By Adedapo Adesanya

It was not a good day for the Nigerian Naira at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, June 23 as its value shrank against the United States Dollar during the session by 0.05 per cent or 82 Kobo to sell for N1,547.71/$1 versus the preceding day’s N1,547.71/$1.

Equally, the local currency depreciated against the Pound Sterling at NAFEM yesterday by N1.40 to settle at N2,082.76/£1 compared with last Friday’s closing value of N2,081.36/£1 and against the Euro, it declined by N3.16 to quote at N1,782.51/€1, in contrast to the N1,799.35/€1 it was exchanged in the previous trading day.

As for the black market, the Naira maintained stability against the greenback on the first trading session of the week to trade at N1,580/$1.

In the cryptocurrency market, there were recoveries as US President Donald Trump announced a “total ceasefire” between Israel and Iran, easing market fears and boosting investor confidence.

“On the assumption that everything works as it should, which it will, I would like to congratulate both Countries, Israel and Iran, on having the Stamina, Courage, and Intelligence to end, what should be called, ‘THE 12 DAY WAR’,” President Trump wrote on his Truth Social site.

Traders are now more confident the US Federal Reserve could cut interest rates soon. The chance of a rate cut by November has risen sharply, offering potential tailwinds for crypto’s next move.

On Monday, Solana (SOL) recorded a 8.1 per cent appreciation to sell at $145.25, Ripple (XRP) gained 7.8 per cent to close at $2.19, Dogecoin (DOGE) jumped by 7.5 per cent to finish at $0.1661, and Ethereum (ETH) improved by 7.4 per cent to settle at $2,418.05.

Further, Cardano (ADA) went up by 7.2 per cent to end at $0.5897, Litecoin (LTC) chalked up 5.3 per cent to quote at $84.99, Bitcoin (BTC) gained 3.5 per cent to trade at $105,498.92, and Binance Coin (BNB) rose by 3.1 per cent to $642.39, and the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.

By Dipo Olowookere

Rising appetite for local equities, supported by assurances from banks of the possibility of dividend payouts this financial year, further strengthened the Nigerian Exchange (NGX) Limited on Monday.

The domestic bourse gained 0.37 per cent on the first trading session of this week, with the All-Share Index (ASI) increasing by 441.43 points to 118,579.65 points from 118,138.22 points and the market capitalisation rising by N278 billion to N74.812 trillion from N74.534 trillion.

Business Post reports that all the key sectors of the market ended in green, with the insurance counter up by 1.90 per cent, and the commodity index up by 0.87 per cent.

Further, the consumer goods sector went up by 0.73 per cent, the banking counter increased by 0.62 per cent, the energy industry gained 0.43 per cent, and the industrial goods index improved by 0.19 per cent.

Yesterday, Customs Street ended with 46 price gainers and 22 price losers, implying a positive market breadth index and strong investor sentiment.

Neimeth, FTN Cocoa, Presco, Champion Breweries and Beta Glass topped the gainers’ table after thet chalked up 10.00 per cent each to quote at N4.07, N3.08, N1210.00, and N9.02, N303.60, respectively.

On the flip side, Julius Berger lost 7.48 per cent to finish at N117.50, Chams shed 5.09 per cent to sell for N2.05, Secure Electronic Technology crashed by 5.00 per cent to 57 Kobo, Multiverse declined by 4.66 per cent to N9.20, and Red Star Express slumped by      3.85 per cent to N7.50.

During the trading day, Fidelity Bank was the most active stock after it sold 141.7 million units valued at N2.7 billion, Zenith Bank transacted 46.3 million units worth N2.4 billion, Nigerian Breweries exchanged 38.1 million units for N2.2 billion, FTN Cocoa traded 38.0 million units valued at N115.9 million, and Access Holdings sold 37.9 million units worth N843.7 million.

At the close of business, a total of 653.7 million equities were bought and sold for N21.3 billion in 22,206 deals on Monday versus the 487.1 million equities worth N18.7 billion traded in 17,421 deals last Friday, representing an improvement in the trading volume, value, ad number of deals by 34.20 per cent, 13.90 per cent, and 27.47 per cent apiece.

By Adedapo Adesanya

Oil was down by more than 7 per cent on Monday after Iran attacked a US military base in Qatar in retaliation for America’s attacks on its nuclear facilities over the weekend.

Brent crude futures depreciated by $5.53 or 7.2 per cent to sell at $71.48 a barrel and the US West Texas Intermediate (WTI) crude futures lost $5.53 or 7.2 per cent to close at $68.51 per barrel.

Iran retaliated against US airstrikes on its main nuclear sites with a missile attack on the Al Udeid airbase in Qatar, the largest US military installation in the Middle East.

No US personnel were killed or injured in the attack, and this quelled the possibility of a swift response from the administration of President Donald Trump.

Traders also decided to sell-off as Iran took no action to disrupt oil and gas tanker traffic through the Strait of Hormuz, which could see global trade disrupted and crude prices surge to $120 per barrel.

Goldman Sachs analysts warned that Brent crude could breach $100 if Iran retaliates by disrupting Hormuz traffic, though current flows remain stable.

There was also no interruption to Qatar’s energy shipments or production after the attack and no other Iranian attack was detected at any US military base other than in Qatar.

Iran had threatened to shut the Strait of Hormuz, a narrow channel off southern Iran that around 20 per cent of global oil supply passes through on its way to refineries worldwide.

Qatar is one of the world’s largest exporters of liquefied natural gas, and all its shipments pass through the strait.

At least two supertankers made U-turns near the strait following the US military strikes on Iran, earlier on Monday,

Iran, the third-largest crude producer under the Organisation of the Petroleum Exporting Countries (OPEC), said the US attack on its nuclear sites expanded the range of legitimate targets for its armed forces.

Also, President Donald Trump on Monday called on US and global oil producers to keep crude prices from spiking, following coordinated airstrikes on Iran’s nuclear facilities.