The NASD Over-the-Counter (OTC) Securities Exchange further depreciated by 0.47 per cent on Thursday, June 19 due to profit-taking in Central Securities Clearing System (CSCS) Plc.

The share price of the company went down by N2.70 to close at N29.00 per unit compared with the preceding day’s value of N31.70 per unit.

This suppressed the gains recorded by the duo of Food Concepts Plc and Industrial and General Insurance (IGI) Plc yesterday.

Data showed that Food Concepts Plc appreciated by 16 Kobo to finish at N1.77 per share versus the previous day’s price of N1.61 per share, and IGI Plc went up by a Kobo to sell for 36 Kobo per unit, in contrast to the preceding session’s 35 Kobo per unit.

When the bourse ended trading activities for the day, the market capitalisation shrank by N9.12 billion to N1.943 trillion from N1.953 trillion and the NASD Unlisted Security Index (NSI) declined by 15.57 points to close at 3,319.78 points compared with Wednesday’s 3,335.35 points.

Trading data showed a 68.6 per cent slump in the volume of stocks bought and sold by investors on Thursday to 262,134 units from the 839,331 units recorded in the previous trading day, the value of securities transacted decreased by 90.5 per cent to N4.6 million from N48.1 million, and the number of deals tumbled by 59.0.per cent to 25 deals from 61 deals.

Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 536.9 million units valued at N524.7 million, Air Liquide Plc traded 507.2 million units for N4.2 billion to retain the second spot, and Geo-Fluids Plc sold 268.5 million units worth N475.8 million to occupy the third place.

Okitipupa Plc maintained its position as the most active stock by value on a year-to-date basis with 153.7 million units sold for N4.9 billion, trailed by Air Liquide Plc with 507.2 million units valued at N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 40.1 million units worth N1.6 billion.

The bulls consolidated their control of the Nigerian Exchange (NGX) Limited on Thursday with a 0.92 per cent appreciation at the close of transactions.

This was buoyed by the assurances by banks listed on the stock exchange that dividend payment should happen in this fiscal year after the initial scare caused by a forbearance directive of the Central Bank of Nigeria (CBN).

Yesterday, the banking index grew by 2.99 per cent, the insurance counter expanded by 1.53 per cent, the consumer goods soared by 1.02 per cent, the energy index appreciated by 0.24 per cent, and the industrial goods sector improved by 0.16 per cent, while the commodity industry closed flat.

When trading activities ended for the session, the All-Share Index (ASI) was up by 1,074.26 points to 117,861.13 points from 116,786.87 points and the market capitalisation rose by N678 billion to N74.359 trillion from N73.681 trillion.

Ikeja Hotel gained 10.00 per cent to finish at N15.40, Beta Glass jumped by 9.98 per cent to N276.00, Legend Internet grew by 9.92 per cent to N7.20, University Press surged by 9.85 per cent to N6.02, and Eterna advanced by 9.82 per cent to N42.50.

On the flip side, Guinea Insurance depreciated by 9.21 per cent to 69 Kobo, Haldane McCall slumped by 5.88 per cent to N4.00, C&I Leasing tumbled by 5.84 per cent to N4.35, McNichols lost 5.58 per cent to trade at N2.20, and Fidson went down by 4.65 per cent to N41.00.

Data indicated that 43 stocks were on the price gainers’ chart and 20 stocks were on the price losers’ log, representing a positive market breadth index and strong investor sentiment.

During the session, market participants transacted 894.0 million equities valued at N22.0 billion in 17,257 deals versus the 640.1 million equities sold for N26.0 billion in 19,727 deals at midweek, showing an increase in the trading volume by 39.66 per cent and a decline in the trading value and number of deals by 15.35 per cent and 12.52 per cent, respectively.

Leading the activity chart on Thursday was Champion Breweries with the sale of 332.3 million stocks valued at N2.3 billion, GTCO traded 62.7 million shares for N5.0 billion, PZ Cussons exchanged 46.6 million equities worth N1.5 billion, Zenith Bank transacted 37.6 million shares valued at N1.9 billion, and Access Holdings sold 36.0 million stocks worth N787.1 million.

Crude oil prices increased by almost 3 per cent on Thursday as conflict between Israel and Iran escalated and uncertainty about potential US involvement kept investors on edge.

Brent crude futures gained $2.15 or 2.8 per cent during the session to $78.85 a barrel and the US West Texas Intermediate (WTI) crude futures went up by $2.06 or 2.7 per cent to $77.20 per barrel.

Israel bombed nuclear targets in Iran on Thursday, and Iran fired missiles and drones at Israel after hitting an Israeli hospital overnight.

The White House said on Thursday that President Donald Trump would decide whether America will get involved in the Israel-Iran conflict in the next two weeks.

However, the Wall Street Journal reported that Mr Trump has approved US attack plans for Iran, but is withholding giving the final go-ahead to see if Iran abandons its nuclear ambitions.

Analysts noted that Iran’s key Fordo enrichment facility is buried deep underground and only the US holds the deep-penetration bombs required to hit it but the American President has been weighing whether such a strike would work.

As he deliberates on the next step, the conflict continues to escalate with Israel’s defense minister saying Iran’s supreme leader, Mr Ayatollah Khamenei, can “no longer be allowed to exist,” after an Israeli hospital was hit by Iranian strikes Thursday.

Meanwhile, concerns are rising that the growing hostilities are likely to significantly affect the global economy, and by extension, oil prices.

Iran is the third-largest oil producer in the Organisation of the Petroleum Exporting Countries (OPEC), extracting about 3.3 million barrels per day of crude oil, meaning attacks could see production halted.

There is also the possible blockage of the Strait of Hormuz along Iran’s southern coast which sees about 18 million to 21 million barrels per day of oil and oil products move through there. This could largely disrupt trade flows.

JP Morgan said an extreme scenario, in which the conflict widens to the broader region and includes a Strait of Hormuz closure, could result in oil prices surging to $120 to $130 per barrel.

Goldman Sachs said on Wednesday that a geopolitical risk premium of about $10 a barrel is justified, given lower Iranian supply and risk of wider disruption that could push Brent crude above $90.

However, if the conflict recedes, the war premium will deflate and prices will likely cycle lower to around $60.