New listings by Fidson Healthcare and Chapel Hill Denham’s NREIT headlined a N177.7 bn trading week on the Nigerian Exchange, signalling a shift in market appetite on Friday.

While total turnover value dipped slightly, the week closed with a notable reduction in losers, hinting at a recovery in market sentiment heading into mid-March.

Investors on the floor of the Exchange traded a total of 3.695 billion shares valued at N177.687 bn in 370,980 deals, a performance that stood in contrast to the 5.494 billion shares worth N196.709 bn that exchanged hands in 370,233 deals during the previous week.

The week’s trading activities were bolstered by two major additions to the daily official list of the NGX

In specific terms, Fidson Healthcare Plc successfully listed an additional 105,003,725 ordinary shares arising from the company’s employee share scheme, effectively increasing its total issued and fully paid-up capital from 2,294,996,275 to 2,400,000,000 ordinary shares.

Similarly, the real estate sector saw a capital injection as Chapel Hill Denham Management Limited listed 68,158,000 units of its Series 5 Nigeria Real Estate Investment Trust at N103.00 per unit.

This listing, part of a broader N400 bn issuance programme, pushed the total outstanding units of the NREIT from 1.588 billion to 1.656 billion units.

Sectoral analysis revealed that the Financial Services Industry remained the primary engine of market activity. Measured by volume, the sector led the chart with 2.444 billion shares valued at N72.029 billion traded in 145,628 deals, accounting for 66.14% of the total equity turnover volume and 40.54% of its value.

The Oil and Gas Industry secured the second position with 326.073 million shares worth N39.510 bn in 36,458 deals, followed by the Services Industry, which recorded a turnover of 218.374 million shares valued at N2.012 bn in 18,575 deals.

Among individual equities, the trio of Jaiz Bank Plc, Fortis Global Insurance Plc, and Access Holdings Plc emerged as the most heavily traded by volume.

The three stocks alone accounted for 661.242 million shares worth N8.062 bn in 38,534 deals, contributing 17.90% to the total equity turnover volume.

The Exchange-Traded Products segment also witnessed growth, with 3.800 million units valued at N548.240 m traded in 4,487 deals, surpassing the 3.603 million units worth N409.595 m recorded in the preceding week.

Price movement data suggested a gradual easing of bearish pressure as market breadth improved. Forty-four equities appreciated in price during the week, an increase from the thirty-two gainers recorded previously.

Meanwhile, the number of depreciating equities fell to fifty-eight from sixty-nine in the prior week, and forty-six equities remained unchanged.

This cooling of sell-offs, combined with the new listings, provided a stable floor for the market as it transitioned into the second week of March.

However, Cowry Asset Management Limited, in a note to investors on the weekend, said, “Temporary profit-taking and relatively subdued trading activity may limit the pace of gains. Consequently, market performance in the coming week is expected to be driven largely by stock-specific developments and investor sentiment across key sectors.

“In the near term, we expect the domestic equities market to maintain a cautiously positive tone as investors continue to position in fundamentally sound and undervalued stocks following the recent rebound.

“Bargain hunting and selective accumulation, particularly in large-capitalisation and fundamentally strong counters, could provide support to the benchmark NGX All-Share Index.”

United Bank for Africa Plc has announced a special edition of its acclaimed quarterly Business Series in a significant initiative to commemorate Women’s Month and catalyse the potential of the modern woman.

The upcoming event, themed ‘Gen W – The Evolved Woman’, is scheduled to take place on Wednesday, 12 March 2026, in Lagos.

In a statement released Sunday, the bank highlighted that the forum is set to serve as a powerful catalyst for female leadership and economic empowerment.

The event features a distinguished panel of speakers who are set to share their personal journeys and strategic insights, including Joycee Awosika, the visionary founder of ORÍKÌ Group; media personality and entrepreneur Tomike Adeoye; Olufunke Davies, the founder of Fine Funky; and the award-winning broadcaster Ayo Mario-Ese

Media personality and actor Tobi Bakre will serve as the host for the session, guiding the discussion as the panellists explore the nuances of building resilient businesses, embracing authenticity, and redefining leadership in a rapidly shifting global landscape.

Speaking on the upcoming event, UBA’s Group Head of Marketing and Corporate Communications, Alero Ladipo, emphasised the bank’s deep commitment to supporting women as pivotal drivers of economic growth.

“The modern African woman is evolving in remarkable ways. She is bold, visionary, and intentional about the spaces she occupies,” Ladipo remarked.

“Through this edition of the UBA Business Series, we want to celebrate women while also creating a platform where meaningful conversations around leadership, ambition and opportunity can take place,” she added.

This session is designed to move the conversation around women’s professional advancement forward by spotlighting a new generation that is not merely seeking opportunities but actively creating them.

Oil prices surges above $100 per barrel for the first time in more than three and a half years as the Iran war hinders production and shipping in the Middle East.

The price for a barrel of Brent crude, the international standard, was at $107.97 after trading resumed on the Chicago Mercantile Exchange, up 16.5 per cent from its Friday closing price of $92.69, AP reports.

The West Texas Intermediate (WTI) the light, sweet crude oil produced in the United States, was selling for about $106.22 a barrel on Sunday which is  16.9 per cent higher than it closed Friday at $90.90.

Both could rise or fall as market trading continued.

The increases followed the U.S. crude price jumping by 36 per cent and Brent crude rising by 28 per cent last week.

Oil prices have surged as the war, now in its second week, ensnared countries and places that are critical to the production and movement of oil and gas from the Persian Gulf.

Roughly 15 million barrels of crude oil about 20 per cent of the world’s oil typically are shipped every day through the Strait of Hormuz, according to independent research firm Rystad Energy.

The threat of Iranian missile and drone attacks has all but stopped tankers from traveling through the strait, which is bordered in the north by Iran, carry oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the United Arab Emirates and Iran.

Iraq, Kuwait and the UAE have cut their oil production as storage tanks fill due to the reduced ability to export crude. Iran, Israel and the United States also have attacked oil and gas facilities since the war started, exacerbating supply concerns.

The last time U.S. crude futures traded above $100 per barrel was June 30, 2022, when the price reached $105.76. For Brent, it was July 29, 2022, when the price hit $104 per barrel.

The global surge in oil prices since Israel and the U.S. attacked Iran on March 1 has rattled financial markets, sparking worries that higher energy costs will fuel inflation and lead to less spending by U.S. consumers, the main engine of the economy.

In the U.S a gallon of regular gasoline rose to $3.45 on Sunday, about 47 cents more than a week earlier, according to AAA motor club. Diesel was selling for about $4.60 a gallon, a weekly increase of about 83 cents.

Energy Secretary Chris Wright, speaking on CNN’s “State of the Union,” said U.S. gas prices would be back under $3 a gallon “before too long.”

“Look, you never know exactly the time frame of this, but, in the worst case, this is a weeks, this is not a months thing,” Wright added.

If oil prices stay above $100 per barrel, some analysts and investors say it could be too much for the global economy to withstand.

Iranian authorities said strikes by Israel on oil depots in Tehran and a petroleum transfer terminal early Sunday killed four people. Israel’s military said the depots were being used by Iran’s military for fuel to launch missiles. Mohammad Bagher Qalibaf, the speaker of Iran’s parliament, warned that the war’s impact on the oil industry would spiral.

Iran exports roughly 1.6 million barrels of oil a day, mostly to China, which may need to look elsewhere for supply if Iran’s exports are disrupted, another factor that could increase energy prices.

The price of natural gas also has climbed during the war, though not by as much as oil. It was selling for about $3.33 per 1,000 cubic feet late Sunday. That’s 4.6 per cent higher than its Friday closing price of $3.19, after rising about 11 per cent last week.

The Manufacturers Association of Nigeria has warned against the illegal destruction and recycling of returnable packaging materials belonging to beverage companies, following a recent police crackdown on illegal factories in Anambra State.

Earlier in February, the Nigeria Police Force, working with beverage manufacturers, reportedly raided several illegal facilities in Onitsha and surrounding areas, where individuals allegedly destroyed returnable glass bottles and plastic crates belonging to beverage companies.

In a statement on Friday, the Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, condemned the destruction of these packaging materials as unauthorised and economic sabotage against businesses, and hailed the efforts of the police and regulatory agencies.

“The recent raid is the outcome of sustained engagements and intelligence-led investigations and represents a decisive step by authorities to protect legitimate business operations, uphold environmental standards, and deter further illegal activity,” Ajayi-Kadir said.

The MAN DG described the practice “as criminal and a serious economic sabotage… as assets remain the property of beverage companies that have invested heavily in these sustainable packaging materials to protect the environment”.

According to a Vanguard News report, the Executive Secretary of the Beer Sectoral Group of the Manufacturers Association of Nigeria, Abiola Laseinde, commenting on the February crackdown on alleged factories in Anambra, stated that, “The recent raid is the outcome of sustained engagements and intelligence-led investigations… a decisive step by authorities to protect legitimate business operations, uphold environmental standards and deter further illegal activity.”

Ajayi-Kadir confirmed the earlier news reports, affirming that the police acted on credible intelligence to dismantle illegal operations involving the theft, destruction, and unauthorised recycling of companies’ returnable packaging materials.

He stated that the association received reports from member companies that some factories were destroying company-owned bottles and crates for resale as raw materials, resulting in businesses losing millions of naira in investments.

“The police, working with member companies, acted on credible intelligence and stormed the factories to crack down on illegal disposal, theft, and unauthorised recycling of the returnable packaging materials of the affected companies, notably returnable glass bottles and plastic crates,” Ajayi-Kadir said.

He explained that the association petitioned relevant security and regulatory agencies and shared intelligence to seek lawful intervention to curb the practice, recover company assets and dismantle the illegal recycling operations.

Ajayi-Kadir added that investigations revealed that large quantities of bottles and crates were diverted from legitimate channels into informal recycling networks across the South-East.

“Member companies identified multiple illegal locations in the South-East where they crush our bottles and crates for resale as raw materials, while police investigations showed that significant quantities were being diverted from legitimate channels into informal recycling networks,” MAN’s DG said.

He noted that in several cases, reusable bottles were deliberately broken and plastic crates shredded and sold as raw materials, thereby undermining beverage companies’ circular packaging model.

He remarked, “These Returnable Packaging Materials are company-owned assets designed for multiple reuse cycles and form a critical part of their sustainability, cost-efficiency, and product quality systems. It’s a criminal activity to destroy them.”

Meanwhile, Ajayi-Kadir warned those involved in the illeal practice to desist, stressing that the association would continue to collaborate with law enforcement agencies to ensure offenders face the full weight of the law.

He added that beyond the direct loss of assets, the activities disrupt supply chains, raise operational costs and pose environmental and safety risks due to unsafe recycling practices.

MAN urged relevant government agencies to intensify efforts against the illegal diversion and destruction of returnable packaging materials outside the beverage industry’s value chain.

MAN’s DG also called on members of the public to report suspicious activities to the police or to the consumer care lines of beverage companies.

Energy and economic experts have commended Dangote Petroleum Refinery & Petrochemicals for cushioning Nigeria from the full force of the global oil shock triggered by escalating tensions in the Middle East.

International developments highlight the scale of disruption across global markets. In the United Kingdom, The Mirror reported petrol prices climbing to 169.9 pence per litre, with long queues forming at filling stations amid fears of supply shortages linked to the crisis.

Analysts argue that without the refinery’s 650,000 barrels per day capacity, Nigeria would have faced acute product scarcity and significantly sharper increases in petrol prices as crude oil surged on the international market.

Managing Director and Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, noted that crude prices have risen by over 32.39 per cent since the crisis began, climbing above $84.5 per barrel. In contrast, the Dangote Refinery implemented a measured adjustment of N100 per litre in its ex-depot price of Premium Motor Spirit, representing an increase of about 12 per cent.

“The price of crude has gone up about 32% but the price of PMS has gone up about 12%, so the Dangote Refinery has absorbed over half of the increase,” Rewane said. He added that in China, which operates a 10-day averaging pricing window, petrol prices have risen by about 15% within the same period.

Also speaking, Dr Muda Yusuf, former Director General of the Lagos Chamber of Commerce and Industry, described the refinery as a major stabilising factor for Nigeria’s energy security.

“We are fortunate as a country to have the Dangote Refinery because many countries are currently in crisis as far as energy is concerned, occasioned by skyrocketing prices and product shortages,” he said. “Yes, there has been some increase in price, but that is inevitable because crude feedstock is the major cost variable. The increase cannot be compared to what would have happened if we did not have a functioning local refinery. The volatility has been moderated because we are more energy secure.”

Development economist, Prof Ken Ife, observed that the Middle East tensions would have wider implications for Africa, where refining capacity remains limited. He noted that the continent spends over $120 billion annually importing petroleum products, despite concerns over quality in some markets.

Citing data from OPEC, Ife said Nigeria has about 445,000 barrels allocated for domestic refining under existing arrangements. However, the Dangote Refinery requires about 13 vessels of crude to meet local consumption needs but currently receives only five. He called for stricter enforcement of domestic crude supply obligations to strengthen local refining capacity.

On his part, a university lecturer and public affairs analyst, Dr Abimbola Oyarinu, said the refinery came on stream at a critical moment, particularly as tensions around the Strait of Hormuz, which accounts for roughly 20 to 30 per cent of global oil supply, continue to exert upward pressure on crude prices.

“The strategic value of the Dangote Refinery lies in supply security and reduced scarcity risk,” he said. “However, stabilisation is not the same as insulation. Because crude is priced at international market rates, global volatility will still transmit into the domestic economy, particularly through fuel price induced inflation. Sustainable economic stability will require complementary policy discipline, transparency in pricing and the development of strategic reserves.”

Managing Director and Chief Economist at Analysts’ Data Services and Resources (ADSR) Limited, Afolabi Olowookere, said the issue of inadequate crude supply to Dangote Petroleum Refinery & Petrochemicals by domestic producers must be urgently addressed, given the strategic benefits the facility offers to both Nigeria and the wider African region.

Olowookere explained that although Nigerians expect refined products from the refinery to be significantly cheaper, prevailing market realities such as global crude oil prices, the cost of crude supply and refining margins make substantial price reductions unlikely in the short term. He stressed that improving domestic crude allocation to the refinery would strengthen supply stability and enhance the long term benefits of local refining for the economy.

Turkish Airlines recorded a core operating profit of $2.2bn in 2025, as strong passenger demand and premium travel helped the global carrier navigate geopolitical tensions, trade disputes and supply chain disruptions.

The airline disclosed in a statement that its total revenue rose 6.3 per cent year-on-year to $24.1bn, supported largely by growth in passenger operations, particularly in international and premium travel segments.

Financial results released by the carrier showed that fourth-quarter revenue climbed 12 per cent compared with the same period in 2024 to $6.3bn, while profit from core operations increased 23 per cent to $534m.

According to the airline, earnings before interest, tax, depreciation, amortisation and rent stood at $5.7bn in 2025, while the EBITDAR margin reached 23.7 per cent, exceeding the midpoint of the company’s long-term target.

Despite rising costs linked to global inflation and supply constraints affecting aircraft engines and deliveries, the airline said it maintained strong operational performance throughout the year.

The company reported that its consolidated assets rose to $46.6bn during the period under review, while total employment across its subsidiaries exceeded 101,000 workers.

As part of its expansion drive, Turkish Airlines invested $6bn in 2025, bringing its total investments over the last five years to about $20bn.

Operationally, the airline expanded its fleet by five per cent year-on-year to 516 aircraft by the end of 2025. It also transported 92.6 million passengers and handled 2.2 million tonnes of cargo, marking its highest operational performance in history.

Passenger revenue grew 7.4 per cent on the back of strong international demand and increased premium travel. Although global trade slowdowns and tariff pressures reduced cargo unit yields, the airline said it offset the impact with a 16.6 per cent rise in cargo volumes, generating $3.4bn in cargo revenue.

The Chairman of the Board and Executive Committee of the airline, Ahmet Bolat, said the results demonstrated the carrier’s ability to adapt to changing global conditions.

“Despite an exceptionally challenging and unpredictable operating environment, the financial success we achieved in 2025 once again showed our ability to adapt to rapidly changing commercial and geopolitical conditions,” Bolat said.

He added that investments and strategic partnerships established during the year strengthened the airline’s global reach and supported its long-term development objectives.

The airline noted that strong operational performance recorded toward the end of 2025 continued into the early months of 2026, with positive results in January and February supporting expectations that its 2026 EBITDAR margin would remain within the long-term target range of 22 to 24 per cent.

The airline said it would continue expanding its global footprint while supporting sustainable growth in the aviation industry to maintain its claim as the network carrier operating the most flights in Europe.

It added that its long-term “Centennial Strategy” would guide future investments to strengthen its fleet, expand routes and improve service quality across its global network.