Economy
Hyde Energy Assures Customers Quality Service Amid Portfolio Expansion
By Adedapo Adesanya
Indigenous energy trading company, Hyde Energy Limited, has restated its commitment to quality service within its growing portfolio across Sub-Saharan Africa, including Nigeria.
This was part of reflections made on its achievements after a decade of excellent service delivery to its customers.
The global energy trading company with a downstream network has continued to develop along the value chain with strategic upstream, midstream, and downstream assets central to its objective of building a long-term future in the global energy and commodities marketplace.
The chief executive of Hyde Energy, Mr Oladimeji Edwards, said, “We are pleased and proud of our growth and achievement at Hyde Energy. Last year, we marked a decade of operating a business in Nigeria. Despite all the challenges, this is a great feat for us, and we are true to our commitment to excellence in decades to come.”
“Over the years, we have developed a strong footprint in Nigeria’s midstream and downstream oil industry. We have grown our client base and transaction volumes, explored opportunities in the oil and gas value chain, developed additional distribution channels for moving our products to the end user, diversified product offerings, expanded our market share in the supply and distribution of petroleum products, strengthened our footprint in the international commodities market, and created partnerships to strengthen indigenous participation in the Nigerian oil and gas sector,” he added.
Furthermore, Mr Edwards, while commenting on how Hyde Energy has expanded to delivering value to customers outside Nigeria, disclosed that, “We see our business’s future growth in our Lubricants business and Liquefied Petroleum Gas (LPG).
“We have expanded our Lubricants and other quality products that meet the needs of consumers across Sub-Saharan Africa. Our retail stations, though still expanding, have grown in Lagos, Calabar, and Abuja.
“There has also been an expansion of our LPG from our first outlets in Lagos and a subsequent one in Abuja; we are now commissioning in Makurdi and eight other outlets across the country in the North and Southwest.
“Currently, our primary focus is to ensure that we get the gas resources to run through our distribution network and keep that network running to meet the growing demands in every neighbourhood.
“There is a lot of work to be done, and we are working with industry experts to ensure that our products and services meet the highest standards of quality and excellence. A rebranding of our Lubricants is currently in process, and we will announce this in due course.”
Hyde Energy, established in 2012, has expanded its business portfolio into crude oil, refined oil products, LPG, and dry bulk commodities. It has also grown its reach in Lagos, Abuja, Makurdi, Port Harcourt, Mauritius, London, and Malta.
The company has also recently acquired a lubricant blending plant, LPG Bridgers, and Bobtails, in addition to its 38-million-litre tank farm in Nigeria and other bulk storage facilities.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.24 per cent on Wednesday, December 17, pulling the Unlisted Security Index (NSI) up by 8.62 points to 3,614.64 points from 3,606.02 points.
In the same vein, the market capitalisation added N4.72 billion to close at N2.164 billion compared with the N2.160 trillion it ended on Tuesday.
The growth was inspired by four securities, which finished on the gainers’ log, neutralising the losses printed by two other securities on the trading platform.
MRS Oil Plc gained N17.90 on Wednesday to end at N196.90 per unit versus N179.00 per unit, NASD Plc appreciated by 59 Kobo to N58.50 per share from N57.91 per share, FrieslandCampina Wamco Nigeria Plc added 15 Kobo to sell at N60.19 per unit versus N60.04 per unit, and Industrial and General Insurance (IGI) Plc rose by 6 Kobo to 64 Kobo per share from 58 Kobo per share.
On the flip side, Golden Capital Plc extended its loss by 76 Kobo to end at N7.75 per unit versus N8.51 per unit, and Central Securities Clearing System (CSCS) Plc slipped by 35 Kobo to N39.65 per share from N40.00 per share.
Yesterday, the volume of transactions increased by 737.3 per cent to 20.4 million units from 2.4 million units, but the value of trades fell by 33.8 per cent to N72.2 million from N109.1 million, and the number of deals slid by 62.5 per cent to 21 deals from 56 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, the second position was occupied by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and the third place was taken by MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, followed by IGI Plc with 1.2 billion units valued at N420.7 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
By Dipo Olowookere
A 0.26 per cent growth was achieved by the Nigerian Exchange (NGX) Limited on Wednesday on the back of sustained bargain-hunting by investors.
This happened despite a pocket of profit-taking, with industrial goods losing 0.63 per cent and the energy index shedding 0.05 per cent.
But the insurance space increased by 2.02 per cent, the banking counter appreciated by 1.48 per cent, the commodity sector improved by 0.48 per cent, and the consumer goods segment rose by 0.03 per cent.
Consequently, the All-Share Index (ASI) went up by 383.71 points to 149,842.82 points from 149,459.11 points and the market capitalisation jumped by N244 billion to N95.525 trillion from N95.281 trillion.
The market breadth index remained positive after the bourse finished with 38 price gainers and 23 price losers, indicating a strong investor sentiment.
The quartet of First Holdco, Lasaco Assurance, Veritas Kapital, and Prestige Assurance gained 10.00 per cent to quote at N39.60, N2.75, N1.76, and N1.65, respectively, while Mecure Industries grew by 9.92 per cent to N50.40.
Conversely, Living Trust Mortgage Bank lost 10.00 per cent to close at N3.15, International Energy Insurance dropped 9.92 per cent to trade at N2.27, McNichols shrank by 6.90 per cent to N2.97, Omatek decreased by 6.84 per cent to N1.09, and Chams dipped by 6.41 per cent to N2.92.
The activity level witnessed a significant surge at midweek, with Ecobank trading 5.3 billion units for N168.7 billion.
Further, First Holdco sold 108.2 million units worth N4.2 billion, Sterling Holdings exchanged 87.3 million units valued at N606.2 million, FCMB transacted 74.3 million units worth N783.6 million, and Access Holdings sold 41.5 million units for N841.4 million.
At the close of trades, market participants traded 5.9 billion units valued at N216.2 billion in 25,205 deals compared with the 1.0 billion units worth N21.8 billion traded in 23,701 deals a day earlier, showing a rise in the trading volume, value, and number of deals by 490.00 per cent, 891.74 per cent, and 6.35 per cent, respectively.
By Adedapo Adesanya
The Naira depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 17, by N3.67 or 0.25 per cent, closing at N1,455.49/$1, in contrast to Tuesday’s closing price of N1,451.82/$1.
Also, the local currency weakened against the Euro in the official market at midweek by 98 Kobo to close at N1,706.72/€1 versus the previous session’s price of N1,705.74/€1, but improved against the Pound Sterling by 75 Kobo to trade at N1,943.28/£1 compared with the N1,943.98/£1 it traded a day earlier.
At the GTBank forex counter, the Nigerian currency lost N3 against the greenback to finish at N1,463/$1 versus N1,460/$1 and in the parallel market, it remained unchanged at N1,475/$1.
Thin US dollar inflows from exporters, non-bank corporate, foreign portfolio investors and absence of immediate intervention of the Central Bank of Nigeria (CBN) to strengthen supply triggered fresh pressure.
This is coming off the back of decline in inflows through the Nigerian Foreign Exchange Market which decreased to $716.3 million last week from $844.70 million in the previous week , a 15 per cent drop in a week.
The intervention comes as the CBN expect inflows from Detty December to alleviate need for FX demand, but exorbitant local prices may be keeping spending at bay.
Regardless of the seasonal demand, positive FX support for the local currency through 2025 signals a deliberate action to ensure the local currency maintains the trading range amidst growing external reserves. Latest data showed that gross external reserves position advanced to $45.47 billion, reflecting a 11.2 per cent Year-to-Date (YTD) gain.
In the cryptocurrency market, there was selling pressure as traders liquidated positions amid a short-rally, leading Litecoin (LTC) to slip by 5.2 per cent to close at $75.12m, as Cardano (ADA) depreciated by 5.0 per cent to $0.3619, and Dogecoin (DOGE) lost 4.8 per cent to finish at $0.1247.
In addition, Ripple (XRP) depreciated by 4.7 per cent to $1.83, Solana (SOL) crashed by 4.1 per cent to $122.62, Ethereum (ETH) went down by 3.9 per cent to $2,826.62, Binance Coin (BNB) fell by 3.4 per cent to $833.07, and Bitcoin (BTC) tumbled by 0.5 per cent to sell at $86,436.66, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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