By Dipo Olowookere

The bulls tightened their grip on the Nigerian Exchange (NGX) Limited on Thursday with a further 0.75 per cent rise despite profit-taking in the banking sector.

Data showed that the banking index went down by 0.20 per cent during the session and the commodity sector closed flat.

However, the insurance space grew by 4.32 per cent, the consumer goods counter improved by 2.35 per cent, the industrial goods sector gained 1.29 per cent, and the energy industrial appreciated by 0.27 per cent.

Consequently, the All-Share Index (ASI) surged by 790.59 points to 106,074.26 points from 105,283.67 points and the market capitalisation advanced by N508 billion to N66.667 trillion from N66.159 trillion.

Investor sentiment remained bullish yesterday as Customs Street ended with 43 price gainers and 16 price losers, representing a positive market breath index.

Cadbury Nigeria, Eterna, Ikeja Hotel, and Nestle Nigeria all chalked up 10.00 per cent each to quote at N24.20, N36.30, N11.00, and N1,100.00, respectively, and Academy Press gained 9.96 per cent to trade at N2.87.

However, John Holt lost 10.00 per cent to sell for N6.30, Haldane McCall declined by 9.96 per cent to N4.70, Multiverse depreciated by 9.83 per cent to N7.80, Guinea Insurance depleted by 8.57 per cent to 64 Kobo, and Japaul tumbled by 6.19 per cent to N1.97.

The most active stock for the session was Access Holdings with the sale of 48.5 million units valued at N1.2 billion, Fidelity Bank traded 40.4 million units worth N801.8 million, Zenith Bank exchanged 23.7 million units for N1.1 billion, GTCO sold 17.1 million units worth N1.0 billion, and Chams transacted 13.7 million units valued at N30.1 million.

At the close of trades, a total of 328.3 million equities worth N10.4 billion exchanged hands in 12,142 deals versus the 744.8 million equities valued at N18.3 billion traded in 11,226 deals at midweek, indicating a rise in the number of deals by 8.16 per cent, and a decline in the trading volume and value by 55.92 per cent, and 43.17 per cent, respectively.

By Adedapo Adesanya

Oil prices rose on Thursday as investors weighed a weaker US Dollar as potential troubles may emanate from planned output increase by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+), and other US-related issues.

The price of Brent crude increased by 43 cents or 0.7 per cent yesterday to $66.55 per barrel and the US West Texas Intermediate (WTI) crude soared by 52 cents or 0.8 per cent to $62.79 a barrel.

The US Dollar made a broad retreat on Thursday as investor gloom over the lack of any real progress towards defusing the US-China trade war reasserted itself.

A weaker US currency makes Dollar-priced commodities like oil less expensive for buyers using other currencies.

This came as several OPEC+ members suggest the group accelerate oil output increases for a second month in June. Kazakhstan, which produces about 2 per cent of global oil output and has repeatedly exceeded its quota over the past year, said it would prioritise national interest over OPEC+ in deciding production levels.

Market analysts noted that this may lead to Kazakhstan ceasing to exist as a member of OPEC+, although it remains in the alliance for now.

There have previously been disputes among OPEC+ members over compliance with production quotas, one of which resulted in Angola leaving the group in 2023.

Further disagreement between OPEC+ members is a clear downside risk, as it could lead to a price war.

In the US, the number of people filing for unemployment benefits rose marginally last week, suggesting a resilient labour market despite economic turbulence caused by tariffs on imported goods.

There were reports that businesses are increasing prices and cutting financial guidance due to higher costs stemming from US President Donald Trump’s trade war, which has also affected global supply chains.

US Federal Reserve officials indicated in television interviews they see no urgency to change monetary policy as they seek more information to determine how trade tariffs are affecting the economy.

China called for US tariffs to be cancelled on Thursday, that the White House would be willing to lower its tariffs on China to as low as 50 per cent to open up negotiations.

Also, the US and Iran will hold a third round of talks this weekend on a possible deal to re-impose restraints on Iran’s uranium enrichment programme. The market is watching for any sign that a US-Iran rapprochement could lead to an easing of sanctions on Iranian oil.

By Modupe Gbadeyanka

The Economic and Financial Crimes Commission (EFCC) has been given the power to arrest and detain six promoters of the troubled investment scheme operator, Crypto Bridge Exchange (CBEX).

The EFCC, through its counsel, Ms Fadila Yusuf, filed an ex-parte motion to keep the suspects in its custody pending the conclusion of investigation of the alleged offences and possible prosecution.

The suit was filed at the Federal High Court in Abuja and on Thursday, Justice Emeka Nwite, allowed the anti-money laundering organisation to further detain the sextet of Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim as 1st to 6th defendants, respectively.

The commission asked the court to grant it “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution.”

“The defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case,” she added.

In his ruling, Justice Nwite said, “I have listened to the submission of the learner counsel for the applicant, EFCC. I have also gone through the affidavit evidence with exhibits thereto along with the written address.

“I am of the view and I hold that the application is meritorious. Consequently, the application is granted as prayed.”