By Dipo Olowookere

Christmas came early for the Nigerian Exchange (NGX) Limited as it extended its positive run on Tuesday with a 0.82 per cent growth.

The last trading session before Christmas was bullish as investors embraced Santa Claus rally, mopping up shares with sound fundamentals across the key sectors of the bourse.

During the session, the insurance index appreciated by 1.49 per cent, the banking space expanded by 0.98 per cent, the consumer goods counter improved by 0.49 per cent, the industrial goods counter gained 0.15 per cent and the energy sector jumped by 0.14 per cent.

Consequently, the All-Share Index (ASI) went up by 829.88 points to 102,186.03 points from 101,356.15 points and the market capitalisation grew by N503 billion to N61.944 trillion from N61.441 trillion.

MRS Oil gained 10.00 per cent to trade at N217.80, Ikeja Hotel improved by 9.95 per cent to N11.05, Multiverse advanced by 9.90 per cent to N5.55, SAHCO rose by 9.84 per cent to N30.70, and John Holt increased by 9.69 per cent to N6.45.

Conversely, Thomas Wyatt shed 10.00 per cent to quote at N1.71, Caverton shrank by 7.35 per cent to N2.27, Coronation Insurance declined by 5.03 per cent to N1.70, Haldane McCall slipped by 5.00 per cent to N4.75, and Livestock Feeds moderated by 5.00 per cent to N3.80.

When the market ended for the session to resume on Friday, 37 stocks were on the gainers’ chart and 21 stocks were on the losers’ table, representing a positive market breadth index and strong investor sentiment.

A total of 431.8 million shares worth N18.3 billion in 8,369 deals during the session compared with the 503.2 million shares valued at N16.3 billion in 12,490 deals, indicating a rise in the trading value by 12.27 per cent and a decline in the trading volume and number of deals by 14.19 per cent and 32.99 per cent, respectively.

The busiest equity for the session was UBA with 51.2 million units valued at N1.9 billion, Universal Insurance exchanged 49.6 million units for N25.1 million, C&I Leasing transacted 37.2 million units worth N134.0 million, Dangote Cement traded 34.3 million units worth N11.1 billion, and GTCO sold 17.4 million units valued at N1.0 billion.

By Adedapo Adesanya

The value of the Naira witnessed a depreciation of 0.07 per cent or N1.10 against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, December 24.

Data showed that the exchange rate of the local currency to its American counterpart closed on Christmas Eve at N1,540.65/$1, in contrast to the N1,539.55/$1 it was traded on Monday.

Similarly, the domestic currency weakened against the Pound Sterling in the official market yesterday by N7.44 to sell for N1,954.07/£1 compared with the previous day’s value of N1,946.63/£1 and against the Euro, it lost N3.16 to settle at N1,614.89/€1 versus the preceding day’s N1,611.73/€1.

Market analysts noted that the access of Bureaux de Change (BDCs) to the Central Bank of Nigeria’s-backed Electronic Foreign Exchange Matching System (EFEMS) platform has continued to keep a lid on the rates.

Also, increased December activity through the influx of tourists has helped strengthen the demand for the local currency.

In the black market on Tuesday, the Nigerian Naira appreciated against the greenback by N5 to sell at N1,650/$1 compared with the N1,655/$1 it was transacted a day earlier.

Meanwhile, the cryptocurrency market experienced a Santa rally during the trading session, with Bitcoin (BTC) rising by 4.1 per cent to quote at $98,152.89, and Dogecoin (DOGE) growing by 3.4 per cent to sell at $0.3327.

Further, Solana (SOL) jumped by 3.1 per cent to trade at $198.50, Ethereum (ETH) improved its value by 2.8 per cent to close at $3,498.25, Binance Coin (BNB) went up by 2.2 per cent to settle at $703.87, Cardano (ADA) rose by 2.1 per cent to finish at $0.9208, Ripple (XRP) expanded by 1.8 per cent to end the day at $2.29, and Litecoin (LTC) recorded a 1.7 per cent rise to trade at $108.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.

By Adedapo Adesanya

The crude oil market appreciated by more than 1 per cent on Tuesday on the prospect of slightly tightening supplies as trade thinned ahead of the holidays.

Brent crude futures traded at $73.58 per barrel after it gained 95 cents or 1.3 per cent while the US West Texas Intermediate (WTI) crude futures settled at $70.10 per barrel after it chalked up 86 cents or 1.2 per cent.

Market activities were muted due to the holiday season, and market participants stayed on the sidelines until they had a clearer view of 2024 and 2025 global oil balances.

Analysts also expect the benchmark prices to fluctuate around current levels in the near term with greater oil demand over the next few months.

The Energy Information Administration’s (EIA) short-term energy outlook (STEO) recently shifted their 2025 liquids to a draw, despite moves by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+ to add barrels next year after delays this year.

Also supportive of prices was a plan by China, the world’s biggest oil importer, to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, as it ramps up fiscal stimulus to revive a faltering economy.

The proceeds will be targeted at boosting consumption via subsidy programmes, equipment upgrades by businesses and funding investments in innovation-driven advanced sectors, among other initiatives/

Data from the American Petroleum Institute (API) showed that crude oil and distillate stocks in the US fell last week by 3.2 million barrels and 2.5 million barrels, respectively].

Meanwhile, gasoline (petrol) stocks were seen rising last week just as gasoline inventories were seen rising by 3.9 million barrels.

The figures come ahead of data from the EIA, the statistical arm of the US Department of Energy, due later on Friday.

Markets will also be watching the US economy, the world’s largest oil consumer, which released a mixed bag of data.

Recently, consumer confidence weakened in December, new orders for key US-manufactured capital goods surged in November amid strong demand for machinery and new home sales rebounded.

This suggested that the US economy was on a solid footing as the year closed.

Markets will be closed on Wednesday, December 25 and there will be no global oil market report for the day.