Economy
Oil Falls Below $100 as US Excludes Energy from Russian Sanctions
By Adedapo Adesanya
Oil prices retreated below $100 per barrel on Thursday after earlier hitting $105 per barrel as the United States prepared yet another round of sanctions on Russia in order to punish the country for its attack on Ukraine.
The decision of the US to exclude energy from its sanction plans caused the price of the Brent to fall by 2.19 per cent or $2.12 to $98.96 per barrel yesterday as the US West Texas Intermediate (WTI) jumped by 0.96 per cent or 88 cents to $92.98 a barrel.
American President Joe Biden recapped existing sanctions and announced new ones saying that the sanctions are purposefully designed to maximize the long-term pain inflicted on Russia.
Russian President Vladimir Putin launched an attack on Ukraine early Thursday after months of military buildup along the border.
The directive came days after the Kremlin leader formally recognized the independence of two pro-Moscow separatist regions in eastern Ukraine.
Reports showed explosions in Ukraine’s capital of Kyiv as the crisis took different turns.
Ukraine has declared martial law, with Ukraine president Volodymyr Zelenskiy calling on Ukrainians to defend the country on the cities’ streets, and offering to arm any citizens willing to join the fight.
The US has also sanctioned Russian banks that together hold around $1 trillion in assets while additional Russian elites and their family members.
Canada, Britain, the European Union, Australia and Japan were also among the countries to announce the first wave of sanctions against Russia earlier this week, targeting banks and wealthy individuals.
None of the first sanctions announced by these countries targeted any Russian bank that deals in Russian oil and gas transactions.
Also, the Energy Information Administration (EIA) reported that U.S. crude oil inventories had added 4.5 million barrels in the week to February 18.
This compared with a build of 1.1 million barrels for the previous week.
On the nuclear talk front, Iran’s chief nuclear negotiator has called on Western partners in the talks in Vienna to take certain decisions to seal a deal on reviving a landmark 2015 nuclear agreement that can see more than 1 million barrels per day of oil return to the market.
Economy
46 Stocks Gain Weight, 53 Equities Lose on NGX in One Week
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was bullish last week despite investors’ mood swing, triggered by happenings in the country and across the globe, especially the Middle East crisis.
The All-Share Index (ASI) and the market capitalisation appreciated week-on-week by 3.94 per cent to 225,722.49 points and N145.335 trillion, respectively.
Similarly, all other indices finished higher with the exception of the growth and commodity indices, which depreciated by 0.02 per cent and 0.41 per cent, respectively, while the sovereign bond index closed flat.
A look at the price changes of shares in the five-day trading week showed that
46 stocks gained weight versus 61 stocks of the previous week, 53 equities shed weight compared with 36 equities a week earlier, and 47 shares closed flat, in contrast to 49 shares of the preceding week.
UAC Nigeria led the gainers’ chart after it chalked up 42.00 per cent to trade at N142.00, Union Dicon appreciated by 32.73 per cent to N21.90, NASCON expanded by 32.63 per cent to N206.90, Trans-Nationwide Express rose by 30.58 per cent to N7.90, and Zichis improved by 25.71 per cent to N15.60.
On the flip side, Infinity Trust Mortgage Bank led the losers’ group after it gave up 50.79 per cent to close at N9.35, Abbey Mortgage Bank declined by 33.33 per cent to N5.40, Guinea Insurance slipped by 15.20 per cent to N1.06, Stanbic IBTC lost 13.82 per cent to settle at N162.50, and Living Trust Mortgage Bank slumped by 10.98 per cent to N3.65.
As for the activity log, Customs Street recorded a turnover of 3.805 billion shares worth N213.955 billion in 297,202 deals in the week compared with 3.588 billion shares valued at N195.313 billion transacted in 254,553 deals in the previous week.
Financial stocks led the activity chart with 2.739 billion units sold for N106.269 billion in 135,101 deals, contributing 71.99 per cent and 49.67 per cent to the total trading volume and value, respectively.
Services equities traded 212.324 million units worth N4.024 billion in 17,042 deals, and consumer goods shares exchanged 180.076 million units valued at N13.269 billion in 32,457 deals.
Access Holdings, UBA, and First Holdco were the busiest with 814.060 million units traded for N39.032 billion in 37,195 deals, contributing 21.40 per cent and 18.24 per cent to the total equity turnover volume and value, respectively.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
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