Economy
27 Stocks Support Market Growth by N43b
By Dipo Olowookere
The positive momentum on the floor of the Nigerian Stock Exchange (NSE) was further sustained on Thursday.
Equities in the banking space supported the growth recorded today, leaving the nation’s bourse 0.36 percent higher to drop the year-to-date loss down to 1.40 percent.
The All-Share Index (ASI) appreciated by 111.04 percent to finish at 30,989.60 points, while the market capitalisation increased by N43 billion to settle at N11.558 trillion.
A look at the sector performance showed that apart from the industrial index, which went down by 0.97 percent, every other industry closed in the green territory.
The insurance sector was the biggest gainer, growing by 1.10 percent. The Banking sector followed with 0.65 percent rise, consumer goods marginally rose by 0.01 percent, while the oil & gas space appreciated by 0.13 percent.
The market closed with 27 price gainers against 20 price losers today, with Dangote Cement growing by N2 to finish at N192 per share.
GTBank rose by 60 kobo to close at N33.60k per share, while Access Bank garnered 35 kobo to end at N6 per share.
FBN Holdings went up by 20 kobo to finish at N7.60k per share, while Flour Mills appreciated by 15 kobo to settle at N19.60k per share.
At the other side, CCNN closed with the heaviest loss, declining by N1 to finish at N24 per unit.
It was followed by Union Bank, which lost 60 kobo to end at N6.15k per share, and Stanbic IBTC, which fell by 50 kobo to close at N47 per share.
The share value of Julius Berger reduced today by 40 kobo to close at N28 per share, while Fidson went down by 25 kobo to settle at N4.70k per share.
Business Post reports that the volume of equities exchanged today by investors reduced by 28.71 percent from 376.3 million to 268.3 million, while the value increased by 6 percent from N3 billion to N3.2 billion.
Unlike yesterday, Zenith Bank topped the activity chart, closing with a turnover of 36.6 million shares sold for N806.5 million.
It was followed by UBA, which traded 31.6 million equities worth N232.4 million, and FBN Holdings, which transacted 29 million shares for N217.4 million.
FCMB sold 20 million units of its stocks valued at N39 million, while Fidelity Bank exchanged 19.3 million equities worth N44 million.
By Aduragbemi Omiyale
The embargo earlier placed in the trading of Thomas Wyatt Nigeria shares has been lifted by the Nigerian Exchange (NGX) Regulation Limited.
The regulatory subsidiary of NGX Group lifted the suspension on Monday, July 6, 2026, via a notice signed by Bonaventure Onwuji on behalf of the Head of the Issuer Regulation Department of NGX RegCo.
Investors were earlier prevented from buying and selling equities of the organisation after it failed to submit its relevant financial statements as required by the listing rules.
The embargo was placed on October 31, 2025, in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, which provides that if an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.
After filing the results with NGX Limited, and pursuant to Rule 3.3 of the Default Filing Rules, which states that the suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted, the suspension was lifted.
By Adedapo Adesanya
Nigerian domestic oil producer Renaissance Energy has recorded its first major oil discovery since taking over Oil Mining Lease (OML) 74 last year, following the successful drilling of an exploration well offshore Nigeria in a development that could support the country’s efforts to boost crude oil production and replenish reserves.
Preliminary results showed about 1,000 feet (305 metres) of crude oil-bearing reservoirs across seven zones, with data and fluid tests confirming light oil in high-quality reservoirs, Renaissance said in a statement, without providing further details.
OML 74 is a large shallow-water block in the eastern Niger Delta off Nigeria’s coast and holds at least eight previously undeveloped discoveries.
Renaissance, which now owns Shell’s former onshore and shallow-water assets, operates Nigeria’s largest upstream joint venture with 18 oil leases, two export terminals and a FPSO vessel in the oil-rich delta.
Commenting on Tuesday, Mr Tony Attah, the managing director/chief executive of Renaissance, said the discovery reflects the company’s renewed focus on exploration and its commitment to boosting Nigeria’s long-term oil production.
“The success of JK-004, just over one year after assuming operatorship of these assets, demonstrates the strength of our exploration programme,” he said.
He lauded the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), adding that the exploration performance reflected the collaboration with the company’s joint venture partners comprising the Nigerian National Petroleum Company Limited (NNPC), TotalEnergies Limited and Agip Energy and Natural Resources.
He added that the NNPC Group Chief Executive Officer, Mr Bayo Ojulari, and the Executive Vice President, Upstream, Mr Udobong Ntia, provided the needed strategic guidance with commitment for value delivery across the joint venture assets.
On his part, the Vice President of Exploration and Chief Explorer at Renaissance, Mr Johnbosco Uche, said the exploration success was due to the company’s subsurface excellence, technical rigour, and disciplined approach to reserve replacement.
“The JK-004 well provides a strong foundation for accelerated maturation with clear pathways to early development and value realisation,” the Chief Explorer said, adding that the strategic location of JK-004 near an existing field would enable rapid commercialisation.
The chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, described the feat as a perfect alignment with the commission’s vision of growing the nation’s reserves “to future-proof sustainable national growth,” and pledged to continue building the enabling regulatory environment required to support the Nigerian oil and gas industry.
By Aduragbemi Omiyale
The mandatory takeover bid of about 1.63 per cent shares held by minority shareholders of Premier Paints Plc by Xenergi has been launched.
Business Post learned that the exercise will open at 8 am on Monday, July 13, 2026, and close on Friday, August 7, 2026, and it concerns shareholders of Premier Paint, excluding Xenergi Plc, whose names appear in the register of members of Premier Paint on the qualification date, which was Monday, July 6, 2026.
Xenergi is looking to acquire a total of 2 million shares of Premier Paints at N38 per unit, amounting to N76 million.
The reason for this offer is to enable Xenergi comply with Section 142(4) of the ISA Act 2025 and Rules 445 – 448 of the SEC New Rules and Amendment dated August 30, 2021, following its acquisition of a 49.60 per cent majority equity stake in Premier Paint.
On June 8, 2026, Xenergi Plc acquired 61,003,350 ordinary shares in Premier Paint, representing a 49.60 per cent equity stake.
Xenergi Plc and Premier Paint Plc executed a Share Sale and Purchase Agreement detailing the terms and conditions of the acquisition. The acquisition was concluded following receipt of the required regulatory approvals from the Federal Competition & Consumer Protection Commission (FCCPC), the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX) Limited.
In accordance with Section 142(4) of the ISA Act 2025, Xenergi is required to make a takeover bid to all the other shareholders of Premier Paint.
Consequently, on May 25, 2026, the board of Xenergi granted approval for a Takeover to be made to all qualifying shareholders, for the acquisition of the offer shares.
