By Dipo Olowookere

The level of activity on the floor of the Nigerian Exchange (NGX) Limited waned last week after market participants bought and sold 3.748 billion shares worth N99.865 billion in 237,179 deals compared with the 4.607 billion shares valued at N130.636 billion traded in 263,439 deals in the preceding week.

It was observed that the financial services sector recorded a turnover of 1.742 billion stocks worth N44.893 billion executed in 90,589 deals, contributing 46.49 per cent and 44.95 per cent to the total trading volume and value, respectively.

The services industry transacted 707.617 million shares worth N4.379 billion in 18,322 deals, and the ICT space exchanged 303.216 million equities for 5.932 billion in 24,107 deals.

The trio of Secure Electronic Technology, Tantalizers, and Access Holdings accounted for 734.086 million units worth N5.720 billion in 15,726 deals, contributing 19.59 per cent and 5.73 per cent to the total trading volume and value apiece.

Business Post reports that 58 equities appreciated in the week versus 80 equities in the previous week, 40 stocks depreciated compared with the 17 stocks recorded a week earlier, and 50 shares closed flat, same as the preceding week.

Deap Capital led the gainers’ chart after chalking up 60.09 per cent to close at N7.14, SCOA Nigeria appreciated by 59.73 per cent to N23.80, NCR Nigeria expanded by 46.36 per cent to N188.15, Zichis grew by 44.75 per cent to N2.62, and DAAR Communications jumped by 451.67 per cent to N1.53.

Conversely, Eterna led the losers’ log with a decline of 11.92 per cent to trade at N28.45, Secure Electronic Technology lost 10.19 per cent to finish at 97 Kobo, Industrial and Medical Gases declined by 9.95 per cent to N34.85, Aluminium Extrusion slumped by 9.95 per cent to N17.20, and UPDC went down by 8.06 per cent to N5.70.

In the week, which was battered by profit-taking, the All-Share Index (ASI) was down by 0.39 per cent to 165,512.18 points and the market capitalisation depreciated by 0.37 per cent to N105.959 trillion.

Similarly, all other indices finished lower apart from the energy, Lotus ll, growth, and commodity indices, which appreciated by 1.36 per cent, 0.37 per cent, 6.27 per cent and 0.79 per cent, respectively.

By Adedapo Adesanya

The presidency says the chief executive of Shell Plc, Mr Wael Sawan, has pledged to invest an additional $20 billion in the Nigerian energy sector.

According to a Monday statement signed by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, the Shell chief, during a meeting with President Bola Tinubu at the Presidential Villa, praised the government’s leadership for creating a healthy climate for investments to thrive and restoring investor confidence.

The statement said Shell is deepening and expanding its investments in Nigeria, and is ready, alongside its partners,, primarily because of the robust and bold leadership of the President.

He emphasised that Nigeria, under the Tinubu administration, is one of the countries attracting significant investment from global oil companies.

Highlighting Shell’s recent investments, such as $5 billion in Bonga North, $2 billion in HI, and the gas project to NLNG, Sawan stated that the corporation is committed to long-term investments in the country, underscoring the stable economic environment.

“We have really been in a space where we are very keen to invest in Nigeria. But I would say this has not always been the case. Your leadership and your vision have created an investment climate over the last few years that, I will be very honest with you, propelled us to invest, in particular, also as we compare to other investments around the world,” he said.

“Stability in today’s environment will honestly have a premium for corporates because we are investing not for one administration or five or 10 years, we want to invest for 20, 30, 40 years and in the case of Nigeria, for many, many decades.”

Speaking on the expansion of Shell’s investments in Nigeria, Mr Sawan said the corporation has also deepened its interest in Block OML 118, the Bonga Block.

“Total Energies was selling, so we bought it because we want to deepen further. But that, we think, is not enough. We think there is more to invest here, and we understand the vision that you have for the country. And so we are indeed working on a project, Bonga Southwest, that could, if we reach an FID stage, see us, with our partners, invest around $20 billion in foreign direct investment, half of which will be capital,” he said.

“Your Excellency, to Bonga Southwest, that huge project, I would like to thank you. I want to thank you for the leadership you have shown there to be able to provide the incremental incentives that are now getting us line of sight to an investment in this project with our partners,” the Shell Chief Executive thanked the President.

He also commended the President’s team, describing them as outstanding professionals.

“And that leadership, I would also say, has put many of the people that we are working with, your team, are amongst the best that we are dealing with anywhere in the world,” he concluded.

At the meeting, President Tinubu approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep offshore oil project by Shell and its partners.

The President also directed his Special Adviser on Energy, Mrs Olu Arowolo-Verheijen, to facilitate the gazette of the incentives in line with Nigeria’s existing legal and fiscal framework.

“My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration,” President Tinubu added.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange suffered its fifth decline for this week on Friday after it closed lower by 0.09 per cent, with the Unlisted Security Index (NSI) down by 8.91 points to 3,639.10 points from 3,642.22 points and the market capitalisation declining by N1.86 billion to end N2.177 trillion compared with the previous day’s N2.179 trillion.

Yesterday, the bourse recorded three price losers led by NASD Plc, which crumbled by N4.00 to close at N55.00 per share compared with the previous day’s N59.00 per share, as FrieslandCampina Wamco Nigeria Plc depreciated by 68 Kobo to N66.23 per unit from Thursday’s closing price of N66.91 per unit, as Mass Telecom Innovation Plc lost 4 Kobo to end at 40 Kobo per share versus the preceding day’s 44 Kobo per share.

On the flip side, there were two price gainers led by Central Securities Clearing System (CSCS) Plc, which added 21 Kobo to close at N40.81 per unit compared with the previous session’s N40.60 per share and UBN Property Plc, which improved by 10 Kobo to N2.09 per share from N1.99 per share.

During the session, the level of activity increased as the the volume of transactions surged by 255.7 per cent to 10.2 million units from 2.9 million units, the value of trades soared by 122.0 per cent to N189.5 million from N85.4 million, and the number of deals increased by 22.5 per cent to 49 deals from the previous day’s 40 deals.

When the bourse ended for the day, CSCS Plc remained the most traded stock by value on a year-to-date basis with 10.5 million units worth N427.7 million, trailed by FrieslandCampina Wamco Nigeria Plc with 893,553 units traded for N60.1 million, and MRS Oil Plc with 291,801 units valued at N58.3 million.

However, CSCS Plc took over as the most active stock by volume on a year-to-date basis with 10.5 million units old for N427.7 million, as Geo-Fluids Plc slipped to second place with 7.7 million units worth N52.4 million, and Mass Telecom Innovation Plc occupied the third spot with 6.2 million units transacted for N2.5 million.