By Dipo Olowookere

The Nigerian Exchange (NGX) Limited suffered a 0.68 per cent loss on Wednesday as profit-taking in the banking space continued.

Data showed that the banking index went down by 4.67 per cent and the energy sector depreciated by 0.05 per cent.

The duo overpowered the gains recorded by the other sectors.

The insurance counter improved by 0.80 per cent, and the consumer goods sector appreciated by 0.34 per cent, while the industrial goods and commodity indices remained flat.

At the close of business, the All-Share Index (ASI) went down by 708.14 points to 103,851.88 points from 104,560.02 points and the market capitalisation declined by N444 billion to N65.260 trillion from N65.704 trillion.

There were 25 price gainers and 20 price losers yesterday, representing a positive market breadth index and strong investor sentiment.

Industrial and Medical Gases lost 10.00 per cent to sell for N34.20, Guinea Insurance dropped 9.52 per cent to trade at 57 Kobo, UPDC REIT shed 8.20 per cent to close at N5.60, DAAR Communications depleted by 7.94 per cent to 58 Kobo, and C&I Leasing slumped by 7.89 per cent to N3.50.

On the flip side, Abbey Mortgage Bank gained 9.99 per cent to quote at N8.15, Sovereign Trust Insurance improved by 7.69 per cent to 98 Kobo, NGX Group rose by 7.30 per cent to N33.80, Fidelity Bank grew by 6.74 per cent to N18.20, and Deap Capital increased by 6.67 per cent to 96 Kobo.

During the session, 351.7 million stocks valued at N13.7 billion exchanged hands in 12,141 deals compared with the 368.8 million stocks worth N10.9 billion traded in 13,228 deals the preceding session, indicating a decline in the trading volume and number of deals by 4.64 per cent and 8.22 per cent, respectively, and a rise in the trading value by 25.69 per cent.

Business Post reports that Access Holdings was the busiest equity at midweek with the sale of 68.2 million units valued at N1.5 billion, followed by GTCO with 36.8 million units for N2.2 billion.

Further, FCMB transacted 28.8 million units worth N261.9 million, UBA exchanged 26.4 million units valued at N830.9 million, and Chams traded 24.6 million units worth N53.3 million.

By Adedapo Adesanya

The oil market was up by nearly 2 per cent on Wednesday due to concerns about global supplies after the United States issued new sanctions targeting Chinese importers of Iranian oil.

Brent crude futures grew by $1.18 or 1.8 per cent to $65.85 a barrel and the US West Texas Intermediate (WTI) crude futures expanded by $1.14 or 1.9 per cent to $62.47 per barrel.

The US on Wednesday issued new sanctions targeting Iran’s oil exports, including against a China-based small independent refineries known as teapots as President Donald Trump seeks to ramp up pressure on Iran and drive Iranian oil exports down to zero.

It imposed sanctions on a China-based independent teapot refinery it accused of playing a role in purchasing more than $1 billion worth of Iranian crude oil.

It was the second small independent Chinese refinery hit with sanctions by the Trump administration so far.

The US has not in the past focused on Chinese teapot refiners in part because they have little exposure to the US financial system.

The country also issued additional sanctions on several companies and vessels it said were responsible for facilitating Iranian oil shipments to China as part of Iran’s shadow fleet, adding that it is committed to disrupting all actors providing support to Iran’s oil supply chain, which it claims the regime uses to support its terrorist proxies and partners.

Normally, China does not recognize US sanctions and is the largest importer of Iranian oil. China and Iran have built a trading system that uses mostly Chinese Yuan and a network of middlemen, avoiding the dollar and exposure to US regulators.

However, Chinese state-run oil firms have stopped buying Iranian crude, on concerns of running afoul of sanctions.

The Organisation of the Petroleum Exporting Countries (OPEC) has received updated plans for Iraq, Kazakhstan and other countries to make further oil output cuts to compensate for pumping above agreed quotas.

The latest plan requires seven nations – Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan and Oman – to cut output by a further 369,000 barrels per day in monthly steps between now and June 2026, compared with an earlier plan running from March until next June, according to Reuters calculations.

Under the latest plan, monthly cuts will range from 196,000 barrels per day to 520,000 barrels per day from this month until June 2026, up from between 189,000 barrels per day and 435,000 barrels per day previously.

If successfully executed, the compensation plan would to a large extent offset a planned 411,000 barrels per day output increase being made by other members of OPEC+ in May.

US crude stockpiles rose while gasoline and distillate inventories fell last week, the Energy Information Administration (EIA) said, showing that crude inventories rose by 515,000 barrels to 442.9 million barrels in the week ended April 11.

By Adedapo Adesanya

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has confirmed that the daily importation of Premium Motor Spirit (PMS), known as petrol, dropped by 67.04 per cent from 44.6 million litres in August 2024 to 14.7 million litres as of April 13, 2025.

This disclosure was part of revelations made by the chief executive of NMDPRA, Mr Farouk Ahmed, during the Meet-the-Press briefing series organised by the Presidential Communications Team (PTC) at the State House in Abuja on Tuesday.

He explained that the 30-million-litre drop in imports was due to increased contributions from local refineries, revealing that domestic production of petrol surged by 670 per cent during the same period.

He credited the rise to the gradual restart of the Port Harcourt Refining Company in November 2024, along with added output from modular refineries across the country.

“After contributing virtually nothing in August 2024, local plants delivered 26.2 million litres per day in early April, a jump from the 3.4 million litres recorded in September 2024, which was the first month with measurable output,” he said.

He, however, said that in spite the growth in domestic supply, total national supply exceeded the government’s 50 million litres per day consumption benchmark.

“Only twice within the eight-month period—56 million litres in November 2024 and 52.3 million litres in February, 2025.

He added that the month of March 2025 saw a slight dip to 51.5 million litres per day, while the first half of April recorded an even lower average of 40.9 million litres per day.

Mr Ahmed emphasised that the NMDPRA issues import licenses strictly in line with national supply requirements, underscoring the authority’s commitment to balancing imports with growing local production capacity.

He called for a collective national effort in protecting and maintaining Nigeria’s oil and gas infrastructure.

According to him, all stakeholders – including security agencies, political leaders, traditional rulers, youths, and oil companies must work together to secure national energy assets.

“It takes all of us—government, traditional institutions, companies, and the youth—to collaborate and resist criminal activities that threaten our infrastructure,” he said.

The CEO also stressed that local government authorities and international oil companies (IOCs) such as the Nigerian National Petroleum Company (NNPC) Limited, as well as indigenous companies, must take responsibility in ensuring that oil assets are protected and maintained.

“Until we all commit to safeguarding these national assets, we should stop pointing fingers,” he added.

Mr Ahmed reaffirmed NMDPRA’s commitment to transparency and accountability in the midstream and downstream sectors.