Economy
Stocks Shed N110bn as Investors Await Buhari’s Team
By Dipo Olowookere
The stock market commenced trading for the new week on a negative note on Monday with a 0.79 percent loss as the wait for news of the release of ministerial list to the Senate for confirmation continues.
During his term in office in 2015, President Muhammadu Buhari waited for nearly six months to announce his cabinet members and this had a negative effect on the economy, which eventually slipped into recession some months later.
On May 29, 2019, Mr Buhari was sworn into office for a second term, having emerged winner of the keenly contested presidential election held in February.
Nearly two months after he officially commenced the second part of his 8-year rule as President of Nigeria and barely five months after he won the election, Mr Buhari is yet to announce those who will help him achieve his ‘next level’ campaign slogan. Last week, he was reported to have asked the Senate for more time to choose those he personally knows well into his cabinet.
As investors await his team, the stock market continues to bleed further as evident in the year-to-date loss yesterday, which extended to 9.83 percent.
Business Post reports that the All-Share Index (ASI) depreciated by 228.76 points to finish at 28,341.03 points, while the market capitalisation reduced by N110 billion to close at N13.812 trillion.
The negative sentiment on Monday was hugely impacted by the performance of 21 counters which declined during the day as against the 10 price gainers recorded at the session.
Total Nigeria topped the losers’ chart yesterday with a price depreciation of N10 to settle at N130 per unit. Dangote Cement, which followed, went down by N3 to finish at N170 per share.
GTBank lost 90 kobo to end at N29 per share, MTN Nigeria fell by 65 kobo to close at N129 per share, while Eterna declined by 25 kobo to settle at N3.40k per unit.
At the other end, Nestle Nigeria emerged the best performing stock at the market on Monday, appreciating by N33 to finish at N1228 per unit.
Nigerian Breweries gained 50 kobo to close at N58.50k per share, while Conoil increased its share value by 40 kobo to settle at N20.40k per share.
In addition, Vitafoam garnered 16 kobo to finish at N3.70k per unit, while Dangote Flour went up by 10 kobo to close at N17.50k per share.
At the market yesterday, investors transacted a total of 175.2 million shares worth N2.2 billion executed in 3,111 deals, with Waic Insurance emerging as the most traded with a total of 42 million units sold for N16.8 million.
UBA traded 24.2 million shares worth N142 million, GTBank sold 16 million equities valued at N478.8 million, LASACO Assurance exchanged 15.1 million shares for N4.7 million, while Transcorp transacted 14.6 million equities worth N15 million.
By Aduragbemi Omiyale
The Debt Management Office (DMO) on Monday allotted bonds worth N929.3 billion to investors from the N1.7 trillion bids it received from subscribers.
The exercise, which took place on Monday, July 20, 2026, was oversubscribed by market participants, reflecting the confidence investors have in the government’s ability to redeem the debt instrument on maturity.
On offer for sale for the July auction was N1.2 trillion worth of the FGN bonds, but the DMO allotted below this, despite receiving bids above the offer.
The papers were offered in 10-year, 15-year, and 20-year tenors, at N400 billion each.
For the decade-old note, investors staked N444.47 billion, but the debt office sold N245.73 billion at an 18.34 per cent coupon rate. For the one and a half-decade-old paper, bids valued at N518.00 billion were received by the DMO, with a non-competitive bid of N50.00 billion, with N302.13 billion allotted to investors at 18.40 per cent, and for the two-decade paper, the DMO got competitive bids of N665.19 billion and N381.46 billion was sold to bondholders at 18.35 per cent.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, disclosed that Nigeria’s external reserves had risen to $52.5 billion, enough to finance about nine months of imports.
He disclosed this on Tuesday at the end of the 306th meeting of the Monetary Policy Committee (MPC) held in Abuja, where the Monetary Policy Committee (MPC) retained the benchmark interest rate at 26.50 per cent as well as the standing facilities corridor at +50/-450 basis points around the MPR.
Similarly, the Cash Reserve Requirement (CRR) was maintained at 45 per cent for Deposit Money Banks, 16 per cent for Merchant Banks, and 75 per cent for non-Treasury Single Account (TSA) public sector deposits.
Speaking on FX developments, the central banker said at the $52 billion level, the country’s external reserves were significantly above the internationally recommended threshold of three months of import cover.
On the Naira exchange rate, Mr Cardoso said the foreign exchange market had deepened and was now operating on a transparent willing-buyer, willing-seller basis.
He said the apex bank remained committed to maintaining a liquid and functional foreign exchange market, adding that daily market turnover sometimes exceeded $1 billion.
According to him, the long-term stability of the naira would depend on key economic fundamentals, including increased oil exports, foreign direct investment, and improved domestic productivity to reduce dependence on imports.
He also added that the MPC welcomed the federal government’s renewed commitment to stronger policy coordination, particularly collaboration between fiscal and monetary authorities, which he said had helped reduce the impact of the Middle East crisis on the Nigerian economy.
Mr Cardoso said members of the committee also commended efforts to improve crude oil production and urged relevant agencies to intensify reforms in other sectors, including solid minerals, to boost government revenue.
On the regulatory forbearance granted to banks during the COVID-19 period, he reiterated that this had been discontinued because it had served its purpose.
According to him, the policy had “outlived its time” and was no longer necessary in assessing the health of the banking sector.
“Forbearance, we felt, had outlived its time. Many of you will recall this is something that came as a result of COVID. And now we are in 2026; we did not see the reason why that should continue to form part of the analysis of the banking system,” he said.
Mr Cardoso explained that banks had begun recalibrating their portfolios following the end of the policy, leading to a temporary reduction in outstanding risk assets.
He, however, assured that the development was part of a transition towards a stronger and more sustainable credit environment.
“It reflects a transition to a more sustainable and better quality credit environment, which is what we all want. We don’t want unanticipated shocks that come in a boom-and-bust fashion,” he said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its recent positive run by 1.17 per cent on Tuesday, July 21, triggered by appreciation seen in four bellwethers.
Leading the pack was FrieslandCampina Wamco Nigeria Plc, which added N12.00 to its value to close at N153.15 per share compared with the previous day’s N141.15 per share. NASD Plc appreciated by N1.90 to N36.00 per unit from N34.10 per unit, Food Concepts Plc improved by 23 Kobo to N2.48 per share from N2.25 per share, and Afriland Properties Plc grew by a marginal 1 Kobo to N15.01 per unit from N15.00 per unit.
As a result, the market capitalisation of the bourse increased by N30.40 billion to N2.637 trillion from Monday’s N2.606 trillion, and the NASD Security Index (NSI) gained 50.70 points to finish at 4,393.97 points, in contrast to the 4,343.27 points it ended a day earlier.
The unlisted securities exchange recorded a price loser yesterday, and it was Geo-Fluids Plc, which shed 1 Kobo to settle at N2.30 per share versus N2.31 per share.
During the trading day, the volume of securities traded by market participants on Tuesday dropped 99.4 per cent to 322,147 units from the previous day’s 52.6 million units, the value of securities dipped by 89.8 per cent to N19.4 million from the preceding session’s N191.2 million, and the number of deals contracted by 3.6 per cent to 27 deals from 28 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units transacted for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 75.4 million units exchanged for N5.3 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
