Economy
Expectations of Analysts at Stock Market This Week
By Modupe Gbadeyanka
Last week was a very busy one at the Nigerian Stock Exchange (NSE) as investors and analysts were engaged in the analysis of results of listed companies for the first quarter of 2019.
Though some companies disappointed with their earnings, especially Dangote Cement, which did not excite shareholders with its results, few others were amazing.
At the close of transactions last week, the stock market remained underwater, after losing 1.78 percent week-on-week to leave the year-to-date loss to 7.06 percent.
But this week, analysts at Cowry Asset said there should be a slight improvement in the market indices.
“In the new week, we expect domestic equities market to close marginally in green territory. Hence, we feel investors would take advantage of the low share prices to buy the dip,” they said.
According to analysts at Afrinvest, the lack of positive news to trigger buying pressure will continue to leave the market bleeding profusely and also make the bears and bulls fight for a firm control of the market.
“We view the market as lacking drivers for a sustained bullish run and so expect the market to continue to trade sideways, with profit-taking and bargain-hunting activities dominating an equal amount of trading session over the short term,” they said.
Consequently, the analysts opined that, “This week, we expect to see profit taking activities in some bellwether stocks which could potentially drive negative returns in the NSE ASI.
“However, we maintain a cautiously optimistic outlook as investors’ sentiment show signs of improvement.”
In the view of analysts at Vetiva Research, “We expect a mixed trading pattern today and a positive bias, as investors look out for bargains on already beaten down stocks.
“We foresee activity levels remaining average in the absence of any catalyst to alter the trend.”
Business Post analysts are also of the view that there will likely not be any change in the performance of the market this week because of low confidence of investors at the moment.
“While we expect some investors to continue to load their portfolios with ‘good’ stocks trading at low prices at the moment, others will just use this opportunity to quickly take profit and watch the market from the sidelines.
“This started to manifest last week when the share price of one of the market’s newest darlings, Dangote Flour, began its downtrend last Friday after its initial rise as a result of news of the company’s proposed acquisition by Olam for N130 billion at the average share price of N26 per unit.
“We see the market still closing in the red zone at the end of this week and if there would be a rise, it would be very marginal.
“However, this is still the best time for smart investors to enter the market, especially when there are people willing to sell off some of their holdings,” analysts at Business Post said.
By Aduragbemi Omiyale
The embargo earlier placed in the trading of Thomas Wyatt Nigeria shares has been lifted by the Nigerian Exchange (NGX) Regulation Limited.
The regulatory subsidiary of NGX Group lifted the suspension on Monday, July 6, 2026, via a notice signed by Bonaventure Onwuji on behalf of the Head of the Issuer Regulation Department of NGX RegCo.
Investors were earlier prevented from buying and selling equities of the organisation after it failed to submit its relevant financial statements as required by the listing rules.
The embargo was placed on October 31, 2025, in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, which provides that if an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.
After filing the results with NGX Limited, and pursuant to Rule 3.3 of the Default Filing Rules, which states that the suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted, the suspension was lifted.
By Adedapo Adesanya
Nigerian domestic oil producer Renaissance Energy has recorded its first major oil discovery since taking over Oil Mining Lease (OML) 74 last year, following the successful drilling of an exploration well offshore Nigeria in a development that could support the country’s efforts to boost crude oil production and replenish reserves.
Preliminary results showed about 1,000 feet (305 metres) of crude oil-bearing reservoirs across seven zones, with data and fluid tests confirming light oil in high-quality reservoirs, Renaissance said in a statement, without providing further details.
OML 74 is a large shallow-water block in the eastern Niger Delta off Nigeria’s coast and holds at least eight previously undeveloped discoveries.
Renaissance, which now owns Shell’s former onshore and shallow-water assets, operates Nigeria’s largest upstream joint venture with 18 oil leases, two export terminals and a FPSO vessel in the oil-rich delta.
Commenting on Tuesday, Mr Tony Attah, the managing director/chief executive of Renaissance, said the discovery reflects the company’s renewed focus on exploration and its commitment to boosting Nigeria’s long-term oil production.
“The success of JK-004, just over one year after assuming operatorship of these assets, demonstrates the strength of our exploration programme,” he said.
He lauded the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), adding that the exploration performance reflected the collaboration with the company’s joint venture partners comprising the Nigerian National Petroleum Company Limited (NNPC), TotalEnergies Limited and Agip Energy and Natural Resources.
He added that the NNPC Group Chief Executive Officer, Mr Bayo Ojulari, and the Executive Vice President, Upstream, Mr Udobong Ntia, provided the needed strategic guidance with commitment for value delivery across the joint venture assets.
On his part, the Vice President of Exploration and Chief Explorer at Renaissance, Mr Johnbosco Uche, said the exploration success was due to the company’s subsurface excellence, technical rigour, and disciplined approach to reserve replacement.
“The JK-004 well provides a strong foundation for accelerated maturation with clear pathways to early development and value realisation,” the Chief Explorer said, adding that the strategic location of JK-004 near an existing field would enable rapid commercialisation.
The chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, described the feat as a perfect alignment with the commission’s vision of growing the nation’s reserves “to future-proof sustainable national growth,” and pledged to continue building the enabling regulatory environment required to support the Nigerian oil and gas industry.
By Aduragbemi Omiyale
The mandatory takeover bid of about 1.63 per cent shares held by minority shareholders of Premier Paints Plc by Xenergi has been launched.
Business Post learned that the exercise will open at 8 am on Monday, July 13, 2026, and close on Friday, August 7, 2026, and it concerns shareholders of Premier Paint, excluding Xenergi Plc, whose names appear in the register of members of Premier Paint on the qualification date, which was Monday, July 6, 2026.
Xenergi is looking to acquire a total of 2 million shares of Premier Paints at N38 per unit, amounting to N76 million.
The reason for this offer is to enable Xenergi comply with Section 142(4) of the ISA Act 2025 and Rules 445 – 448 of the SEC New Rules and Amendment dated August 30, 2021, following its acquisition of a 49.60 per cent majority equity stake in Premier Paint.
On June 8, 2026, Xenergi Plc acquired 61,003,350 ordinary shares in Premier Paint, representing a 49.60 per cent equity stake.
Xenergi Plc and Premier Paint Plc executed a Share Sale and Purchase Agreement detailing the terms and conditions of the acquisition. The acquisition was concluded following receipt of the required regulatory approvals from the Federal Competition & Consumer Protection Commission (FCCPC), the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX) Limited.
In accordance with Section 142(4) of the ISA Act 2025, Xenergi is required to make a takeover bid to all the other shareholders of Premier Paint.
Consequently, on May 25, 2026, the board of Xenergi granted approval for a Takeover to be made to all qualifying shareholders, for the acquisition of the offer shares.
