By Adedapo Adesanya

The Naira witnessed a 0.12 per cent or N1.96 depreciation against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, April 28, trading at N1,601.38/$1 compared with the N1,599.42/$1 it was transacted at the previous session, last Friday.

Similarly, the local currency depreciated against the Pound Sterling in the official market during the session by N56.21 to close at N2,186.65/£1, in contrast to the preceding session’s rate of N2,130.44/£1 and lost N29 Kobo on the Euro to sell for N1,818.82/€1 versus the previous trading day’s rate of N1,818.53/€1.

In the same vein, the domestic currency weakened against the Dollar in the black market yesterday by N5 to quote at N1,610/$1 compared with the preceding session’s value of N1,605/$1.

Market analysts have raise worries about the continued secondary effect of a trade war between the US and China on Nigeria and other nations’ economies.

For Nigeria, which is heavily dependent on crude oil for FX earnings, the impact of the beef between the two biggest economies is affecting prices, leading to weaker forex.

This is happening despite constant promise by the Central Bank of Nigeria (CBN) to continue propping up the local currency.

As for the cryptocurrency market, it was mixed on Monday amid signals from weak economic data just as rising tensions between India and Pakistan added to worries.

Amid macroeconomic uncertainty caused by the US-China trade tensions, the Dallas Fed Manufacturing Index, a typically little-noticed economic data point, plunged to -35.8 from -16.3 last month — making it the worst performance since COVID upended the world economy.

Hostilities between India and Pakistan might also have added to market jitters, with Pakistani Defense Minister Khawaja Muhammad Asif claiming that an Indian military incursion into Pakistan was imminent.

According to reports, last week 26 people were killed in a terrorist attack in Pahalgam, a popular tourist destination in Indian-controlled Kashmir. The two countries have exchanged fire since.

Ethereum (ETH) gained 0.6 per cent to settle at $1,815.97, Binance Coin (BNB) improved by 0.5 per cent to $609.82, and Bitcoin (BTC) rose by 0.1 per cent to end at $94,626.01, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.

However, Solana (SOL) dipped by 0.9 per cent to trade at $147.90, Cardano (ADA) slumped by 1.0 per cent to $0.7102, Dogecoin (DOGE) depreciated by 0.9 per cent to $0.1792, Litecoin (LTC) shrank by 0.5 per cent to $86.55, and Ripple (XRP) went down by 0.3 per cent to $2.28.

By Dipo Olowookere

The portfolios of investors at the Nigerian Exchange (NGX) Limited increased by 0.34 per cent on Monday on the back of buying interest in consumer goods stocks and others.

Business Post observed bargain-hunting activities across the key sectors of the bourse, though the industrial goods index came under profit-taking, causing it to close lower by 0.57 per cent.

However, this did not affect the general outcome of Customs like it did last Friday.

The consumer goods industry went up by 1.31 per cent, the commodity space rose by 0.84 per cent, the energy counter appreciated by 0.69 per cent, the insurance sector grew by 0.52 per cent, and the banking index improved by 0.04 per cent.

As a result, the All-Share Index (ASI) was up by 363.13 points to 106,116.18 points from 105,753.05 points and the market capitalisation increased by N229 billion to N66.694 trillion from N66.465 trillion.

Investor sentiment was bullish yesterday as the bourse ended with 47 price gainers and 16 price losers, indicating a positive market breadth index.

International Breweries soared by 10.00 per cent to close at N8.47, Legend Internet appreciated by 9.97 per cent to N7.50, Cadbury Nigeria advanced by 9.96 pr cent to N29.25, Fidson grew by 9.95 per cent to N20.45, and Eterna chalked up 9.90 per cent to sell for N43.85.

Conversely, Livestock Feeds lost 10.00 per cent to settle at N8.55, Aradel declined y 9.86 per cent to N448.00, Tripple Gee fell by 9.60 per cent to N1.79, John Holt depreciated by 7.94 per cent to N5.80, and Linkage Assurance slumped by 6.15 per cent to N1.22.

During the session, the market participants traded 500.6 million stocks valued at N12.1 billion in 17,637 deals versus the 428.1 million stocks worth N20.2 billion in 14,284 deals, representing a shortfall in the trading value by 40.10 per cent, and a surge in the trading volume and number of deals by 16.94 per cent and 23.47 per cent, respectively.

Access Holdings was the most active equity for the day with a turnover of 60.9 million units valued at N1.2 billion, Fidelity Bank traded 56.1 million units worth N1.1 billion, UBA exchanged 34.5 million units for N1.2 billion, GTCO transacted 33.5 million units valued at N2.2 billion, and Nigerian Breweries sold 28.3 million units worth N1.2 billion.

By Adedapo Adesanya

The price of the Brent crude oil grade declined by $1.01, or 1.5 per cent on Monday to $65.86 per barrel as economic worries from the US-China trade war pressured demand.

Also, the US West Texas Intermediate (WTI) crude was sold at $62.05 a barrel after it went down by 97 cents or 1.5 per cent amid conflicting signals from US President Donald Trump and the Chinese government over what progress was being made to de-escalate a trade war that could weaken global growth.

According to market analysts, the US-China trade war is dominating investor sentiment in moving oil prices, and has overshadowed other developments, including nuclear talks between the US and Iran and possible friction within the Organisation of the Petroleum Exporting Countries and its allies (OPEC+).

On Monday, China lashed out at the US’ negotiating tactics, with Zhao Chenxin, deputy director of the National Development and Reform Commission, saying: “They make up bargaining chips out of thin air, bully and go back on their words.”

The Chinese official was responding to President Trump’s statement earlier in the day that the US would not lower tariffs on China unless it offered up “something substantial”.

This came as US Treasury Secretary Scott Bessent on Sunday did not back President Trump’s assertion that negotiations with China were underway.

Amid this, crude oil inventories in China rose to the highest in almost three years in March, suggesting demand growth was lagging behind refinery processing rates, which hit a one-year high last month as Chinese oil processors took advantage of cheap Iranian and Russian crude.

It was reported that 1.74 million barrels daily went into storage last month in China, citing official data from China, making this the highest rate of storage inflows since June 2023.

Some OPEC+ members are expected to suggest that the group accelerate oil output hikes for a second consecutive month when they meet on May 5.

Earlier this month, there was an unexpected decision by OPEC+ to increase output by 411,000 barrels per day of oil in May, which was three times more than the group originally planned.