By Adedapo Adesanya

The oil market was up on Wednesday after US government data showed a mixed outcome in inventories data as Brent appreciated by 22 cents or 0.31 per cent to $70.78 a barrel and the US West Texas Intermediate (WTI) crude gained 26 cents or 0.39 per cent to trade at $67.16 per barrel.

Data from the US Energy Information Administration (EIA) yesterday revealed that US crude stocks rose by 1.7 million barrels last week to 437 million barrels.

On Tuesday, the American Petroleum Institute (API) reported a build of 4.593 million barrels in US crude oil inventories amid a strong gasoline draw.

For total motor gasoline, the EIA estimated that inventories decreased by 500,000 barrels for the week to March 14, with production averaging 9.6 million barrels daily, in contrast to a large inventory decrease of 5.7 million barrels for the previous week and an average daily production of 9.6 million barrels daily.

For middle distillates, the EIA estimated another inventory decrease, this time of 2.8 million barrels, with production increasing to an average of 4.6 million barrels daily versus an inventory dip of 1.6 million barrels in the week prior, when production stood at an average 4.5 million barrels daily. Distillate inventories are now 6 per cent below the five-year average for this time of year.

Meanwhile, the Federal Reserve’s decision to hold interest rates steady capped gains.

The US central bamk held rates steady at the 4.25 per cent -4.50 per cent range but signaled it could reducing borrowing costs by half a percentage point by the end of this year in the context of slowing economic growth and a downturn in inflation.

In the Middle East, Israel resumed ground operations in the central and southern Gaza Strip after President Donald Trump vowed to continue his country’s assault on Yemen’s Houthis.

He said he would hold Iran responsible for any attacks carried out by the group that has disrupted shipping in the Red Sea.

Investors also watched Ukraine ceasefire talks as Russia agreed to President Trump’s proposal that the two countries would temporarily stop attacking each other’s energy infrastructure.

Analysts say this increases chances for peace and eventually for Russian oil to re-enter global markets.

Despite this, Russia and Ukraine accused each other of violating a new agreement to refrain from attacks on energy targets, hours after it was agreed.

Also, US tariffs on Canada, Mexico and China have raised fears of recession, and worries of slower energy demand weighed on oil prices.

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited depreciated further by 0.44 per cent on Wednesday as selling pressure continued as investors monitor happenings in Rivers State, where pipeline explosion and political crisis triggered a state of emergency by President Bola Tinubu.

Investor sentiment was weak at midweek as Customs Street ended with 37 price losers and 13 price gainers, representing a negative market breadth index.

Livestock Feeds lost 10.00 per cent to trade at N8.46, eTranzact declined by 9.40 per cent to N5.30, Coronation Insurance slumped by 9.27 per cent to N2.35, MRS Oil shed 8.99 per cent to settle at N162.00, and May and Baker crashed by 8.05 per cent to N8.00.

On the flip side, Julius Berger appreciated by 8.47 per cent to N137.00, Omatek gained 6.15 per cent to close at 69 Kobo, UPDC rose by 2.69 per cent to N3.05, Wema Bank expanded by 2.43 per cent to N10.55, and Unilever Nigeria improved by 2.12 per cent to N38.50.

Business Post reports that all the key sectors witnessed profit-taking except the industrial goods space, which closed flat.

The insurance counter went down by 1.62 per cent, the banking index lost 1.37 per cent, the energy space shed 1.32 per cent, the commodity sector tumbled by 0.45 per cent, and the consumer goods industry shrank by 0.09 per cent.

Consequently, the All-Share Index (ASI) contracted by 460.56 points to 104,915.13 points from 105,375.69 points and the market capitalisation dropped N288 billion to finish at N65.790 trillion compared with Tuesday’s value of N66.078 trillion.

The market recorded a turnover of 1.4 billion stocks worth N12.4 billion in 12,012 deals versus the 350.0 million stocks valued at N8.2 billion traded in 11,230 deals in the preceding session, indicating a surge in the trading volume, value and number of deals by 290.46 per cent, 51.22 per cent, and 6.96 per cent, respectively.

The busiest equity yesterday was Sovereign Trust Insurance with the sale of 1.0 billion units for N989.0 million, Fidelity Bank transacted 42.8 million units worth N723.2 million, Access Holdings exchanged 30.6 million units valued at N698.0 million, Jaiz Bank sold 24.0 million units worth N85.0 million, and Zenith Bank traded 21.6 million units valued at N1.0 billion.

By Dipo Olowookere

The president of Dangote Industries Limited, Mr Aliko Dangote, has disclosed that Nigeria was now self-sufficient in cement and fertilizer, with the surplus being exported to earn foreign exchange (FX), which the country desperately needs to boost the Naira and the economy.

He said the target of his company is to make the nation self-sufficient in whatever it consumes, noting that his Lagos-based refinery is currently meeting domestic demand for Premium Motor Spirit (PMS), otherwise known as petrol.

After a meeting with the governor of Ogun State, Mr Dapo Abiodun, the industrialist, said he would continue to invest in the country.

Mr Dangote was in Ogun State to finalise plans to build a multi-billion-dollar seaport and two new lines of cement plant with a capacity of 6.0 million metric tons per annum, (Mta) at Itori.

The richest man in Africa said he was attracted to Ogun State because of the investor-friendly climate in the state and the policies of Mr Abiodun.

He recounted how his predecessor, Mr Ibikunle Amosun, frustrated his efforts to invest in Ogun State, saying, “We had earlier abandoned our vision of investing in the Olokola Free Trade Zone (OKFTZ), but because of your policies and investor-friendly environment, I want to say we are back and will work with the state government to return to Olokola, and plans are underway to construct the largest port in the country.”

“Our factory at Itori was pulled down twice. When we started the second time, they not only demolished the factory but also the fence, so we left. But right now, because of His Excellency, our governor, Prince Dapo Abiodun, we are back. When you visit the factory, you will be surprised at what we have done,” he stated.

In his remarks, Mr Abiodun described the day the Dangote Refinery groundbreaking was performed in Lagos as “the day of heartbreak for the sons and daughters of Ogun State as they watched helplessly on television.”

But he thanked Mr Dangote for “coming back to Ogun State” to invest after his earlier bad experience, saying, “We welcome your return to the state” to complete the cement factor at Itori.

The Governor emphasized that with the establishment of the Itori cement plant, proposed to produce six million metric tons of cement per annum, and the existing Ibeshe plant, producing 12 million metric tons, cement production in the state would total 18 million metric tons per annum, making it the largest cement producer in Nigeria and sub-Saharan Africa.

He lauded the company for not shirking its Corporate Social Responsibilities (CSRs) to the host communities, just as it is currently constructing the Inter-change-Papalato-Ilaro road, assuring that his administration is ready to work with the conglomerate for the good of the state and the nation as a whole.