By Dipo Olowookere

The bulls returned to the Nigerian Exchange (NGX) Limited on Wednesday, helping the platform to close in green territory by 0.41 per cent.

Bargain-hunting activity by investors lifted the stock market at midweek, with all but one sector pointing northwards.

The banking counter appreciated by 0.78 per cent, the insurance sector grew by 0.62 per cent, the consumer goods industry improved by 0.26 per cent, and the industrial goods index expanded by 0.05 per cent, while the energy segment lost 0.01 per cent.

When the closing gong was struck to close trading activity, the All-Share Index (ASI) was up by 979.36 points to 242,729.51 points from 241,750.15 points, and the market capitalisation increased by N629 billion to N155.781 trillion from the previous day’s N155.152 trillion.

Airtel Africa gained 10.00 per cent to close at N3,323.40, CAP appreciated by 9.99 per cent to N193.20, Zichis expanded by 9.97 per cent to N27.58, RT Briscoe advanced by 9.95 per cent to N14.15, and FTN Cocoa rose by 9.92 per cent to N7.31.

Conversely, SUNU Assurances lost 10.00 per cent to trade at N4.05, Guinness Nigeria slipped by 9.99 per cent to N402.60, Caverton depreciated by 8.33 per cent to N5.50, Fortis Global Insurance shrank by 7.69 per cent to N1.08, and May and Baker decreased by 6.82 per cent to N32.00.

Investor sentiment was strong after the bourse finished with 46 appreciating equities and 24 depreciating equities, indicating a positive market breadth index.

CWG was the most active stock with a turnover of 421.7 million units worth N8.9 billion, Access Holdings transacted 85.4 million units valued at N2.1 billion, Chams traded 83.4 million units worth N267.0 million, Secure Electronic Technology sold 59.8 million units valued at N59.5 million, and Zenith Bank exchanged 56.0 million units for N7.2 billion.

In all, a total of 1.4 billion shares valued at N59.4 billion were bought and sold by investors in 85,804 deals at midweek versus the 1.3 billion shares worth N75.2 billion transacted in 102,665 deals a day earlier, representing an increase in the trading volume by 7.69 per cent, and a decline in the trading value and number of deals by 21.01 per cent, and 16.42 per cent, respectively.

By Adedapo Adesanya

The oil market fell sharply on Wednesday on optimism that the US and Iran were close to an agreement to end the conflict that has caused the largest energy supply disruption in history.

Brent crude futures tumbled nearly 8 per cent to close at $101.27 per barrel, while the US West Texas Intermediate (WTI) crude futures lost about 7 per cent to trade at $95.08.

Reuters reported that Pakistan said the United States and Iran were closing in on an agreement on a one-page memorandum ​of understanding.

Iran said on Wednesday it was reviewing a new US proposal and would convey its response soon via Pakistan. The country had said earlier that it would only accept ⁠a fair and comprehensive agreement.

US media outlet Axios reported that America expects Iranian responses on several key points in the next 48 hours, ​citing sources that said this was the closest the parties had agreed since the war began.

However, President Donald Trump on Wednesday expressed doubt that a deal would be finalised. He said it was “perhaps a big assumption” to think that Iran would accept the proposal. He threatened to resume military strikes on Iran if it did not agree.

Equally, a senior Iranian parliament member said the US proposal was more of a wish list than a reality.

Earlier this week, the ​US military said that it destroyed several Iranian small boats as part of efforts to help stranded ships exit the Strait of Hormuz, a waterway responsible for 20 per cent of crude and Liquified Natural Gas (LNG) flows. Market analysts noted that the global oil flow would take time to normalise even if the strait is restored.

The Strait of Hormuz closure has resulted in a drawdown in global oil and fuel inventories as refineries try to offset production shortfalls. Surging oil and energy costs are already creating demand destruction globally.

The US Energy Information Administration (EIA) said on Wednesday that US crude and fuel inventories continued to draw down last week as countries around the globe scrambled to fill supply gaps caused by disruptions from the conflict in the Middle ⁠East. Crude oil stocks ​fell by 2.3 million barrels to 457.2 million barrels last week.

By Modupe Gbadeyanka

The management of Dangote Petroleum Refinery and Petrochemicals Limited has revealed that the price of Premium Motor Spirit (PMS) remains at N1,275 per litre.

Earlier on Wednesday, there were reports that the company increased its ex‑depot price by N75, some hours after renewed hostilities in the Middle East.

On Monday evening, it was reported that Iran fired missiles at its neighbours in the Gulf region after the United States seized two Iranian-linked vessels on the Strait of Hormuz.

These actions briefly raised the price of crude oil on the global market to over $115 per barrel, but it quickly eased to almost $100 per barrel on Wednesday.

Shortly after it was reported that Dangote Refinery had pushed its PMS gantry price to N1,350 per litre, the price was reversed.

Confirming this in a statement made available to Business Post, Dangote Refinery said it is sustaining its current prices to reaffirm “its commitment to supporting stability in the domestic energy market and cushioning the wider economy against external shocks.”

“By absorbing prevailing cost pressures, the refinery continues to help moderate inflationary risks, promote energy affordability, and ensure uninterrupted supply amid ongoing global uncertainties,” another part of the statement read.

The private refiner “reaffirmed its dedication to the steady supply of high‑quality petroleum products to the Nigerian market, while supporting national objectives of price stability and energy security.”

It urged the public “to rely solely on official statements from Dangote Petroleum Refinery and Petrochemicals Limited for accurate and up‑to‑date information on its operations and pricing.”