By Adedapo Adesanya

Oil prices settled lower on Monday after Mr Donald Trump was sworn in for a second time as President of the United States.

On assumption of office, Mr Trump declared a national energy emergency immediately, promising to replenish strategic reserves and export American energy worldwide.

Consequently, Brent crude futures went down by 64 cents or 0.8 per cent to settle at $80.15 per barrel and the US West Texas Intermediate crude futures depreciated by $1.30 or 1.7 per cent to trade at $76.58 per barrel.

Mr Trump and his allies have signalled they would use the authority to rapidly approve new oil, gas, and electricity projects that typically take years to permit, and during his speech said he plans to unleash new oil and gas development on federal lands while reversing the Biden-Harris administration’s de-growth climate regulations.

Market analysts noted that while many of the executive actions will simply kick off a lengthy regulatory process, they extend by a large degree to the US energy industry, from oil fields to car dealerships.

These also underscore Mr Trump’s determination to reorient federal government policy behind oil and gas production, a sharp pivot from Biden’s efforts to curb fossil fuels.

He also said in his inaugural speech that he would impose tariffs and tax countries and promised an overhaul of the trade system.

Last week, prices rose for a fourth-consecutive weekly gain after the Biden administration imposed sanctions on more than 100 tankers and two Russian oil producers. This led to a scramble by top buyers China and India for prompt oil cargoes and a rush for ship supply.

Meanwhile, dealers of Russian and Iranian oil sought tankers not under sanctions for oil shipment.

While the new sanctions could cut supply from Russia by nearly 1 million barrels per day, market analysts noted that recent price gains could be short-lived depending on Trump’s actions as the new American president promised to help end the Russia-Ukraine war quickly.

Russian President Vladimir Putin congratulated Mr Trump on taking office hours, saying he was open to dialogue with the new US administration on Ukraine and nuclear arms.

Pressure was reduced based on easing tension in the Middle East after Hamas and Israel exchanged hostages and prisoners on Sunday which marked the first day of a ceasefire after 15 months of war.

By Dipo Olowookere

The first trading session of the new week on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note on Monday after a marginal 0.02 per cent growth.

This was influenced by bargain-hunting activities in the financial and industrial goods ecosystems.

According to data obtained from Customs Street, the insurance space grew by 2.12 per cent, the industrial goods sector appreciated by 0.17 per cent and the banking space expanded by 0.12 per cent.

However, due to profit-taking, the consumer goods index went down yesterday by 0.46 per cent and the energy counter decreased by 0.11 per cent.

When the bourse ended for the session, the bulls were in charge after dealing with the bears, leaving the All-Share Index (ASI) higher by 16.68 points to 102,370.36 points from 102,353.68 points and the market capitalisation increased by N10 billion to N62.861 trillion from N62.851 trillion.

Investor sentiment was strong during the session after the stock exchange finished with 32 price gainers and 26 price losers, indicating a positive market breadth index.

Caverton gained 10.00 per cent to close at N2.42, Coronation Insurance improved by 9.91 per cent to N2.44, SCOA Nigeria expanded by 9.68 per cent to N2.72, UPDC jumped by 9.52 per cent to N1.84, and Universal Insurance also rose by 9.52 per cent to 69 Kobo.

On the flip side, Eunisell declined by 9.99 per cent to N14.06, John Holt lost 9.63 per cent to trade at N9.20, Secure Electronic Technology shed 8.99 per cent to quote at 81 Kobo, Honeywell Flour dropped 7.58 per cent to settle at N9.15, and PZ Cussons weakened by 6.00 per cent to N23.50.

Yesterday, a total of 1.3 billion shares worth N17.7 billion exchanged hands in 13,891 deals compared with the 327.8 million shares valued at N11.8 billion traded in 11,905 deals last Friday, implying an increase in the trading volume, value, and number of deals by 304.48 per cent, 50.00 per cent, and 16.68 per cent, respectively.

The busiest stock was Wema Bank with a turnover of 980.0 million units worth N9.8 billion, Universal Insurance sold 31.3 million units for N21.2 million, AIICO Insurance traded 22.2 million units valued at N36.9 million, Oando transacted 19.8 million units for N1.5 billion, and Zenith Bank exchanged 19.7 million units worth N926.0 million.

By Adedapo Adesanya

Nigeria’s maiden shipment under the African Continental Free Trade Area (AfCFTA) has successfully arrived at the Mombasa Port in Kenya.

According to the Nigeria AfCFTA Coordination Office in a statement, the development marks a historic moment for Africa’s trade landscape.

The Senior Trade Expert at the Nigeria AfCFTA Coordination Office, Mr Olusegun Olutayo, said in line with its mandate under the leadership of the National Coordinator, Mr Olusegun Awolowo, the office had coordinated the landmark event.

He said the achievement marked a significant milestone for Nigeria in realising the vision of increased intra-African trade and economic integration championed by the agreement in line with the decision of the AU Assembly at the 31st Ordinary Session of the Assembly.

“In times of escalating geopolitical tension and looming geo-economic fragmentation, AfCFTA presents a perfect opportunity for Africa to leverage trade as a strategic instrument for enhanced market access among state parties.

“This is a historic moment, a realisation of the vision of our continent’s founding fathers and mothers.”

He also said the first consignment which was a synthetic filaments product of Nigeria’s Lucky Fibres Limited (Lush), a subsidiary of the Tolaram Group, was exported under AfCFTA preferential terms.

Mr Olutayo lauded the bold economic reforms of President Bola Tinubu, emphasising their catalytic role in enabling the country’s active participation in AfCFTA, fostering continental economic integration and industrialisation goals.

He also commended the seamless cooperation and commitment from Kenyan authorities, which exemplifies the true spirit of AfCFTA.

He acknowledged the pivotal leadership role of the AfCFTA Secretariat in fostering the success and emphasised the collaborative efforts of the Kenya AfCFTA Implementation Committee and the Kenya Revenue Authority (Customs).

According to him, the shipment, exported under AfCFTA preferential trade terms, underscores partnership, shared vision, the agreement’s potential to transform Africa’s economic landscape and pave the way for a new era of trade-driven prosperity.

The AfCFTA seeks to create a single market across Africa by reducing barriers to trade, investment, and labour.

The agreement’s goal is to increase socioeconomic development, reduce poverty, and make Africa more competitive globally.

On March 21, 2018, the AfCFTA agreement was adopted and opened for signature in Kigali, Rwanda. The agreement entered into force on May 30, 2019 and officially commenced on January 2021

Former President Muhammadu Buhari established the National Action Committee on AfCFTA (NAC) in December 2019.