International
Middle East ceasefire drives Nigerian stock market to N1tn gain
Middle East ceasefire drives Nigerian stock market to N1tn gain
The moves for peace in the Middle East and investors’ positive sentiment propelled the stock market to over N1.0 trillion gain last week.
The NGX market capitalisation, which represents the value of investments in the market rose to N75.576 trillion from N74.533 the previous week.
Another stock market indicator, NGX All Share Index, ASI, advanced by 1.6% Week-on-Week, WoW to 119,995.76 points from 118,138.22 points, driven by gains recorded in Dangote Sugar which leaped by 19.1%, followed by Okomu Oil 15.7%, Zenith Bank 15.2%, BUA Cement 8.5% and Transcorp Hotel 7.2%.
As a result, the Month-to-Date, MtD, and Year-to-Date, YtD, returns settled higher at 7.4% and 16.6%, respectively.
Meanwhile, trading activity was mixed, as trading volume increased by 9.4% W/W, while trading value declined by 11.4% W/W. Sectoral performance was broadly bullish, as the Industrial Goods Index rose by 3.9%, followed by Insurance Index 3.7%, Consumer Goods Index 3.7% and Banking Index 2.6%, while the Oil & Gas Index plummeted by 2.2%.
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Reacting to the market development, analysts at Cordros Capital stated : ” Next week, we expect choppy trading characterized by profit-taking in recent outperformers and sustained bargain hunting in undervalued stocks. Market performance might also be influenced by portfolio rebalancing ahead of half-year earnings releases and developments in the fixed income space”.
Also, commenting, analysts at InvestData Consulting Limited, said : ” These major breakouts on strong buying sentiments and high volume to continue the markup phase of NGX signal strength, but calls for cautious trading and portfolio realignment ahead of the earnings reporting season, as pullback is underway in form of profit booking in some large cap stocks for the index to gather more strength needed to trade even higher. Note that dividend qualification dates and payments of some companies are close by. The market is witnessing bargain hunting along quarter end window dressing as the first half of 2025 winds down gradually ahead of earnings expectations and Central Bank of Nigeria’s policy meeting in July”.
Middle East ceasefire drives Nigerian stock market to N1tn gain
International
Israel to Extend Military Strikes on Iran for At Least Three More Weeks
Israel to Extend Military Strikes on Iran for At Least Three More Weeks
Israel has officially announced plans to continue its military campaign against Iran for at least three more weeks, as its forces sustain strikes on strategic Iranian targets. The announcement comes amid escalating tensions in the Middle East following Iranian drone attacks that temporarily shut Dubai International Airport and hit major oil facilities in the UAE, highlighting the conflict’s wider regional impact.
Lieutenant Colonel Nadav Shoshani, spokesperson for the Israel Defense Forces (IDF), confirmed that detailed operational plans have been drawn for the coming weeks, along with contingency strategies extending beyond that timeframe. The campaign is aimed at weakening Iran’s ability to threaten Israel, focusing on ballistic missile systems, nuclear infrastructure, and security apparatus, with thousands of targets reportedly still on the list.
Over 110,000 Israeli reservists have been mobilized to support the operations. The military emphasizes that its objectives are strictly defensive and strategic, targeting only facilities tied to Iran’s military and security network. Shoshani said, “We want to make sure that they are as weak as possible, this regime, and that we degrade all their capabilities, all parts and all wings of their security establishment.”
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The conflict’s escalation has had serious repercussions for global energy markets, particularly at the Strait of Hormuz, through which roughly 20% of the world’s oil and liquefied natural gas passes. The Iranian strikes have disrupted key infrastructure, prompting fears of prolonged supply shortages and rising energy prices worldwide.
This ongoing crisis stems from a joint U.S.–Israel military operation launched on February 28, 2026, in response to Iran’s regional activities, including ballistic missile development and support for proxy groups. Airstrikes have targeted cities including Tehran, Shiraz, and Tabriz, while limited ground operations in southern Lebanon have also been reported, targeting Iran-backed Hezbollah positions.
Iran has retaliated with missile and drone attacks against U.S. and Israeli positions, with civilian infrastructure in Gulf countries affected. International observers warn that unless diplomatic measures are taken, regional instability may worsen, further impacting energy markets and global security.
Global responses remain mixed. The United States and allied nations have urged de-escalation and efforts to secure critical maritime routes. Meanwhile, humanitarian concerns rise as civilian casualties and infrastructure damage continue. Analysts say the ongoing military campaign could have lasting implications for Middle East stability, global energy security, and international relations.
Israel to Extend Military Strikes on Iran for At Least Three More Weeks
International
Nursery Worker Jailed 24 Years for Raping, Abusing Toddlers
Nursery Worker Jailed 24 Years for Raping, Abusing Toddlers
A nursery worker in Bristol, England, has been sentenced to 24 years in prison for raping and sexually abusing young children in his care, a case that has shocked families and renewed calls for stronger child safeguarding measures.
Nathan Bennett, 30, was convicted on multiple charges, including two counts of rape, four counts of sexual assault, and two counts of assault by penetration. The offences involved five boys aged two to three years at the Partou King Street Nursery, which closed in December 2025 following the revelations. Bennett had previously admitted 13 related sexual offences against four of the children.
The abuse came to light in February 2025 after CCTV footage showed Bennett putting his hands down a child’s trousers, prompting the nursery to alert police. Prosecutors described his actions as “every parent’s worst nightmare,” emphasizing that he betrayed the trust of parents and exploited his position of authority over vulnerable children.
During the trial, disturbing evidence emerged that Bennett behaved territorially with toddlers, often sitting them on his lap for long periods, and wore trousers with holes in the crotch area. Video interviews of two victims, identified as Child A and Child E, revealed the harrowing experiences of the children, including how they described the abuse to their parents.
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Passing sentence, Judge William Hart called Bennett an “incorrigible and dangerous paedophile”, stating that it was impossible to predict if he would ever cease posing a risk to children. The judge said Bennett prioritized his sexual gratification over the safety and wellbeing of the toddlers and highlighted the long-lasting impact his crimes would have on the victims and their families.
Bennett will serve 24 years in prison with an additional six years on licence and will be placed on the Sex Offenders Register for life, alongside an indefinite Sexual Harm Prevention Order restricting contact with children and childcare settings.
Families affected described the profound psychological and emotional toll of the abuse. In victim impact statements, parents spoke of betrayal, guilt, and lasting trauma, while other families associated with the nursery said they were devastated by the horrific acts despite their children not being abused.
Child protection advocates emphasized the case highlights gaps in safeguarding within childcare settings and called for improved screening, supervision, and CCTV monitoring to prevent similar incidents in the future. Legal representatives for the families have indicated they may pursue civil action against the nursery group to hold it accountable.
The case has renewed discussions on the urgent need for stricter child protection policies, better training of childcare staff, and swift investigation of early warning signs to ensure the safety of vulnerable children.
Nursery Worker Jailed 24 Years for Raping, Abusing Toddlers
International
Saudi Intercepts 63 Drones as Iran Denies Responsibility, Blames US, Israel
Saudi Intercepts 63 Drones as Iran Denies Responsibility, Blames US, Israel
RIYADH/LONDON – Iran launched a new wave of drone attacks on Saudi Arabia on Monday, intensifying the ongoing conflict in the Gulf region, while its ambassador to Riyadh denied Tehran’s responsibility, claiming “enemies” of Iran were behind the strikes.
According to the Saudi Defense Ministry, about 63 hostile drones were fired at the Eastern Province and Riyadh, all of which were intercepted and destroyed. Ministry spokesperson Major General Turki Al-Maliki confirmed the attacks on X (formerly Twitter), noting that the strikes follow a pattern of nightly drone attacks interspersed with daytime lulls.
The latest attacks bring the total number of intercepted drones in Saudi Arabia to over 230, alongside more than 30 missiles shot down since the conflict began in late February. Neighboring Gulf states have also reported high numbers of intercepted missiles and drones: Bahrain intercepted 125 missiles and 203 drones, recording two fatalities, while the UAE engaged 294 ballistic missiles, 15 cruise missiles, and 1,600 drones, with six deaths. In Dubai, civil defense teams contained a fire at Dubai International Airport caused by a drone impact, temporarily suspending airport operations.
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Earlier, Iran’s ambassador to Saudi Arabia, Alireza Enayati, shared a notice attributed to Iran’s military command claiming that “the enemy” was deploying drones disguised as Iranian-made Shahed drones, under the name “Lucas drone.” He reiterated that Iran only targets U.S. and Israeli interests in the region and denied responsibility for strikes on civilian or Gulf state infrastructure, including Saudi oil facilities at Ras Tanura and Shaybah.
Enayati said Iran’s relations with Gulf countries will require a “serious review”, urging deeper cooperation among GCC states, Iraq, and Iran, while cautioning against the involvement of external powers. He stressed that the ongoing conflict had been “imposed on Iran and the region” and called for the United States and Israel to halt attacks, with international guarantees to prevent recurrence, allowing the region to focus on prosperity and security.
The Iranian envoy’s remarks, however, drew criticism online, with observers questioning why Tehran had not clarified its position sooner and highlighting the risk to civilians, such as the woman and child killed in Bahrain and Kuwait.
The recent drone attacks follow weeks of escalating hostilities, which have targeted ports, airports, energy facilities, and civilian areas across the Gulf. On Wednesday, the UN Security Council adopted a resolution condemning Iranian attacks on Gulf countries and Jordan, demanding that Tehran immediately cease hostilities, with 13 of 15 members voting in favor.
Saudi authorities have stressed their commitment to protecting the Kingdom’s airspace, sea routes, and critical infrastructure, as the conflict shows no sign of abating.
Saudi Intercepts 63 Drones as Iran Denies Responsibility, Blames US, Israel
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