By Dipo Olowookere

Zichis Agro-Allied Industries Plc continued its upward movement on the Nigerian Exchange (NGX) Limited last week, emerging as the best-performing stock after chalking up 39.62 per cent to trade at N21.78 per share.

The company’s stock has shown no signs of slowing down despite a downward price adjustment it suffered a week ago after an investigation into its price movement.

Zichis joined the local bourse in January 2026 at a unit price of N1.81, but within a month, its share price rose to N17.36 per unit, indicating an 859.12 per cent surge.

After a look into its rise in value, its price was trimmed to N8.58 per unit after the NGX Regulation lifted a suspension on trading on its shares on March 23, 2026.

Last week, which had four trading sessions, Zichis led the price gainers’ chart of 52 equities versus 46 equities of the previous week. Fifty-three shares depreciated versus 53 shares of the preceding week, and 41 stocks closed flat versus 47 stocks recorded a week earlier.

Trailing Zichis on the gainers’ table was The Initiates, which appreciated by 33.04 per cent to N30.60, UAC Nigeria expanded by 27.82 per cent to N181.50, BUA Cement solidified by 24.78 per cent to N408.00, and CAP grew by 22.53 per cent to M145.20.

On the flip side, UBA slumped by 22.27 per cent to N42.75, Royal Exchange shrank by 20.00 per cent to N1.36, Trans-Nationwide Express depleted by 18.99 per cent to N6.40, Deap Capital went down by 14.49 per cent to N4.19, and First Holdco slipped by 13.80 per cent to N64.65.

In the week, the All-Share Index (ASI) and the market capitalisation soared by 7.33 per cent each to 242,277.81 points and N155.994 trillion, respectively.

Also, all other indices finished higher except CG, banking, insurance, AFR Bank Value, MERI Value and sovereign bond indices, which lost 0.80 per cent, 5.52 per cent, 1.13 per cent, 5.80 per cent, 3.31 per cent and 0.26 per cent, respectively

Business Post reports that a total of 4.842 billion shares worth N287.756 billion exchanged hands in 332,453 deals last week compared with the 3.805 billion shares valued at N213.955 billion traded in 297,202 deals a week earlier.

The financial services industry led the activity chart with 3.755 billion units worth N124.398 billion in 146,938 deals, contributing 77.56 per cent and 43.23 per cent to the total trading volume and value, respectively.

The consumer goods sector transacted 177.009 million units worth N30.853 billion in 36,609 deals, and the third place was the services industry with a turnover of 176.809 million units worth N4.387 billion in 15,310 deals.

Access Holdings, UBA, and Wema Bank led the activity chart with 2.026 billion equities worth N60.036 billion in 39,925 deals, contributing 41.85 per cent and 20.86 per cent to the total equity turnover volume and value, respectively.

By Adedapo Adesanya

The prices of the two major crude oil grades moderated on Friday amid news of an Iranian proposal on negotiations with the United States. However, prices remained on track for weekly gains, with Iran still blocking the Strait of Hormuz and the US Navy blocking exports of Iranian crude.

Brent crude settled at $108.17 per barrel after losing $2.23 or 2.02 per cent, while the US West Texas Intermediate (WTI) crude finished at $101.94 a barrel after giving up $3.13 or 2.98 per cent. Both benchmarks gained 2.9 per cent over the week.

It was reported on Friday that Iran sent its latest proposal for negotiations with the US to Pakistani mediators on Thursday, a ⁠move that could improve prospects for breaking an impasse in efforts to end the Iran war.

Oil ​prices have been on the rise since the US and Israel attacked Iran at the end of ​February, resulting in the closure of the Strait of Hormuz and the disruption of shipments of about a fifth of ‌the world’s ⁠oil and liquefied natural gas supply.

Although a ceasefire has been in place since April 8, the oil market appeared to ​be accepting the uneasy truce in ⁠the conflict since Iran had already said and signalled that it won’t open the chokepoint to free traffic and won’t return to negotiations unless the American blockade is lifted.

There are fears of an escalation amid reports that US President Donald Trump would be briefed on further military options to force Iran’s hand to sign a deal, which could involve a ground operation.

Prices could spike to $140 per barrel, according to the Speaker of Iran’s Parliament, Mr Mohammad Bagher Ghalibaf, saying the US Administration is getting “junk advice” from people like [Treasury Secretary] Bessent, “who also push the blockade theory and cranked oil up to $120+. Next stop:140.”

The United Arab Emirates’ departure from the Organisation of the Petroleum Exporting Countries (OPEC) this week may still mean that ​the market’s most striking feature in the next few years is not too little supply, but too much. It left the cartel to boost production (target ~5 million barrels per day by 2027) and gain full control over its oil strategy and global partnerships.

By Adedapo Adesanya

The Lagos Chamber of Commerce and Industry (LCCI) has urged the federal government to prioritise reforms that address constraints in the manufacturing sector as it tackles broader macroeconomic and fiscal challenges facing the Nigerian economy.

President of LCCI, Mr Leye Kupoluyi, gave the advice on Thursday in Lagos, at the chamber’s quarterly state of the nation’s economy news conference.

He stated that the manufacturing sector remained a critical driver of revenue and industrial growth, citing a strong performance in 2025.

Mr Kupoluyi noted that the sector contributed N1.17 trillion in Value Added Tax (VAT), representing a 45.61 per cent increase from N803.53 billion recorded in 2024, adding that the Company Income Tax (CIT) from the sector rose to N881.29 billion, up by 32.83 per cent from N663.46 billion in the previous year.

“This strong year-on-year growth reinforces the sector’s expanding role in generating government revenue and in Nigeria’s industrial development.

“Following these results, we call on the government to invest more in productive infrastructure and economic policies that drive growth through job creation, lower production costs, and fiscal interventions,” he said.

On the global terrain, the LCCI president noted that the global economy remained unsettled, shaped by geopolitical tensions, supply chain disruptions and monetary tightening in advanced economies.

He said these trends had sustained inflationary pressures globally, while exposing emerging markets, including Nigeria, to capital outflows and currency volatility.

Mr Kupoluyi noted that Nigeria had benefited from high crude oil prices, warned against mismanaging the resulting windfall, urging the government to channel oil revenues into the Sovereign Wealth Fund, critical infrastructure and diversification initiatives to reduce import dependence and support long-term growth.

On monetary policy, the chamber’s president commended the Central Bank of Nigeria’s Monetary Policy Committee for reducing the Monetary Policy Rate by 50 basis points to 26.5 per cent at its February meeting.

He described the move as a cautious but important shift, reflecting growing confidence amid improvements in inflation and external sector performance.

Mr Kupoluyi also highlighted improvements in the foreign exchange market, noting that the naira had shown relative stability and appreciated to about N1,350.79 to the Dollar in the official market.

He said the performance reflects improved liquidity, investor confidence and the impact of ongoing reforms, but called for stronger policy coordination, increased FX inflows and fiscal discipline to sustain stability.

On fiscal operations, the LCCI president raised concerns over weak capital budget implementation, citing the rollover of N7.71 trillion in unexecuted 2025 capital projects.

He said delays in fund releases, bureaucratic bottlenecks and inefficiencies had continued to undermine project delivery and strain contractors.

He urged the government to develop a more effective framework for capital budget releases to ensure timely funding and execution of projects.

Addressing the oil and gas sector, Mr Kupoluyi welcomed the ongoing reform efforts aimed at boosting crude oil production and improving regulatory processes.

He called for a fully digital regulatory ecosystem to enhance transparency, accelerate approvals and restore investor confidence.

The official added that high global oil prices presented an opportunity for Nigeria to strengthen its position as a major supplier, provided local production and refining capacities are improved.

The LCCI president, however, expressed concern over high import duties on paper, printing materials and related inputs, noting that the policy had increased production costs across several value chains.

“The situation is worsened by port delays, multiple regulatory checks and inconsistent tariff classifications.

The chamber also called for a review of import duties, integration of regulatory agencies into the National Single Window and measures to reduce cargo clearance timelines.

“A balanced policy mix of moderate tariffs, support for local production and stable macroeconomic conditions would enhance industrial growth and reduce business costs,” he said.

He also reiterated its commitment to continued engagement with government and stakeholders to promote policies that support a thriving business environment.