By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south territory with a decline of 0.56 per cent on Wednesday, April 2.

This brought down the market capitalisation by N13 billion to N2.417 trillion from N2.430 trillion, and downed the NASD Unlisted Security Index (NSI) by 22.57 points to 4,062.87 points from the previous session’s 4,062.87 points.

It was observed that the NASD exchange ended with three price gainers and three price losers during the trading day.

MRS Oil Plc depreciated by N19.00 to close at N171.00 per unit compared with the previous price of N190.00 per unit, NASD Plc lost N4.14 to trade at N37.36 per share compared with Wednesday’s N41.50 per share, and Central Securities Clearing System (CSCS) Plc gave up N2.00 to sell at N78.00 per unit versus N80.00 per unit.

On the flip side, FrieslandCampina Wamco Nigeria Plc appreciated by 19 Kobo to N93.00 per share from N92.81 per share, Food Concepts Plc expanded by 15 Kobo to N2.87 per unit from N2.72 per unit, and Great Nigeria Insurance (GNI) Plc improved by 2 Kobo to 52 Kobo per share from 50 Kobo per share.

Yesterday, the volume of securities dipped by 91.8 per cent to 260.2 million units from 3.2 billion units, the value of securities went down by 98.1 per cent to N154.2 million from N8.3 billion, while the number of deals soared by 53.3 per cent to 46 deals from 30 deals.

GNI Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 56.9 million units valued at N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.

The most traded stock by volume on a year-to-date basis was also GNI Plc with 3.4 billion units sold for N8.2 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.

By Dipo Olowookere

The local stock market was relatively flat on Friday, as the bears and the bulls shared the spoils of war, though investor sentiment turned bullish compared with the preceding session’s bearish posture.

Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) was marginally down by 4.66 points as it ended at 201,698.89 points versus Wednesday’s 201,703.55 points, and the market capitalisation slightly contracted by N3 billion to N129.806 trillion from N129.809 trillion.

Customs Street was shut on Friday because of the public holidays declared by the federal government today and next Monday.

Business Post reports that John Holt declined by 9.91 per cent to N15.45, Abbey Mortgage Bank shed 9.60 per cent to trade at N8.95, International Energy Insurance slipped by 6.48 per cent to N3.32, Chams shrank by 5.30 per cent to N3.75, and Tantalizers depreciated by 5.18 per cent to N4.03.

On the flip side, Unilever Nigeria improved by 10.00 per cent to N103.40, Fortis Global Insurance gained 9.82 per cent to trade at N1.23, Multiverse appreciated 9.81 per cent to N20.15, Legend Internet advanced by 9.38 per cent to N6.30, and Zichis grew by 9.02 per cent to N14.14.

The market breadth index was positive during the trading session, as there were 35 appreciating stocks and 24 depreciating stocks.

Yesterday, investors traded 560.0 million equities valued at N19.3 billion in 49,676 deals, in contrast to the 815.5 million equities worth N33.3 billion transacted in 52,641 deals in the preceding day, representing a drop in the trading volume, value, and number of deals by 31.33 per cent, 42.04 per cent, and 5.63 per cent, respectively.

Secure Electronic Technology dominated the activity log with 59.7 million shares valued at N61.1 million, Wema Bank exchanged 52.0 million equities worth N1.4 billion, VFD Group transacted 36.0 million stocks for N410.5 million, Access Holdings sold 35.3 million shares valued at N914.8 million, and Chams traded 31.0 million equities worth N115.0 million.

By Adedapo Adesanya

Brent crude soared nearly 8 per cent, precisely by 7.78 per cent or $7.87, on Thursday, but closed lower than the US West Texas Intermediate (WTI) at $109.03 per barrel, as ​traders worried about prolonged disruptions to oil supply.

The US crude grade gained $11.42 or 11.41 per cent to trade at $111.54 per barrel.

WTI rarely trades at a premium to Brent because Brent crude reflects seaborne crude and typically leads during global supply shocks, while WTI crude is usually discounted. The current inversion points to a breakdown in normal pricing signals tied to physical flows.

The rise continued after President Donald Trump said the US would “hit” Iran “extremely hard” within weeks while offering no clear plan to reopen the Strait of Hormuz. Tanker traffic through the vital trade artery has collapsed, with shipments effectively stalled and cargoes unable to clear the region.

The American President blamed the high prices on Iran “launching deranged terror attacks against commercial oil tankers and neighbouring countries that have nothing to do with the conflict.”

The strait normally handles roughly 20 per cent of global oil flows, and as the war prolonged, that volume is now constrained.

Bloomberg reported that Iran is drafting a protocol with Oman to monitor traffic in the strait just as European officials are mulling the formation of a coalition to restore oil flows through the chokepoint.

It was reported that 36 countries, minus the US, will be spearheaded by the United Kingdom to discuss ways and measures to reopen the waterway.

Asian energy buyers, including India, Pakistan, and China, are negotiating directly with Iran to ensure safe passage of their tankers through the Strait of Hormuz, but such an approach is not sustainable for a long period of time. So countries in Asia and Europe are forming alliances to seek pathways to reopening the Strait.

The United Arab Emirates (UAE), one of the Gulf producers directly affected by the closure, has called on the United Nations to authorise a range of measures, including force, to force the reopening.

The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) is preparing to weigh another output increase this Sunday. Eight core members of the group are expected to discuss raising production again after agreeing to a 206,000 barrels per day increase for April. The group is likely to move forward with another hike on paper, positioning itself to add barrels quickly if the Strait of Hormuz reopens.

Meanwhile, the Federal Reserve Bank of Dallas President Lorie Logan said on Thursday that a swift ‌war resolution ⁠may mean economic impact could be pretty moderate, adding that the economic outlook was uncertain due to the crisis.