By Dipo Olowookere

Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited on Tuesday, crumbling the bourse by 0.40 per cent at the close of transactions, with the year-to-date return at 2.38 per cent.

The selling pressure was mostly felt in the industrial goods sector, which closed lower yesterday by 3.39 per cent as a result of the loss incurred by BUA Cement.

The banking index depreciated by 0.74 per cent, and the energy space tumbled by 0.06 per cent.

However, the consumer goods counter improved during the session by 0.17 per cent, and the insurance sector expanded by 0.15 per cent, while the commodity industry closed flat.

When trading activities ended for the session, the All-Share Index (ASI) went down by 423.48 points to 105,375.69 points from 105,799.17 points and the market capitalisation declined by N266 billion to N66.078 trillion from N66.344 trillion.

At the market, investors transacted 350.0 million stocks worth N8.2 billion in 11,230 deals versus the 477.5 million stocks valued at N7.1 billion exchanged in 13,520 deals a day earlier, indicating an uptick in the trading value by 15.49 per cent and a fall in the trading volume and number of deals by 26.70 per cent and 16.94 per cent apiece.

Access Holdings traded 36.8 million equities worth N847.3 million to top the activity chart, Universal Insurance sold 30.1 million shares for N17.9 million, Fidelity Bank transacted 28.9 million stocks valued at N488.8 million, Jaiz Bank exchanged 22.0 million shares worth N70.1 million, and Zenith Bank recorded a turnover of 19.6 million equities valued at N930.0 million.

Business Post reports that yesterday, the bourse posted 28 price gainers and 22 price losers, implying a positive market breadth index and strong investor sentiment.

BUA Cement lost 10.00 per cent to close at N83.70, Ellah Lakes depleted by 4.82 per cent to N3.16, Regency Alliance declined by 4.41 per cent to 65 Kobo, Wema Bank weakened by 4.19 per cent to N10.30, and Omatek slipped by 2.99 per cent to 65 Kobo.

Conversely, Neimeth gained 10.00 per cent to settle at N2.97, Northern Nigeria Flour Mills improved by 9.99 per cent to N79.80, Custodian Investment appreciated by 9.69 per cent to N21.50, Sunu Assurances chalked up 7.99 per cent to N5.00, and Guinea Insurance garnered 7.69 per cent to sell at 70 Kobo.

By Adedapo Adesanya

Oil prices eased by about 1 per cent on Tuesday as the US President, Mr Donald Trump, and the Russian President, Mr Vladimir Putin, discussed moves to end the three-year-old war in Ukraine.

Brent futures went down by 51 cents or 0.7 per cent to settle at $70.56 a barrel and the US West Texas Intermediate (WTI) crude fell by 68 cent, or 1.0 per cent to settle at $66.90 per barrel.

Mr Putin agreed on Tuesday to his US counterpart’s proposal for a month-long halt to strikes against energy infrastructure in Ukraine.

Ukraine President, Mr Volodymyr Zelenskiy, has said his country would consider supporting the US proposal to stop strikes on energy infrastructure.

This latest move could result in a possible easing of sanctions on Russian fuel exports.

Some analysts said it would likely take a long while before Russian energy exports increase in a significant way.

Russia produced about 9.2 million barrels per day of crude in 2024, down from a recent high of 9.8 million barrels per day in 2022 and a record 10.6 million barrels per day in 2016.

Also on the supply side, the Trans-Niger Pipeline, one of Nigeria’s biggest pipelines carrying crude from the Niger Delta to the Bonny terminal, was rocked by a powerful explosion.

The explosion at Bodo, Gokana Local Government Area of Rivers State, caused a massive fire at the section of the pipeline in the area and came as Nigeria has started to raise oil production and exports.

The Organisation of the Petroleum Exporting Countries (OPEC) and allies like Russia, known as OPEC+ have decided to proceed with a planned oil output increase in April.

Also, the Organisation for Economic Co-operation and Development (OECD) warned that US tariffs would reduce economic growth in the US, Canada and Mexico, and weigh on global energy demand.

Meanwhile, economic stimulus plans in China and Germany could boost demand for the fuel in two of the world’s biggest economies.

The American Petroleum Institute (API) estimated that crude oil inventories in the US rose by 4.593 million barrels for the week ending March 14. So far this year, crude oil inventories have climbed more than 21 million barrels.

The official data from the US Energy Information Administration (EIA) will be released later on Wednesday.

By Aduragbemi Omiyale

Two persons have been apprehended by the Rivers State Police Command in connection with the explosion that affected the Trans Niger Delta Pipeline operated by Shell Petroleum Development Company (SPDC) at the border of Kpor and Bodo communities.

On Monday night, the oil facility was affected by an inferno, which forced Shell to shut it down to prevent further damage.

It was gathered that the first was noticed during a routine night patrol by security operatives, who “promptly alerted SPDC management.”

The company initiated necessary safety protocols, including shutting down the affected pipe​line, a statement from the Police Public Relations Officer for Rivers Command, Ms Grace Iringe-Koko, a Superintendent of Police (SP), said on Tuesday.

The police said the swift intervention brought “the situation is now under control, and there is no further threat to residents or the environment.”

According to her, the two accused persons were picked up after the commencement of “a thorough investigation to determine the cause of the fire.”

She said the suspects are answering questions to help the police “uncover any potential act of sabotage,” promising to ensure that perpetrators of criminal activities are identified and brought to justice.

“We urge residents to remain calm and vigilant, assuring them of our unwavering commitment to protecting lives and property. The Command will not relent in its efforts to rid the state of criminal elements and maintain peace and security for all.

“For any useful information regarding this incident or any suspicious activities, members of the public are encouraged to contact the nearest police station,” the statement said.