Economy
Investors Further Mop up Banking Stocks Despite CBN’s Action
By Dipo Olowookere
Over the weekend, there were reports that the Central Bank of Nigeria (CBN) deducted the sum of N1.4 trillion from some banks in the country for Cash Reserve Ratio (CRR) issues. READ IT HERE
When the apex bank took this action, observers said the deduction, which is to control liquidity in the financial system, would affect the lenders and possibly cause investors to selloff their shares at the stock market.
But the reverse seems to be the case because at the Nigerian Stock Exchange (NSE) on Tuesday, banking equities sustained the positive momentum of the bourse.
The equity market closed 0.49 percent higher yesterday, thanks to gains posted by shares in the banking sector.
The index appreciated by 2.83 percent during the session. Another riser on Tuesday was the insurance counter, which gained 0.52 percent, while the consumer goods space rose by 0.32 percent.
Business Post reports that only the industrial goods index and the oil/gas index closed lower yesterday by 0.22 percent and 0.17 percent respectively.
The benchmark index, the All-Share Index (ASI), appreciated on Tuesday by 111.59 points to settle at 22,727.87 points. Also, the market capitalisation increased by N58 billion to finish at N11.845 trillion.
Banking stocks were the most traded during the session, with UBA the most traded individual stock, selling 48.8 million units worth N290.2 million, while FBN Holdings traded 39.1 million units valued at N172.7 million.
Access Bank exchanged 34.1 million shares for N213.8 million, Zenith Bank transacted 27.1 million stocks worth N395.1 million, while FCMB traded 23.7 million equities for N38.2 million.
The volume of shares recorded yesterday increased by 146.6 percent to 266.6 million from 108.1 million of the previous session. Also, the value of stocks went up by 106.56 percent to N2.8 billion from N1.3 billion, while the number of deals rose by 26.98 percent to 4,259 from 3,354.
The market breadth remained positive with 18 price gainers and 10 price losers.
Nestle Nigeria was the highest gainer with N10.20 added to its share value to settle at N920.20 per unit.
GTBank rose by N1 to settle at N21 per share, Zenith Bank gained 65 kobo to sell at N14.85 per unit, Dangote Sugar appreciated by 45 kobo to trade at N12.45 per share, while FCMB gained 10 kobo to finish at N1.70 per unit.
On the flip side, Unilever Nigeria led the losers’ chart after dropping 50 kobo to sell at N10.50 per share.
Lafarge Africa lost 25 kobo to trade at N11.20 per unit, Africa Prudential went down by 22 kobo to trade at N3.48 per share, International Breweries lost 20 kobo to sell at N4.60 per unit, while Caverton declined by 12 kobo to N2.35 per share.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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