By Dipo Olowookere

The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Wednesday after a further 0.07 per cent loss at the close of transactions.

This was influenced by sustained profit-taking by the market participants despite efforts by the banking index to salvage the situation, gaining 0.25 per cent.

At midweek, the energy counter depreciated by 0.56 per cent, the consumer goods space went down by 0.23 per cent, and the insurance industry declined by 0.22 per cent, while the industrial goods and commodity sectors closed flat.

At the close of transactions, the All-Share Index (ASI) slumped by 77.37 points to 106,090.38 points from the preceding day’s 106,167.75 points and the market capitalisation shrank by N49 billion to N66.436 trillion from Tuesday’s N66.485 trillion.

Investor sentiment remained bearish after the bourse ended with 31 price losers and 19 price gainers, implying a negative market breadth index.

Conoil lost 10.00 per cent to settle at N331.20, Berger Paints depreciated by 9.81 per cent to N18.85, International Energy Insurance retreated by 9.79 per cent to N1.75, Multiverse crumbled by 9.66 per cent to N7.95, and Regency Alliance dropped 8.70 per cent to 63 Kobo.

Conversely, Tantalizers gained 9.79 per cent to quote at N3.14, Secure Electronic Technology grew by 9.68 per cent to 68 Kobo, Caverton solidified by 9.09 per cent to N3.00, FTN Cocoa increased by 6.51 per cent to N1.80, and Jaiz Bank surged by 6.04 per cent to N3.51.

Yesterday, investors bought and sold 1.5 billion equities valued at N10.3 billion in 11,748 deals versus the 324.6 million equities worth N7.9 billion transacted in 12,652 deals in the preceding day.

This showed that the number of deals declined by 7.15 per cent, and the trading volume and value soared by 361.77 per cent and 30.38 per cent, respectively.

Sovereign Trust Insurance was the most active stock with 989.7 million units worth N987.5 million, Jaiz Bank traded 187.4 million units for N628.1 million, Secure Electronic Technology sold 43.5 million units valued at N28.6 million, Zenith Bank transacted 22.8 million units worth N1.1 billion, and United Capital exchanged 18.3 million units valued N346.4 million.

By Adedapo Adesanya

Oil witnessed a reprieve on Wednesday, with its value going up by about 2 per cent as government data showed rise in oil and decline in fuel inventories.

The price of Brent went up by $1.39 or 2 per cent to $70.95 a barrel and the US West Texas Intermediate (WTI) crude gained $1.43 or 2.2 per cent to close at $67.68 a barrel.

Crude oil inventories in the US saw an increase of 1.4 million barrels during the week ending March 7, according to new data from the US Energy Information Administration released on Wednesday.

However, US gasoline inventories fell by 5.7 million barrels, versus expectations for a 1.9 million-barrel draw, while distillate stocks also dropped by more than expected.

Crude oil prices were trading up prior to the crude data release by the EIA rebounding from a slide earlier in the week, even after the American Petroleum Institute (API) reported on Tuesday a build of 4.247 million barrels in US crude oil inventories amid strong product draws.

However, investors kept an eye on mounting fears of a US economic slowdown and the impact of tariffs on global economic growth.

President Donald Trump further threatened on Wednesday to escalate a global trade war with further tariffs on European Union (EU) goods.

This is as major US trading partners said they would retaliate for trade barriers already erected by the American president.

This development occurs after President Trump’s 25 per cent duties on all US steel and aluminum imports took effect.

The US President had said he would impose additional penalties if the EU follows through with its plan to enact counter tariffs on some US goods from April.

Market analysts noted that President Trump’s hyper-focus on tariffs has rattled investor, consumer, and business confidence and raised recession fears.

The American president has imposed and then delayed tariffs on the country’s biggest oil suppliers,Canada and Mexico, while also raising duties on Chinese goods.

Support also came as the US Dollar hovered near a five-month low against other major currencies.

The Dollar index fell 0.5 per cent to fresh 2025 lows on Tuesday, boosting oil prices by making crude less expensive for buyers holding other currencies.

The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) have agreed to start increasing oil production from April but could reverse the decision afterwards if there are market imbalances.

By Adedapo Adesanya

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has reaffirmed the country’s commitment to global economic stability, sustainable development, and financial resilience.

He said this would bolster Nigeria’s position in the global economy while speaking at a meeting with global international financial leaders at the G20 Finance Ministers and Central Bank Governors Meeting held in Cape Town, South Africa.

The Minister engaged in dialogue with the global financial experts contributing to discussions on strengthening macroeconomic cooperation, mobilizing investments for sustainable growth, and enhancing financial support for developing economies.

According to a statement from his office, the Minister’s participation reflected Nigeria’s proactive role in shaping global economic policies that foster inclusive prosperity.

“As Nigeria continues to play a proactive role in shaping global economic policies, Edun’s participation at the G20 Summit underscores the country’s commitment to fostering inclusive prosperity and sustainable development.

“By championing global economic stability and sustainable development, Nigeria is poised to leverage international cooperation and expertise to drive economic growth and stability in line with the Renewed Hope Agenda of the President Bola Tinubu-led Administration,” it added.