By Dipo Olowookere

The domestic stock market rebounded by 0.40 per cent on Tuesday following renewed bargain-hunting by investors.

The Nigerian Exchange (NGX) Limited returned to winning ways after three of the five key sectors of the bourse pointed north.

The consumer goods index appreciated by 0.24 per cent, the industrial goods counter advanced by 0.20 per cent, and the energy sector grew by 0.08 per cent, overpowering the 3.64 per cent loss posted by the insurance segment, and the 1.76 per cent decline suffered by the banking space.

One of the major drivers of the growth achieved by Customs Street yesterday was MTN Nigeria.

The All-Share Index (ASI) went up by 803.35 points to 201,287.78 points from 200,484.43 points, and the market capitalisation increased by N516 billion to N129.210 trillion from N128.694 trillion.

Multiverse topped the gainers’ chart after it chalked up 9.88 per cent to close at N18.35, International Energy Insurance improved by 9.49 per cent to N3.23, Chams surged by 8.40 per cent to N4.39, MTN Nigeria appreciated by 5.85 per cent to N760.00, and PZ Cussons soared by 4.59 per cent to N82.00.

On the flip side, NPF Microfinance Bank led the losers’ group after it gave up 10.00 per cent to sell for N6.30, SAHCO tumbled by 9.97 per cent to N143.10, Zichis lost 9.96 per cent to quote at N13.65, Mutual Benefits declined by 9.91 per cent to N4.09, and RT Briscoe slipped by 9.90 per cent to N9.65.

Business Post reports that the market breadth index remained negative after Customs Street ended with 22 price gainers and 47 price losers, indicating weak investor sentiment.

The busiest stock for the day was Wema Bank with a turnover of 184.1 million units valued at N4.8 billion, VFD Group sold 103.6 million units for N1.2 billion, Secure Electronic Technology traded 59.3 million units worth N63.8 million, Chams exchanged 38.6 million units for N152.0 million, and Access Holdings transacted 27.8 million units worth N720.1 million.

At the close of trades, market participants bought and sold 887.7 million equities valued at N35.6 billion in 53,436 deals versus the 593.3 million equities worth N25.7 billion traded in 60,311 deals on Monday.

This implied that the number of deals receded by 11.40 per cent, and a rise in the trading volume and value by 49.62 per cent and 38.52 per cent, respectively.

By Adedapo Adesanya

The Senate has approved President Bola Tinubu’s fresh request for a $6 billion external loan to support key national priorities.

The approval came on Tuesday, March 31, 2026, after the Senate considered a report presented by Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts.

The request was contained in two separate letters from the President, read during plenary.

According to Mr Tinubu, out of the $6 billion, the lion’s share of $5 billion is a  Structured Total Return Swap (TRS) external financing programme offered by the First Abu Dhabi Bank, to be released in tranches.

The remaining $1 billion  is an export finance facility from the United Kingdom, arranged by Citibank, specifically for the reconstruction and rehabilitation of the Lagos Port Complex and Tin Can Island Port.

The facilities are intended to support the implementation of the national budget, funding priority infrastructure projects, and refinancing existing domestic and external debts.

The President also said the loan will help the country to meet urgent financial obligations, noting that the phased drawdown of the borrowing will help ease pressure on debt servicing.

The Senate also approved the issuance of Naira-denominated federal government securities as collateral and the payment of margin obligations in US Dollars.

Earlier, it was reported that President Tinubu sought the red chamber’s approval for a significant upward review of the 2026 budget, proposing an additional N9 trillion to the Appropriation Bill.

The request, conveyed in a letter read on the Senate floor during Tuesday’s plenary by the Senate President, Mr Godswill Akpabio, would increase the budget size from the initial N58.47 trillion to N67.47 trillion.

According to the President, the proposed adjustment is aimed at strengthening fiscal transparency and ensuring more effective implementation of priority national programmes.

The development raises fresh worries about Nigeria’s debt portfolio, which has risen considerably within the three years of the Tinubu-led administration.

By Aduragbemi Omiyale

A production sharing contract (PSC) for Block KON 13 has been signed between Oando Plc and the Angolan National Agency for Petroleum, Gas and Biofuels (ANPG).

With a 45 per cent participating interest, Oando’s wholly owned subsidiary, Oando Exploration and Production Angola Ltd, will serve as operator of the block.

The other partners in the consortium are Effimax Energy – Serviços, Lda (30 per cent), Sonangol Exploração & Produção (15 per cent), and Walcot Ltd (10 per cent).

Block KON 13 is located in the onshore Kwanza Basin, Angola. It has two exploration wells previously drilled to a total depth of 3,000m, with oil shows encountered in one well across various depths.

The addition of Block KON 13 further bolsters the energy firm’s upstream portfolio and underscores its commitment to driving regional growth and energy security.

Recall that before now, Oando acquired the assets of Nigerian Agip Oil Company Limited as part of its expansion strategy.

The latest addition solidifies the company’s strategic entry into the Angolan oil and gas sector and represents a significant step in its long-term vision to grow its upstream operations across Africa. It also represents its first operated international upstream joint venture and further strengthens its position as a prominent player in the continent’s energy landscape.

“The execution of this PSC advances our geographic footprint across Africa and reaffirms the commitment to excellence and execution we have repeatedly demonstrated on the continent.

“We bring proven technical expertise to this asset and a clear mandate to create value for our partners and advance Angola’s energy ambitions for the benefit of the continent.

“We look forward to working with ANPG, our co-venturers, and key stakeholders in moving from agreement to action,” the chief executive of Oando, Mr Wale Tinubu, said.

Oando, through its upstream businesses, holds interests in 14 oil and gas assets spanning exploration, development, and production activities, both onshore and offshore, in Nigeria and São Tomé and Príncipe.