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By Adedapo Adesanya
Crude oil prices climbed about 1 per cent on Friday as the intensifying war in Ukraine this week boosted the market’s geopolitical risk premium, with Brent gaining 94 cents or 1.3 per cent to settle at $75.17 a barrel and the US West Texas Intermediate (WTI) crude rising by $1.14 or 1.6 per cent to trade at $71.24 per barrel.
For the week, both crude benchmarks rose by 6 per cent as Russia stepped up its Ukraine offensive after Britain and the US allowed Ukraine to strike deeper into Russia with their missiles.
Market analysts warned that the Russia-Ukraine escalation has raised geopolitical tensions beyond levels seen during the year-long conflict between Israel and Iran-backed militants.
Russian President Mr Vladimir Putin said it would keep testing its new hypersonic missile in combat and had a stock ready for use.
Afterwards, Russia, an oil-producing country, fired the missile into Ukraine, prompted by Ukraine’s use of US ballistic missiles and British cruise missiles to hit Russia.
There are fears that there might be accidental destruction in any part of oil, gas and refining that causes long-term damage and worsens the war.
In a related development, the US imposed new sanctions on Russia’s Gazprombank as President Joe Biden stepped up actions to punish Russia for its invasion of Ukraine before he leaves office on January 20.
In response, the Russian government sidestepped the latest US sanction, saying it was an attempt to hinder the export of Russian gas, adding that it would find a solution to the challenge.
The market continues to weigh the latest move by China, the world’s biggest oil importer after it announced policy measures this week to boost trade.
Some of the measures include support for energy product imports, which came amid worries over US President-elect Donald Trump’s threats to impose tariffs on the country.
For China, there are signs that its crude oil imports will rebound in November.
Oil imports also increased in India, the world’s third-biggest oil importer, as domestic consumption increased.
Elsewhere, business activities took a surprisingly sharp turn for the worse this month in the Eurozone as the bloc’s dominant services industry contracted and manufacturing sank deeper into recession.
In contrast, S&P Global said its flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to the highest level since April 2022, with the services sector providing the bulk of the increase.
Meanwhile, the US Dollar jumped to a two-year high versus a basket of other currencies, making oil expensive for holders of other currencies.
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Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.
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By Dipo Olowookere
The Nigerian Exchange (NGX) Limited posted a marginal growth of 0.01 per cent on Friday as market participants slightly placed their foot on the brake pedal.
Business Post observed a pocket of profit-taking at the bourse yesterday, though this did not affect the general outcome of the market because of the gains recorded by most of the sectors.
Data revealed that during the trading session, the industrial goods counter lost 0.93 per cent, and the banking sector depreciated by 0.13 per cent.
However, the insurance index improved by 1.33 per cent, the energy industry climbed higher by 0.80 per cent, the commodity space gained 0.51 per cent, and the consumer goods sector advanced by 0.24 per cent.
Consequently, the All-Share Index (ASI) slightly rose by 12.46 points to 120,989.66 points from 120,977.20 points, while the market capitalisation declined by N244 billion due to the delisting of the shares of Notore Chemical Industries, closing at N76.339 trillion compared with Thursday’s N76.583 trillion.
A total of 40 stocks closed in green yesterday and 27 stocks ended in red, indicating a positive market breadth index and strong investor sentiment.
Champion Breweries and John Holt chalked up 10.00 per cent each to sell for N13.20 and N7.70 apiece, Red Star Express appreciated by 9.99 per cent to N8.37, Academy Press improved by 9.98 per cent to N6.17, and UPDC also gained 9.98 per cent to trade at N4.74.
On the flip side, Ellah Lakes, and PZ Cussons depreciated by 10.00 per cent each to N8.10 and N32.40 apiece, Japaul declined by 9.70 per cent to N2.70, Royal Exchange shed 9.49 per cent to close at N1.24, and McNichols lost 8.85 per cent to finish at N2.78.
On Customs Street, investors traded 923.9 million equities worth N11.0 billion in 25,680 deals versus the 933.4 million equities valued at N29.3 billion exchanged in 24,207 deals in the preceding day, indicating a rise in the number of deals by 6.09 per cent, and a decline in the trading volume and value by 1.02 per cent and 62.46 per cent, respectively.
The most active stock on Friday was Japaul with 147.1 million units valued at N421.6 million, Coronation Insurance sold 44.5 million units for N94.6 million, Access Holdings exchanged 43.6 million units worth N984.3 million, Consolidated Hallmark transacted 42.8 million units valued at N122.4 million, and Chams traded 42.0 million units for N107.9 million.
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By Dipo Olowookere
Efforts would be made in 2025 by Beta Glass Plc to increase its exports to Central and West African, the chief executive of the firm, Mr Alexander Gendis, has said.
Addressing shareholders at the company’s Annual General Meeting (AGM) recently, Mr Gendis said this year’s focus would also be to invest in alternative sustainable energy sources to boost efficiency and support growing domestic and international demand.
Last year, Beta Glass, a subsidiary of Frigoglass Group, delivered a gross profit of N30.75 billion versus the N12.38 billion achieved in 2023, as the post-tax profit rose by 112 per cent to N13.63 billion from N6.44 billion in 2023.
Also, the company’s revenue increased by 87 per cent as a result of a 61 per cent rise in pricing and a 16 per cent jump in sales volume, reflecting the increase in market demand, helping the organisation to increase the cash reward to shareholders by 110.71 per cent to N2.95 from N1.40 a year earlier.
Mr Gendis, at the AGM, attributed the firm’s robust performance to strategic decisions around capacity utilisation, operational efficiency and customer-centricity.
“For us, 2024 was a continuation of a journey of transformation and consolidation. Our company achieved margin expansion without compromising volume growth which is a clear demonstration of the strength of our business model.
“In 2025, we are cautious, yet optimistic. We’re not only expanding our footprint in various sectors but also our export focus on West and Central Africa.
“In addition to this, 2025 will see an increase in our sustainable energy efforts with our investment in a solar power plant at our Agbara plant,” he declared.
Also, the chairman of the leading glass packaging manufacturer, Mr Vitus Ezinwa, said, “The results we share today reflect a business that has remained steadfast, agile and deeply committed to delivering value.
“Despite inflationary pressures, exchange rate fluctuations and rising costs, Beta Glass’ 2024 fiscal performance exceeded our expectations. We appreciate our shareholders’ invaluable support and trust in our long-term vision.”
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange ended in green territory for the third straight day with a 0.07 per cent gain on Thursday, July 3, raising its market capitalisation by additional N6.98 billion to N1.986 trillion from N1.984 trillion quoted at the preceding session.
In the same vein, the NASD Unlisted Security Index (NSI) increased by 9.92 points to settle at 3,392.00 points, in contrast to the previous session’s 3,389.71 points.
Yesterday, the volume of trades declined by 41.9 per cent to 425,567 units from the previous session’s 733,635 units, the value of transactions slid by 2.5 per cent to N22.9 million from N23.5 million, and the number of deals went up by 70 per cent to 34 deals from 20 deals.
Okitipupa Plc ended the session as the most active stock by value on a year-to-date basis with 153.8 million units valued at N4.9 billion, followed by Air Liquide Plc with 507.2 million units sold for N4.2 billion and FrieslandCampina Wamco Nigeria Plc with 41.4 million units worth N1.7 billion.
Also, Impresit Bakolori Plc was the most active stock by volume on a year-to-date basis with 536.9 million units worth N524.8 million, trailed by Air Liquide Plc with 507.2 million units traded for N4.2 billion, and Geo-Fluids Plc with 268.5 million units valued at N475.9 million.
During the session, Air Liquide Plc gained 91 Kobo to sell at N9.94 per share compared with the preceding day’s N9.03 per share, and Central Securities Clearing System (CSCS) Plc appreciated by 84 Kobo to N31.34 per unit from N30.50 per unit.
However, Okitipupa Plc decreased by N4.55 to settle at N223.19 per share, in contrast to Wednesday’s closing price of N227.74 per share, and FrieslandCampina Wamco Nigeria Plc lost 39 Kobo to trade at N60.48 per unit versus the N60.87 per unit it traded at midweek.
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