Economy
Nigerian Equity Market Extends Rally by 0.58% Amid Weak Sentiment
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited consolidated its gains on Thursday with a 0.58 per cent appreciation amid weak investor sentiment triggered by a further rise in inflation.
The National Bureau of Statistics (NBS) yesterday said the average prices of goods and services increased by 29.90 per cent in January 2024 compared with 28.92 per cent in December 2023.
The rising food prices in the country were attributed to this, and this development only makes investors continue to shop for asset classes that can beat the high inflation rate.
This affected the level of activity at the equity market on Thursday as the trading volume, value and the number of deals waned by 33.36 per cent, 42.98 per cent, and 5.62 per cent, respectively.
Business Post reports that traders bought and sold 284.5 million equities worth N6.9 billion in 8,168 deals versus the 426.9 million equities worth N12.1 billion traded a day earlier in 8,654 deals.
The busiest stock for the day was GTCO with a turnover of 56.6 million units valued at N2.2 billion, followed by Transcorp with the sale of 33.2 million units worth N418.3 million, UBA exchanged 18.4 million units for N453.0 million, Mutual Benefits transacted 16.8 million units worth N11.5 million, and AXA Mansard traded 12.5 million units valued at N75.6 million.
Investor sentiment was weak yesterday as the bourse closed with 26 price losers and 24 price gainers, implying a negative market breadth index.
The biggest price gainer was University Press, growing by 9.96 per cent to N2.87 trailed by Juli, which soared by 9.84 per cent to N1.34. Mutual Benefits appreciated by 9.38 per cent to 70 Kobo, DAAR Communications expanded by 8.82 per cent to 74 Kobo, and Honeywell Flour increased by 7.50 per cent to N4.30.
Conversely, Unilever Nigeria was the biggest price loser after it shed 9.80 per cent to close at N16.10, Julius Berger declined by 9.64 per cent to N50.60, Morison Industries crashed by 9.60 per cent to N2.73, May & Baker decreased by 6.52 per cent to N6.45, and NASCON went down by 5.37 per cent to N59.05.
The banking sector suffered a loss of 1.32 per cent during the session, though this did not affect the outcome of the market.
This was because the industrial goods space jumped by 1.95 per cent, the consumer goods index improved by 0.22 per cent, and the insurance counter gained 0.18 per cent, while the energy sector closed flat.
As a result, the All-Share Index (ASI) moved up by 601.72 points to 104,100.00 points from 103,498.28 points, as the market capitalisation surged by N329 billion to N56.962 trillion from N56.633 trillion.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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