Economy
In Five Days, Infinity Trust Chalks up 59.32% at Stock Market
By Dipo Olowookere
It was another fantastic period for Infinity Trust Mortgage Bank Plc at the Nigerian Exchange (NGX) Limited last week as its value increased by 59.32 per cent to N2.82.
The stock was among the 53 price gainers recorded at the bourse in the trading week, higher than 49 price gainers posted in the preceding week, buoyed by sustained buying pressure.
The share price of SCOA Nigeria rose in the week by 28.89 per cent to N1.74, DAAR Communications appreciated by 27.78 per cent to 46 Kobo, John Holt grew by 20.54 per cent to N2.23, and Deap Capital gained 14.75 per cent to trade at 70 Kobo.
On the flip side, the NGX reported 32 price losers compared with the 33 price laggards of the previous week, with Secure Electronic Technology losing 16.00 per cent to finish at 63 Kobo. Eterna shed 11.83 per cent to N11.55, Thomas Wyatt depreciated by 11.14 per cent to sell at N2.95, Juli retreated by 9.72 per cent to 65 Kobo, and NEM Insurance dropped 9.32 per cent to quote at N5.35.
In the week, the All-Share Index (ASI) and the market capitalisation appreciated by 1.18 per cent to 72,389.23 points and N39.613 trillion, respectively.
Similarly, all other indices finished higher except for insurance, ASeM, energy and growth which depreciated by 0.96 per cent, 1.04 per cent, 0.27 per cent and 5.23 per cent apiece as the sovereign bond index closed flat.
Business Post reports that investors transacted 1.882 billion shares worth N31.630 billion in 33,020 deals versus the 2.423 billion shares worth N45.070 billion in 34,704 deals in the previous week.
The financial services industry led the activity chart with 1.373 billion shares valued at N22.165 billion traded in 17,300 deals, contributing 72.96 per cent and 70.08 per cent to the total trading volume and value, respectively.
The services sector trailed with 97.008 million shares worth N616.265 million in 1,949 deals, and the third place was the consumer goods space with a turnover of 86.370 million shares worth N2.136 billion in 3,819 deals.
Access Holdings, GTCO and Zenith Bank accounted for 491.533 million shares worth N15.466 billion in 5,997 deals, contributing 26.12 per cent and 48.90 per cent to the total trading volume and value apiece.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed flat on Wednesday, April 16, as the market capitalisation remained unchanged at N1.915 trillion as well as the NASD Unlisted Security Index (NSI) at 3,271.02 points.
At the trading session, there was no price gainer or decliner.
The bourse’s data showed a decrease of 95.0 per cent in the volume of securities transacted to 36,757 units from the 736,215 units recorded in the previous trading day, the value of transactions slid by 83.6 per cent to N1.99 million from N12.1 million transacted on Tuesday, and the number of deals fell by 19.2 per cent to 21 deals from the 26 deals recorded a day earlier.
Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, trailed by Okitipupa Plc with 153.6 million units sold for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million.
Also, Okitipupa Plc remained the most active stock by value on a year-to-date basis with 153.6 million units valued at N4.9 billion, followed by FrieslandCampina Wamco Nigeria Plc with the sale of 14.7 million units worth N568.1 million, and Impresit Bakolori Plc with a turnover of 533.9 million units sold for N520.9 million.
By Adedapo Adesanya
The Naira witnessed a N1.76 or 0.11 per cent depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, April 16.
During the trading session, the local currency was exchanged with the greenback at N1,603.16/$1, in contrast to the N1,601.40/$1 it was traded a day earlier, according to data from the Central Bank of Nigeria (CBN).
Also, the Nigerian currency weakened against the British Pound Sterling in the official market yesterday by N6.71 to quote at N2,121.97/£1 compared with the previous day’s value of N2,115.26/£1 and tumbled against the Euro by N9.28 to sell for N1,818.17/€1 versus Tuesday’s exchange rate of N1,808.89/€1.
In the parallel market, the Naira lost N5 against the Dollar to finish at N1,620/$1 compared with the preceding day’s N1,615/$1.
The pressure on the domestic currency came as the central bank sold over $30.00 million at rates between N1,590.00/$ and N1,601.50/$ this week to authorised forex dealers.
At the cryptocurrency market, things turned bullish as the US Federal Reserve Chairman, Mr Jerome Powell, dashed hopes for early rate cuts, citing the need to assess the impact of US tariffs on the global economy.
The Federal Reserve chair also mentioned that the US central bank needed more time to see the effects of tariffs play out in the global economy. The same is likely to be true of the economic effects, which will include higher inflation and slower growth.
Market analysts noted that the remarks disappointed rate cuts optimist by stressing focus on protecting against tariff-driven price hikes from driving a long-term rise in inflation expectations.
Solana (SOL) jumped by 7.2 per cent to trade at $134.28, Cardano (ADA) added 2.8 per cent to close at $0.6209, Dogecoin (DOGE) appreciated by 2.5 per cent to $0.1570, Ethereum (ETH) rose by 2.1 per cent to $1,602.70, Ripple (XRP) gained 1.9 per cent to close at $2.09, Bitcoin (BTC) increased by 1.5 per cent to $84,749.46, and Binance Coin (BNB) went up by 0.7 per cent to $583.08.
But Litecoin (LTC) declined by 0.7 per cent to finish at $75.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Aduragbemi Omiyale
The further reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, from N865 to N835, effective from Wednesday, April 16, 2025, by Dangote Petroleum Refinery has been applauded by Nigerians.
The price slash was the second by the company in a week and it was in reaction to the decline in the price of crude oil in the global market due to the trade war between the United States and China.
In a statement yesterday by the Group Chief Branding and Communications Officer of Dangote Group, Mr Anthony Chiejina, it was stated that key partners, including MRS, AP (Ardova), Heyden, Optima Energy, Hyde and Techno Oil, will sell petrol to customers at N890 per litre, down from N920 in Lagos, while in the other South-West states, the price will be N900 per litre versus the previous N930.
In addition, Nigerians living in the North-West and North-Central will get the high-quality Dangote petrol at N910 per litre compared with the former price of N940, and those in the South-East, South-South, and North-East will buy at N920 per litre, down from N950 per litre.
Dangote expressed hopes that this latest reduction in PMS prices would generate a positive ripple effect throughout various sectors of the economy, providing much-needed relief to consumers and contributing to broader economic growth, particularly during the Easter season.
It stated that the slash in price reaffirmed its “commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation. In addition, we are working collaboratively with our partners to ensure equitable reflection of this price reduction.”
Dangote Petroleum Refinery has consistently worked to reduce the prices of petrol and other refined petroleum products, ensuring the continued benefit of Nigerian consumers.
For example, in February, the refinery reduced prices twice by N125. In addition, products such as diesel and Liquefied Petroleum Gas (LPG) have also experienced significant price reductions due to the refinery’s sustained efforts.
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