Economy
Investors Gain N19bn as Bulls Build Fortress on Custom Street
By Dipo Olowookere
Transactions on Custom Street, Lagos remained bullish on Monday as investors renewed their appetite for the mopping up of some stocks that could fetch them good yields in some days to come.
Business Post reports that the Nigerian Stock Exchange (NSE) closed the first trading day of this week 0.14 percent higher yesterday to reduce the year-to-date loss to 12.30 percent from 12.42 percent of the previous session.
The gains printed by the market yesterday was majorly influenced 22 stocks, which spread across the main sectors in focus. At the close of business, the consumer goods sector emerged the highest gainer with 3.12 percent, while the industrial goods industry followed with an appreciation of 1.45 percent.
The banking index rose by 0.94 percent on Monday, the insurance index appreciated by 0.44 percent, while the oil and gas index improved by 0.18 percent.
It was observed that the positive performance started last week by Nestle Nigeria continued yesterday, as the company’s stock went up by N74 to settle at N1319 per unit, closing as the day’s highest price gainer.
CCNN increased its share value by N1.55k to close at N17.40k per share, Unilever Nigeria improved by 95 kobo to end at N29.45k per share, UBA grew by 35 kobo to finish at N6.20k per share, while Zenith Bank also appreciated by 35 kobo to close at N17.55k per unit.
At the other side, it was not a good trading day for MTN Nigeria, Dangote Cement and 15 other equities at the market as the telco giant topped the decliners’ table after shedding N2.50k to close at N138.50k per share.
Dangote Cement, which trailed, went down by N2 to finish at N160 per share, while UAC Nigeria depreciated by 50 kobo to end at N4.50k per unit.
In addition, Dangote Sugar also went down by 50 kobo to settle at N8.50k per unit, while Africa Prudential declined by 37 kobo to close at N3.63k per share.
Despite the positive performance of the market on Monday, the level of activity remained low as reflected in the volume and value of equities transacted by investors on the floor of the NSE.
Business Post reports that the volume of shares exchanged yesterday declined by 13.28 percent to 108.2 million units from 124.8 million achieved in the previous session, while the value decreased by 18.54 percent to N1.5 billion from N1.8 billion.
A further analysis of the activity log showed that investors were attracted to shares of Zenith Bank and at the close of transactions, 16.2 million units of the bank’s equities valued at N283.9 million were mopped up at the market.
It was followed by UBA, which transacted 14.0 million shares worth N86.0 million, and FBN Holdings, which exchanged 13.6 million equities for N64.8 million. UAC Nigeria sold 7.8 million shares worth N35.9 million at the market on Monday, while GTBank traded 5.2 million units for N141.1 million.
By the time the market was closed on Monday afternoon, the All-Share Index (ASI) increased by 39.33 points to settle at 27,565.14 points, while the market capitalization went up by N19.1 billion to finish at N13.410 trillion.
By Dipo Olowookere
The presence of the bulls further strengthened the Nigerian Exchange (NGX) Limited on Tuesday, as the performance indices further gained 0.19 per cent.
The nation’s stock market survived profit-taking witnessed in the banking sector during the session, which crashed its index by 0.02 per cent.
This loss was offset by the gains recorded by the other sectors, with the insurance segment chalking up 0.49 per cent. The consumer goods space appreciated by 0.47 per cent, the industrial goods counter expanded by 0.04 per cent, and the energy sector rose by 0.03 per cent.
At the close of business, the All-Share Index (ASI) was elevated by 475.60 points to 246,659.56 points from 246,183.96 points, and the market capitalisation improved by N307 billion to N159.119 trillion from N158.812 trillion.
The market breadth index was positive yesterday after the bourse finished with 34 price gainers and 22 price losers, implying strong investor sentiment.
UPDC REIT grew by 9.86 per cent to N11.70, Thomas Wyatt advanced by 9.73 per cent to N3.72, Ikeja Hotel climbed 9.53 per cent to N46.55, The Initiates went up by 9.52 per cent to N33.95, and Neimeth increased by 9.47 per cent to N9.25.
Conversely, Mecure depreciated by 9.95 per cent to N76.95, Haldane McCall dropped 9.86 per cent to trade at N3.29, CMFC declined by 9.85 per cent to N3.02, Trans-Nationwide Express lost 9.68 per cent to close at N2.80, and Academy Press shrank by 9.38 per cent to N5.80.
The activity level was mixed during the session, as investors traded 932.5 million equities worth N49.3 billion in 50,059 deals versus the 851.6 million equities valued at N49.6 billion transacted in 56,873 deals a day earlier.
This showed that the trading volume soared by 9.50 per cent, the trading value moderated by 0.61 per cent, and the number of deals retreated by 11.98 per cent.
The busiest equity for the day was Access Holdings, which sold 336.6 million units for N8.7 billion. FCMB exchanged 88.8 million units worth N1.0 billion, First Holdco transacted 72.7 million units valued at N7.7 billion, Zenith Bank traded 37.4 million units for N4.4 billion, and UBA transacted 32.1 million units worth N1.5 billion.
By Aduragbemi Omiyale
Thirty-one companies on Tuesday emerged as winners of the 2025 licensing round of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The energy firms competed to take control of 50 oil and gas blocks put on offer by the Nigerian government.
They were among the 143 companies that submitted 200 bids for the oil facilities drawn from diverse terrains, including the Niger Delta Onshore, Niger Delta Shallow Water, Niger Delta Deep Offshore, Benin Basin Onshore, Anambra Basin Onshore, Chad Basin Onshore and Benue Trough.
Business Post gathered that investors, however, were only interested in 37 out of the 50 oil blocks put up for sale by the NUPRC. This is the first time in Nigeria’s energy history that frontier basins would attract such a level of investor interest.
The organisations that won the bids include SSonic Petroleum Limited (PPL 2A29), CFP Pipeline and Flowlines (2A30), Dutchford E&P Limited (2A32), Attabanson Global Company Limited (2A33 and PPL 901), Rosem Energy Limited (2A38), Pivot-GIS Limited (2A39), Network E&P (2A40), Asharami (2A41), LexOil (2A42), BVOF (2A43), GupscoEnergy Limited (2A44 and 2A51), Saratoga (2A45), Volante (2A46), Concept-Reel Petroleum Services Limited (2A47 and 2A55), Clinton Oil Field (2A48 and 2A62) and Nuway Oaklane Limited (2A49).
Others are Ramec (2A50), Italia (2A53), Blueridge E&P (2A54), Up Energies Limited (2A56), AYM Shafa (2A57), Blackrock Holdings Limited (2A58), Funtay Integrated Business Limited (2A59), Riparian Development and Production Limited (2A60), Nikstallis (2A61 and PPL 900), Stardeep Petroleum (PPL 2010), Dakoda & U Limited (PPL308 and PPL 800), Southborne Oil and Gas Limited (PPL 902), Lanaka Petroleum (PPL 903) HighbanResources Limited (PPL 700), Eyre Energy Limited (PPL 801).
By Adedapo Adesanya
Oil prices rose roughly 2 per cent on Tuesday as investors reacted to mounting concerns that escalating hostilities between the United States and Iran and threats by Yemen’s Houthis to blockade Saudi Arabia could disrupt global energy supplies.
Brent futures rose $1.79 or 2.0 per cent to $91.01 a barrel, while the US West Texas Intermediate (WTI) crude gained $1.68 or 2.0 per cent to settle at $84.91 per barrel.
US forces bombed targets in the south and west of Iran while Iran targeted American sites in Bahrain, Kuwait and Jordan and at least one tanker was hit in the Strait of Hormuz.
Supply concerns resurfaced with the Strait essentially closed again and tanker traffic at multi-month lows, to the level from before the ceasefire between the US and Iran, which appears to be over at the moment.
Prices could go much higher if the renewed conflict drags on for a few more months, as the world has now drained a lot of the buffers that had kept oil surges in check between March and May.
Drained strategic and commercial inventories in many key oil-consuming economies, including the US, are setting the stage for further oil price rallies during the busiest oil demand season.
The just-declared Houthi blockade on Saudi maritime shipping has already begun to witness ill-effects, as reports emerge of two oil tankers having made U-turns while initially en route toward the Suez Canal. It was reported that their crews received threats from Houthi militants in Yemen.
The two oil tankers, which loaded Saudi crude for China and India, made U-turns in the Red Sea and headed toward the Suez following the warning from the militia.
Meanwhile, Kuwait’s power and desalination plants caught fire for a second straight day as US and Iran traded strikes for a tenth day.
As Russia’s war with Ukraine expands beyond Ukraine’s borders, the Caspian Pipeline Consortium (CPC) has stopped receiving oil from Kazakhstan after suspending loadings on Monday due to attacks on oil tankers at its Black Sea terminal.
