By Adedapo Adesanya

The market capitalisation of NASD Over-the-Counter (OTC) Securities Exchange crossed the N2 trillion milestone again on Thursday, July 10 after the bourse expanded by 0.62 per cent.

During the trading session, the value of all stocks on the NASD exchange went up by N12.4 billion to finish at N2.005 trillion compared with the preceding day’s N1.992 trillion and the NASD Unlisted Security Index (NSI) increased by 21.18 points to settle at 3,424.19 points, in contrast to the previous session’s 3,403.01 points.

The alternative stock exchange recorded four price gainers at the session and two price losers.

FrieslandCampina Wamco Nigeria Plc gained N3.64 to close at N63.89 per unit versus N60.25 per unit, Central Securities Clearing System (CSCS) Plc added N1.17 to end at N32.44 per share versus N31.50 per share, Geo-Fluids Plc grew by 40 Kobo to N4.79 per unit from N4.39 per unit, and Industrial and General Insurance (IGI) Plc chalked up 1 Kobo to quote at 35 Kobo per share compared with the 34 Kobo per share it ended a day earlier.

On the flip side, Afriland Properties Plc lost N1.67 to trade at N19.17 per unit compared with the N17.50 per unit it was sold at midweek, and UBN Property Plc depreciated by 1 Kobo to sell for N1.91 per share compared with the previous day’s N1.92 per share.

Yesterday, the volume of trades declined by 20.1 per cent to 3.08 million units from the 3.9 million units recorded a day earlier, but the value of transactions appreciated by 53.7 per cent to N25.1 million from N16.1 million, and the number of deals increased by 29.2 per cent to 31 deals from 24 deals.

Okitipupa Plc finished the session as the most traded stock by value (year-to-date) with 153.8 million units valued at N4.9 billion, trailed by Air Liquide Plc with 507.2 million units sold for N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 42.0 million units worth N1.8 billion.

Impresit Bakolori Plc closed the day as the most active stock by volume (year-to-date) with 536.9 million units sold for N524.8 million, followed by Air Liquide Plc with 507.2 million worth N4.2 billion, and Geo-Fluids Plc with 270.7 million units sold for N486.0 million.

By Adedapo Adesanya

Pressure was on the Nigerian Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday as it gave up 84 Kobo or 0.06 per cent to the US Dollar to close at N1,526.60/$1 compared with the previous day’s value of  N1,525.76/$1.

Similarly, it weakened against the Pound Sterling in the official market during the session by N3.14 to trade at N2,070.29/£1 versus Wednesday’s closing price of N2,067.15/£1 and against the Euro, it lost N1.55 to settle at N1,783.26/€1 compared with the N1,781.71/€1 it was traded at midweek.

However, in the parallel market window, the Naira maintained stability against the greenback at the trading session, closing at N1,530/$1, the same rate it was exchanged a day earlier.

Despite its poor performance in the spot market, the Nigerian currency has endured intense pressure and it is projected to maintain relative stability within the range of N1,550 to N1,635 per Dollar for the rest of 2025, supported by improved investor confidence and planned external borrowings.

According to CardinalStone Research, Nigeria’s foreign exchange reserves will close the year at around $41 billion based on external loans worth $3.2 billion, which the Federal Government aims to secure in the second half of 2025 to meet fiscal obligations.

Additional capital inflows from portfolio investors are expected to continue coming, having recently supported the balance and pushed reserves above the $37.27 billion recorded at the end of June.

However, reserves have faced pressure due to sizeable debt repayments and ongoing interventions by the Central Bank of Nigeria (CBN) to keep the Naira stable in the face of external shocks.

Meanwhile, the crypto market buzzed on Thursday, with Bitcoin (BTC) reaching new all-time highs after it gained 6.1 per cent to close at $118,196.20, triggering a splendid rally and causing Ethereum price to surpass the $3,000 psychological level.

This come as traders await over $5 billion in crypto options to expire on Friday for cues on market direction in the coming days.

Cardano (ADA) jumped by 12.9 per cent to $0.7010, Dogecoin (DOGE) jumped by 10.2 per cent to $0.1995, Ethereum (ETH) appreciated by 8.1 per cent to $3,017.95, Ripple (XRP) grew by 7.3 per cent to $2.59, Litecoin (LTC) rose by 6.1 per cent to $96.13, Solana (SOL) added 5.3 per cent to close at $165.60, and Binance Coin (BNB) soared by 3.0 per cent to $692.95, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.

By Adedapo Adesanya

Crude oil declined by more than 2 per cent on Thursday, as investors weighed the potential impact of US President Donald Trump’s tariffs on global economic growth.

Brent crude was down by 2.21 per cent or $1.55 to $68.64 per barrel and the US West Texas Intermediate (WTI) crude finished at $66.57 a barrel after losing 2.65 per cent or $1.81.

President Trump has returned to dangling tariffs, threatening Brazil, Latin America’s largest economy, with a punitive 50 per cent tariff on exports to the US.

He is pressuring his Brazilian counterpart Luiz Inacio Lula da Silva over Brazil’s trial of former President Jair Bolsonaro over charges of plotting a coup to stop him from taking office in 2023. The Brazilian government has since hinted at reciprocal measures.

Oil is Brazil’s top export to the US, and until now it had been exempt from a 10% tariff already imposed on other Brazilian goods.

He has also announced plans for tariffs on copper, semiconductors and pharmaceuticals. His administration sent tariff letters to the Philippines, Iraq and others, adding to over a dozen letters this week including to top suppliers like South Korea and Japan.

However, market analysts noted that recent pauses and walking back on threats has caused the market to become less reactive to such announcements.

Regardless, worries about inflation and the next step for interest rates continued to grip the market. Higher interest rates make borrowing more expensive and can slow demand for oil.

The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) are set to approve another big output boost for September, as they complete unwinding voluntary production cuts by eight members. Also, the United Arab Emirates’ will move to a larger quota.

It has since hiked output for May till August, but there are indicators it will pause for October after September due to peak demand. The market expects a bigger number around the 548,000 barrels per day for August.

The US remained worried and frustrated around a lack of progress in ending the war in Ukraine. President Trump said recently he was considering a bill that would impose tougher sanctions on Russia.

Also, the European Commission has proposed a major overhaul to its Russian oil price cap regime, introducing a floating benchmark tied to global crude prices in an effort to regain control over a sanctions tool that has lost impact as oil markets decline.