo Adesanya
Union Dicon Salt Plc has raised an alarm that it has been unable to establish contact with Aims Limited, which holds a significant equity stake in the company, stalling its revival plans.
In a formal announcement issued to the Nigerian Exchange (NGX) Limited, shareholders and the investing public, Union Dicon Salt, said Aims Limited owns 64 million shares, representing 40 per cent of the company’s issued share capital, effectively positioning it as one of the most influential shareholders in the listed salt manufacturing firm. Aims Limited is a Brazilian company.
This development, according to the statement signed by Mr Alfred E. James, the company secretary, has raised fresh questions about shareholder communication and governance oversight within Nigeria’s listed companies.
The company disclosed that repeated attempts to communicate with the shareholder have so far been unsuccessful, prompting the unusual step of issuing a public notification in compliance with provisions of the exchange’s rulebook governing disclosures by listed issuers.
“In line with the provisions of 17.5 Rule Book of the Exchange 2015 (Issuers Rules), Union Dicon Salt Plc hereby notifies the Nigerian Exchange Limited, shareholders of the company, and the general public,” the notice stated, before outlining the inability to reach the shareholders despite several efforts.
Union Dicon Salt Plc said the public disclosure is intended to formally request that Aims Limited immediately establish contact with the company through its corporate offices located at Kirikiri Lighter Terminal, Kirikiri Phase 2, Apapa, Lagos, or through the office of the company secretary.
Established in 1984, the Company operates a 60 – 40 per cent joint venture between the Defence Industries Corporation of Nigeria (DICON) and its technical partners, Aims. In 1987, it established a factory at Kirikiri Lighter Terminal in Lagos, where Dicon Salt was importing bulk salt, doing some refining processes, and selling the product through the company’s established network. Its products include pure, refined, and iodised edible salts.
By Aduragbemi Omiyale
The rights issue of Linkage Assurance Plc, involving 12,320,000,000 ordinary shares of 50 Kobo each at N1.32 per share, has been approved by the Securities and Exchange Commission (SEC).
Business Post reports that the underwriting company is offering shareholders on the basis of two new ordinary shares for every three ordinary shares held as of January 22, 2026.
Linkage Assurance, in a notice to the Nigerian Exchange (NGX) Limited, disclosed that the offer opens on March 11, 2026, and closes on April 23, 2026.
Shareholders interested in the rights issue are required to submit the completed participation forms, together with payment or evidence of payment for the full amount payable, on or before Thursday, April 23, 2026, to any of the issuing houses or receiving agents listed in the rights circular.
The insurance firm intends to use funds from the exercise to meet the required minimum capital introduced by the Nigeria Insurance Industry Reform Act, 2025, and to expand into key areas of insurance business.
The disclosure noted that “the rights issue provides existing shareholders with the opportunity to increase their equity holdings in the company, thereby reinforcing their participation in and support of the company.”
It advised shareholders “to contact their stockbrokers and/or financial advisors for further information regarding the offer.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded its first loss of the week with a 1.29 per cent decline on Thursday, March 5.
This brought down the NASD Unlisted Security Index (NSI) by 54.84 points to 4,256.41 points from 4,256.41 points, while the market capitalisation shed N32.82 billion to close at N2.546 trillion versus Wednesday’s N2.524 trillion.
The loss was due to the drop in the share prices of securities on the trading platform led by MRS Oil Plc, which lost N20.00 to trade at N210.00 per unit versus the previous session’s N230.00 per unit.
FrieslandCampina Wamco Nigeria Plc dropped N4.35 to sell for N124.48 per share compared with Wednesday’s price of N128.83 per share, Central Securities Clearing System (CSCS) Plc depreciated by N2.33 to N80.16 per unit from N82.59 per unit, Lagos Building Investment Company (LBIC) Plc shrank by 37 Kobo to N3.75 per share from N4.12 per share, and Food Concepts Plc declined by 33 Kobo to N3.06 per unit from N3.36 per unit.
Conversely, Newrest Asl Plc added N5.06 to sell at N55.59 per share versus N50.53 per share, and Geo-Fluids Plc grew by 12 Kobo to N3.30 per unit from N3.18 per unit.
During the session, the volume of securities jumped 43.4 per cent to 3.8 million units from 2.6 million units, the value of securities increased by 560.5 per cent to N423.3 million from N2.6 million, and the number of deals dipped 8.7 per cent to 42 deals from the preceding session’s 46 deals.
CSCS Plc remained the most traded stock by value (year-to-date) with 36.9 million units worth N2.3 billion, followed by Okitipupa Plc with 6.3 million units traded for N1.1 billion, and MRS Oil Plc exchanged 3.4 million units for N506.6 million.
Resourcery Plc ended the day as the most traded stock by volume (year-to-date) with 1.05 billion units sold for N408.7 million, followed by Geo-Fluids Plc with 123.1 million units valued at N481.6 million, and CSCS Plc with 36.9 million units worth N2.3 billion.
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