Economy
Investors Lose N113bn as Blood Flows to Stock Market
By Dipo Olowookere
The stock market in Nigeria reacted negatively to the shooting of peaceful protesters at the Lekki area of Lagos State on Tuesday night by the Nigerian Army.
For about two weeks, some youths in the country have staged protests across the country, calling for police reform and an end to bad governance.
Efforts to get them off the streets were futile and yesterday, some men of the Nigerian forces opened fire on demonstrators at the Lekki Toll Plaza, who had remained peaceful since the protest began.
On Wednesday, at the Nigerian Stock Exchange (NSE), investors, who were keeping a tab on happenings in the country, especially in Lagos, where the bourse is headquartered, embarked on a selloff.
Despite the 24-hour curfew imposed on the state by Governor Babajide Sanwo-Olu, some hoodlums went on a rampage this morning, destroying some government and private properties, including the City Mall, bus stations, the Oba of Lagos palace, Television Continental (TVC) head office, the family house of Governor Sanwo-Olu and others.
The events led to the panic button pressed by market participants at the exchange, who reduced the stocks in the portfolio for cash and watch things from the sidelines.
At the close of transactions, the value of the stock market reduced by N133 billion to N14.870 trillion from N14.983 trillion, while the All-Share Index (ASI) went down by 216.33 points to 28,449.49 points from 28,665.82 points.
Business Post reports that 326.6 million stocks worth N4.2 billion were transacted today in 4,367 deals compared with 297.3 million shares worth N2.9 billion traded in 4,736 deals recorded on Tuesday.
UBA was the most traded stock at the midweek session, trading 40.3 million units worth N272.2 million and was trailed by Zenith Bank, which transacted 39.6 million units valued at N800.9 million.
In addition, GTBank exchanged 38.2 million stocks worth N1.1 billion, Transcorp traded 31.2 million equities valued at N18.7 million, while FBN Holdings exchanged 30.0 million shares valued at N181.0 million.
On the price movement chart, MTN Nigeria ended the session as the worst-performing stock, losing N2 to finish at N138 per unit, while Guinness Nigeria lost N1 to close at N16 per share.
Lafarge Africa depreciated by 80 kobo to settle at N17.30 per unit, Ardova also declined by 80 kobo to sell for N11.90 per share, while Julius Berger depreciated by 55 kobo to close at N16.80 per unit.
Business Post reports that the market recorded four price gainers today and they were led by Nigerian Breweries, which appreciated by 50 kobo to trade at N52 per unit.
Portland Paints gained 5 kobo to settle at N2.05 per unit, Wapic Insurance appreciated by 4 kobo to quote at 44 kobo per unit, while UAC Property grew by one kobo to close at 82 kobo per share.
A look at the sectorial performance showed that apart from the insurance sector, which gained 0.57 per cent, every other sector closed in the red territory.
The banking index depreciated by 1.70 per cent, the industrial goods counter lost 0.34 per cent, the energy index declined by 0.30 per cent, while the consumer goods space lost 0.13 per cent.
By Dipo Olowookere
The presence of the bulls further strengthened the Nigerian Exchange (NGX) Limited on Tuesday, as the performance indices further gained 0.19 per cent.
The nation’s stock market survived profit-taking witnessed in the banking sector during the session, which crashed its index by 0.02 per cent.
This loss was offset by the gains recorded by the other sectors, with the insurance segment chalking up 0.49 per cent. The consumer goods space appreciated by 0.47 per cent, the industrial goods counter expanded by 0.04 per cent, and the energy sector rose by 0.03 per cent.
At the close of business, the All-Share Index (ASI) was elevated by 475.60 points to 246,659.56 points from 246,183.96 points, and the market capitalisation improved by N307 billion to N159.119 trillion from N158.812 trillion.
The market breadth index was positive yesterday after the bourse finished with 34 price gainers and 22 price losers, implying strong investor sentiment.
UPDC REIT grew by 9.86 per cent to N11.70, Thomas Wyatt advanced by 9.73 per cent to N3.72, Ikeja Hotel climbed 9.53 per cent to N46.55, The Initiates went up by 9.52 per cent to N33.95, and Neimeth increased by 9.47 per cent to N9.25.
Conversely, Mecure depreciated by 9.95 per cent to N76.95, Haldane McCall dropped 9.86 per cent to trade at N3.29, CMFC declined by 9.85 per cent to N3.02, Trans-Nationwide Express lost 9.68 per cent to close at N2.80, and Academy Press shrank by 9.38 per cent to N5.80.
The activity level was mixed during the session, as investors traded 932.5 million equities worth N49.3 billion in 50,059 deals versus the 851.6 million equities valued at N49.6 billion transacted in 56,873 deals a day earlier.
This showed that the trading volume soared by 9.50 per cent, the trading value moderated by 0.61 per cent, and the number of deals retreated by 11.98 per cent.
The busiest equity for the day was Access Holdings, which sold 336.6 million units for N8.7 billion. FCMB exchanged 88.8 million units worth N1.0 billion, First Holdco transacted 72.7 million units valued at N7.7 billion, Zenith Bank traded 37.4 million units for N4.4 billion, and UBA transacted 32.1 million units worth N1.5 billion.
By Aduragbemi Omiyale
Thirty-one companies on Tuesday emerged as winners of the 2025 licensing round of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The energy firms competed to take control of 50 oil and gas blocks put on offer by the Nigerian government.
They were among the 143 companies that submitted 200 bids for the oil facilities drawn from diverse terrains, including the Niger Delta Onshore, Niger Delta Shallow Water, Niger Delta Deep Offshore, Benin Basin Onshore, Anambra Basin Onshore, Chad Basin Onshore and Benue Trough.
Business Post gathered that investors, however, were only interested in 37 out of the 50 oil blocks put up for sale by the NUPRC. This is the first time in Nigeria’s energy history that frontier basins would attract such a level of investor interest.
The organisations that won the bids include SSonic Petroleum Limited (PPL 2A29), CFP Pipeline and Flowlines (2A30), Dutchford E&P Limited (2A32), Attabanson Global Company Limited (2A33 and PPL 901), Rosem Energy Limited (2A38), Pivot-GIS Limited (2A39), Network E&P (2A40), Asharami (2A41), LexOil (2A42), BVOF (2A43), GupscoEnergy Limited (2A44 and 2A51), Saratoga (2A45), Volante (2A46), Concept-Reel Petroleum Services Limited (2A47 and 2A55), Clinton Oil Field (2A48 and 2A62) and Nuway Oaklane Limited (2A49).
Others are Ramec (2A50), Italia (2A53), Blueridge E&P (2A54), Up Energies Limited (2A56), AYM Shafa (2A57), Blackrock Holdings Limited (2A58), Funtay Integrated Business Limited (2A59), Riparian Development and Production Limited (2A60), Nikstallis (2A61 and PPL 900), Stardeep Petroleum (PPL 2010), Dakoda & U Limited (PPL308 and PPL 800), Southborne Oil and Gas Limited (PPL 902), Lanaka Petroleum (PPL 903) HighbanResources Limited (PPL 700), Eyre Energy Limited (PPL 801).
By Adedapo Adesanya
Oil prices rose roughly 2 per cent on Tuesday as investors reacted to mounting concerns that escalating hostilities between the United States and Iran and threats by Yemen’s Houthis to blockade Saudi Arabia could disrupt global energy supplies.
Brent futures rose $1.79 or 2.0 per cent to $91.01 a barrel, while the US West Texas Intermediate (WTI) crude gained $1.68 or 2.0 per cent to settle at $84.91 per barrel.
US forces bombed targets in the south and west of Iran while Iran targeted American sites in Bahrain, Kuwait and Jordan and at least one tanker was hit in the Strait of Hormuz.
Supply concerns resurfaced with the Strait essentially closed again and tanker traffic at multi-month lows, to the level from before the ceasefire between the US and Iran, which appears to be over at the moment.
Prices could go much higher if the renewed conflict drags on for a few more months, as the world has now drained a lot of the buffers that had kept oil surges in check between March and May.
Drained strategic and commercial inventories in many key oil-consuming economies, including the US, are setting the stage for further oil price rallies during the busiest oil demand season.
The just-declared Houthi blockade on Saudi maritime shipping has already begun to witness ill-effects, as reports emerge of two oil tankers having made U-turns while initially en route toward the Suez Canal. It was reported that their crews received threats from Houthi militants in Yemen.
The two oil tankers, which loaded Saudi crude for China and India, made U-turns in the Red Sea and headed toward the Suez following the warning from the militia.
Meanwhile, Kuwait’s power and desalination plants caught fire for a second straight day as US and Iran traded strikes for a tenth day.
As Russia’s war with Ukraine expands beyond Ukraine’s borders, the Caspian Pipeline Consortium (CPC) has stopped receiving oil from Kazakhstan after suspending loadings on Monday due to attacks on oil tankers at its Black Sea terminal.
