By Adedapo Adesanya

The oil market improved by 1 per cent on Monday as signs of strong demand outweighed the impact of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) hiking output more than expected for August, as well as concern about the potential impact of US tariffs.

Brent crude futures gained 91 cents or 1.3 per cent to close at $69.20 per barrel and the US West Texas Intermediate (WTI) crude futures appreciated by 57 cents or 0.8 per cent to $67.57 a barrel.

Stronger demand was estimated to have remained above expectations as well after a record number of Americans travelled for the Fourth of July holiday by road and air.

OPEC+ agreed on Saturday to raise production by 548,000 barrels per day in August, more than the 411,000 barrels per day hikes carried out in the earlier three months.

The decision of the group will bring nearly 80 per cent of the 2.2 million barrels per day voluntary cuts from eight members back into the market.

The latest hike sends a clear message that the cartel is firmly shifting toward a market share strategy. It was also a response to Kazakhstan and Iraq, which are still overproducing their higher quotas.

Market analysts noted that these overproducers are unlikely to significantly raise their output compared with the recent heights reached during the first quarter.

Also, by approving another output hike, heavyweight OPEC+ leader, Saudi Arabia might seek to up pressure on members for not keeping to agreed quotas by slashing expected oil profits due to lower prices.

Saudi Arabia also raised the August price for its flagship Arab Light crude to a four-month high for Asia.

Amid these development, Goldman analysts expect OPEC+ to announce a final 550,000 barrels per day increase for September at the next meeting on August 3.

Meanwhile, pressure came as US officials flagged a delay regarding when tariffs would begin, but failed to provide details on changes to the rates that will be imposed. Investors are worried that higher tariffs could slow economic activity and oil demand.

The Donald Trump-led administration will make several trade announcements in the next 48 hours.

According to the US Treasury Secretary, Mr Scott Bessent, there are offers from countries to clinch a tariff deal before the July 9 deadline.

On the geopolitical front, Yemen’s Iran-aligned Houthis said it sank a ship in the Red Sea on Monday ahead of Israel’s Prime Minister Benjamin Netanyahu plans to meet with President Trump.

By Dipo Olowookere

Fifty-three stocks ended on the gainers’ chart of the Nigerian Exchange (NGX) Limited on Monday, led by the quartet of Tripple Gee, Ellah Lakes, UPDC REIT, and Cadbury Nigeria.

The four equities appreciated by 10.00 per cent each to quote at N2.97, N8.91, N7.15, and N53.35, respectively, while Red Star Express gained 9.92 per cent to trade at N9.20.

However, Sunu Assurances topped the losers’ table of 23 stocks after it depreciated by 10.00 per cent to finish at N4.50, as RT Briscoe shed 9.59 per cent to N3.30, Prestige Assurance crumbled by 9.09 per cent to N1.20, UPDC deflated by 8.23 per cent to N4.35, and Berger Paints lost 7.58 per cent to sell for N30.50.

The analysis showed that investor sentiment was bullish because of the positive market breadth index triggered by renewed bargain-hunting by the market participants.

Business Post reports that the industrial goods and the commodity sectors closed flat yesterday, but the banking sector gained 0.93 per cent, the consumer goods index appreciated by 0.75 per cent, the insurance space improved by 0.39 per cent, and the energy counter gained 0.01 per cent.

At the close of business, the All-Share Index (ASI) rose by 305.67 points to 121,295.33 points from 120,989.66 points and the market capitalisation N193 billion to N76.532 trillion from N76.339 trillion.

A total of 824.1 million shares valued at N14.4 billion exchanged hands in 24,042 deals during the session compared with the 923.9 million shares worth N11.0 billion traded in 25,680 deals last Friday, showing a rise in the trading value by 30.91 per cent, and a decline in the trading volume and number of deals by 10.80 per cent and 6.38 per cent apiece.

Universal Insurance was the busiest stock on the first trading day of the week with 71.9 million units worth N48.9 million, FCMB transacted 61.4 million units valued at N564.8 million, Japaul transacted 53.3 million units for N136.1 million, Coronation Insurance sold 44.5 million units valued at N94.6 million, and Access Holdings traded 42.0 million units valued at N942.8 million.

By Modupe Gbadeyanka

An initiative to enable 50 farmers to produce subsistence and cash crops in commercial quantity in Benue State, considered to be the food basket of the nation, has been launched by Dangote Cement Plc.

This scheme, known as Farmers Empowerment Programme, is part of efforts of the cement manufacturer to support the governments in its food security drive.

Beneficiaries were carefully selected from six catchment areas the company’s host communities in Gboko Local Government Area of Benue State.

A member of the community, Mr Kwaghgba Isaac, described the initiative as historic and a huge intervention from the cement firm, noting that the effort will not only boost subsistence farming, but help feed the nation.

He urged members of the communities to sustain the peaceful coexistence currently being enjoyed with the company.

The General Manager for Social Performance, Mr Johnson Kor, said projects have been earmarked for the communities as captured in the extant Community Development Agreement (CDA), adding that the contents of the CDA are progressively being executed.

“Today we are witnessing an historic occasion in our journey of mutual development. Farmers Empowerment Programme is the first programme to be launched since we signed the CDA with the immediate host communities in December 2024,” he said.

In his speech, the Plant Director for Dangote Cement in Gboko, Mr Munusamy Murugan, said the company would also support farmers with fertilizers, agro chemicals, Knapsack Sprayers and various types of seedlings.

Mr Murugan, who was represented by Head of Production Department, Mr Soom Kiishi, said, “This is the first batch but certainly just the beginning, and certainly not the end. We plan it to be an annual event, but the choice of the Farmers programme may change, depending on the choice of the benefiting communities.”

“The Youth Empowerment Programme will soon be launched, and selected beneficiaries will receive training in Welding and Fabrication, and Solar Electrical Installation from Professional personnel,” he added, noting that the company’s scholarship scheme cuts across students from various disciplines and tertiary institutions.

In his address to the communities, Consultant from Abbass Corporate Services, Dr Ahemen Aondoaver Samuel, advised the beneficiaries to make use of what he described as a rare opportunity from the Dangote Cement, adding that the company’seffort will help transform beneficiaries into entrepreneurs in the agricultural sector and enable them to support the government’s food security effort.

This programme is coming barely two months after the organisation empowered businesswomen in Gboko host communities of the State with cash grants, thus deepening business activities in the State.

Earlier, the company had increased bursary payments to students of host communities by more than 100 per cent.