Economy
UBA, MTN Nigeria Take Charge as NGX Index Rises 1.45%
By Dipo Olowookere
The bullish momentum at the Nigerian Exchange (NGX) Limited continued on Tuesday with a further 1.45 per cent growth at the close of transactions by 2:30 pm.
This was influenced by sustained bargain-hunting activities by investors, implying an expression of confidence in local equities, which underwent selling pressure a few sessions ago after the Central Bank of Nigeria (CBN) raised the interest rate by 4.00 per cent to 22.75 per cent.
Traders showed strong interest in banking stocks, resulting in the index rising by 4.54 per cent when trading activities closed for the session.
The insurance sector grew by 0.98 per cent, the industrial goods counter appreciated by 0.18 per cent, and the energy space increased by 0.10 per cent, while the consumer goods sector witnessed profit-taking, resulting in a 0.37 per cent loss.
But this did not affect the outcome of the market, as the All-Share Index (ASI) soared by 1,479.60 points to 103,524.44 points from 102,044.84 points, and the cumulative value of bourse stretched by N837 billion to N58.534 trillion from N57.697 trillion.
Today, traders traded 565.8 million shares worth N14.2 billion in 11,519 deals compared with the 436.9 million shares valued at N17.1 billion transacted in 11,344 deals yesterday, representing a decline in the value of transactions by 17.00 per cent, and a jump in the volume of trades and the number of deals by 29.50 per cent and 1.54 per cent, respectively.
Unlike the preceding day, Transcorp was investors’ toast at the exchange on Tuesday after it traded 170.7 million equities valued at N3.1 billion, Access Holdings transacted 48.6 million shares worth N1.1 billion, GTCO exchanged 39.0 million stocks for N1.7 billion, Jaiz Bank sold 36.8 million shares for N72.5 million, and UBA traded 32.0 million equities valued at N796.2 million.
Business Post reports that investor sentiment remained strong during the session, with a positive market breadth index after 35 stocks ended on the gainers’ table and 14 stocks closed on the losers’ chart.
UBA gained 10.00 per cent to sell for N25.30, MTN Nigeria appreciated by 9.98 per cent to N243.50, Julius Berger advanced by 9.71 per cent to N61.00, Access Holdings surged by 9.51 per cent to N22.45, and Veritas Kapital moved up by 9.38 per cent to 70 Kobo.
On the other side of the coin, Tantalizers declined by 7.89 per cent to trade at 35 Kobo, NASCON slumped by 6.77 per cent to N53.70, Morison Industries deflated by 6.62 per cent to N1.41, C&I Leasing receded by 6.45 per cent to N3.48, and Cutix crashed by 6.30 per cent to N2.53.
By Adedapo Adesanya
Seplat Energy Plc has completed the conversion of its operated onshore oil and gas assets to the fiscal regime of Nigeria’s Petroleum Industry Act (PIA), marking a major regulatory milestone for the company.
In a statement issued on Tuesday, the dual-listed Nigerian energy firm said its subsidiaries, Seplat West Limited and Seplat East Onshore Limited, finalised the conversion from the former Petroleum Profits Tax framework to the PIA regime following the fulfilment of all technical and regulatory requirements.
The PIA, signed into law in August 2021, was introduced to modernise governance, improve transparency, attract investment, and make Nigeria’s petroleum fiscal framework more competitive globally.
The conversion covers assets previously held under Oil Mining Leases (OMLs) 4, 38, 41 and 53. During the first nine months of 2025, these assets recorded an average working interest production of 42,591 barrels of oil equivalent per day, accounting for approximately 31 per cent of Seplat’s total output.
According to the company listed on both the Nigerian Exchange Limited and the London Stock Exchange, the PIA framework is expected to support increased investment, production growth and improved operational efficiency. The anticipated impact of the conversion had already been factored into Seplat’s medium-term guidance presented at its Capital Markets Day in September 2025.
Seplat noted that it executed Conversion Contracts with its joint venture partners in February 2023 and has since worked closely with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to complete the process. New Petroleum Mining Lease (PML) and Petroleum Prospecting Licence (PPL) numbers have now been issued, with PIA-based operations expected to commence from January 1, 2026, subject to regulatory guidance.
Commenting on the development, Chief Executive Officer Roger Brown said the successful conversion reflects the company’s commitment to regulatory compliance and value creation.
“Conversion to the PIA fiscal regime has been an important focus for Seplat, and we are delighted to have delivered, alongside our respective joint venture partners, the conversion of our onshore operated assets within the timeline outlined at our recent Capital Markets Day,” Mr Brown said.
He added that the transition positions the company for improved profitability and stronger cash flow margins in its onshore business.
Seplat also disclosed that it is continuing efforts to convert its offshore assets to the PIA regime, with a target completion date of 2027.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.16 per cent on Monday, December 22 as investors showed hunger for unlisted stocks.
Trading data showed that the volume of securities traded at the session surged by 532.9 per cent to 12.6 million units from the previous 1.9 million units, as the value of transactions jumped by 64.3 per cent to N713.6 million from N80.3 million, though the number of deals moderated by 13.5 per cent to 32 deals from the 37 deals recorded in the previous trading session.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, followed by Okitipupa Plc with 178.9 million units worth N9.5 billion, and MRS Oil Plc with 36.1 million units transacted for N4.9 billion.
InfraCredit Plc also finished the trading day as the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with the sale of 1.2 billion units for N420.7 million, and Impresit Bakolori Plc with a turnover of 537.0 million units valued at N524.9 million.
The unlisted securities market printed a price loser, FrieslandCampina Wamco Nigeria Plc, which dropped 20 Kobo to sell at N53.80 per share versus last Friday’s closing price of N54.00 per share.
However, the loss was offset by the trio of NASD Plc, Golden Capital Plc, and UBN Property Plc.
NASD Plc gained N5.00 to close at N60.00 per unit versus N55.00 per unit, Golden Capital Plc appreciated by 77 Kobo to N8.45 per share from N7.68 per share, and UBN Property Plc improved by 22 Kobo to N2.43 per unit from N2.21 per unit.
As a result, the market capitalisation increased by N3.38 billion to N2.125 billion from N2.121 trillion, and the NASD Unlisted Security Index (NSI) grew by 5.65 per cent to 3,552.06 points from 3,546.41 points.
By Dipo Olowookere
The bulls remained on the floor of the Nigerian Exchange (NGX) Limited on Monday, rallying by 0.26 per cent at the close of transactions.
This was buoyed by the gains recorded by 34 equities on Nigeria’s stock exchange, which outweighed the losses posted by 20 equities, indicating a positive market breadth index and strong investor sentiment.
Aluminium Extrusion gained 9.72 per cent to quote at N13.55, International Energy Insurance improved by 9.69 per cent to N2.49, Mecure Industries rose by 9.64 per cent to N60.30, Royal Exchange expanded by 9.60 per cent to N1.94, and Austin Laz grew by 9.50 per cent to N2.65.
On the flip side, Custodian Investment depleted by 10.00 per cent to N35.10, ABC Transport crashed by 10.00 per cent to N3.15, Prestige Assurance weakened by 7.41 per cent to N1.50, and Guinea Insurance slipped by 7.38 per cent to N1.13.
During the session, investors traded 451.5 million shares worth N13.0 billion in 33,327 deals compared with the 1.5 billion shares valued at N21.8 billion transacted in 25,667 deals in the preceding session, showing spike in the number of deals by 29.84 per cent, and a decline in the trading volume and value by 69.90 per cent and 40.37 per cent apiece.
The first trading session of the Christmas week had Tantalizers as the most active with 50.2 million units sold for N127.5 million, First Holdco transacted 32.6 million units worth N1.5 billion, Access Holdings exchanged 27.3 million units valued at N562.3 million, Custodian Investment traded 22.1 million units for N857.8 million, and Chams transacted 21.3 million units valued at N71.1 million.
When the closing gong was struck at 2:30 pm to end trading activities, the All-Share Index (ASI) was up by 401.69 points to 152,459.07 points from 152,057.38 points and the market capitalisation went up by N256 billion to N97.193 trillion from N96.937 trillion.
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