By Dipo Olowookere

Nigerian stocks rallied on Thursday after finishing the trading session in the green territory by 0.19 per cent on the back of sustained buying pressure.

The industrial goods index appreciated during the session by 1.16 per cent, the consumer goods counter expanded by 0.90 per cent, and the insurance sector gained 0.24 per cent.

However, the energy and banking sectors gave up 1.19 per cent and 0.47 per cent, respectively to profit-taking yesterday, though they could not drag the market down.

As a result, the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited increased by 194.69 points to 104,744.43 points from 104,549.74 points and the market capitalisation gained 0.54 per cent or N347 billion to close at N64.868 trillion compared with midweek’s N64.521 trillion.

Investor sentiment was strong yesterday after the bourse ended with 39 advancers and 25 laggards, representing a positive market breadth index.

The duo of Honeywell Flour and Chellaram appreciated by 10.00 per cent each to settle at N9.35 and N5.94, respectively, Northern Nigeria Flour Mills gained 9.98 per cent to trade at N55.10, SAHCO rose by 9.89 per cent to N40.00, and Red Star Express jumped by 9.89 per cent to N5.00.

On the flip side, Guinea Insurance depreciated by 10.00 per cent to 72 Kobo, RT Briscoe slumped by 9.70 per cent to N2.70, Veritas Kapital lost 9.30 per cent to quote at N1.17, May and Baker tumbled by 8.95 per cent to N8.65, and DAAR Communications slipped by 7.14 per cent to 78 Kobo.

A total of 497.4 million stocks worth N11.8 billion exchanged hands in 13,716 deals during the session versus the 421.6 million stocks valued at N15.0 billion transacted in 16,256 deals on Wednesday, implying a rise in the trading volume by 17.98 per cent, a decline in the trading value by 21.33 per cent and a drop in the number of deals by 15.63 per cent.

FBN Holdings was the busiest equity on Thursday with a turnover of 83.1 million shares valued at N2.4 billion, Veritas Kapital traded 40.0 million stocks for N46.9 million, Universal Insurance transacted 26.8 million equities worth N19.2 million, Fidelity Bank exchanged 24.8 million stocks for N481.0 million, and FCMB sold 22.5 million equities worth N249.3 million.

By Adedapo Adesanya

The Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo, has urged Seplat Energy Producing Nigeria Unlimited (SEPNU) to develop a positive relationship with its host communities to accelerate its natural gas delivery efforts for domestic use and export.

Speaking during a meeting with Seplat’s senior management, led by Managing Director Mr Dotun Isiaka, at the NNPC Towers office in Abuja, Mr Ekpo commended the oil major over the successful takeover of ExxonMobil assets and expressed optimism about their potential to expedite Gas Sales Agreements (GSAs) negotiations and execution.

The Minister emphasized the importance of Seplat working harmoniously with its host communities to deliver value to all stakeholders and solidify its position as a leading independent indigenous energy company.

These agreements are crucial for catalyzing the gas industry and delivering much-needed natural gas to the nation through priority projects.

He also urged Seplat to remain committed to its project timelines, stressing that adherence to these timelines is critical for the successful execution of their projects to deliver the desired positive results to the Nation’s economy.

He noted that the company’s success would be instrumental in aligning with Nigeria’s goal of leveraging its abundant gas resources to drive economic growth and development.

The Gas Minister lamented Nigeria’s situation as a major gas-endowed nation with alarmingly low natural gas utilisation, saying operators like SEPNU should partner with the Government to correct the trend.

Mr Ekpo emphasized the government’s commitment to promoting indigenous participation in the oil and gas sector, driving economic growth through sustainable energy development, and fostering a conducive environment for investment.

He expressed his willingness to collaborate with Seplat Energy to overcome legislative and regulatory hurdles, such that would enhance the company’s ability to deliver natural gas to the Country.

On his part, Seplat Energy’s Managing Director, Mr Dotun Isiaka, assured that the company has engaged potential off-takers for natural gas from their assets.

Mr Isiaka solicited the Minister’s cooperation to overcome legislative and regulatory challenges, which would facilitate their operations and enable them to meet their targets for major gas projects.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.19 per cent on Wednesday, January 29 after the share prices of stocks closed higher.

Okitipupa Plc gained N5.79 at midweek to close at N63.75 per unit compared with Tuesday’s value of N57.96 per unit, UBN Property Plc expanded by 18 Kono to trade at N2.02 per share versus the preceding day’s N1.84 per share, and Industrial and General Insurance (IGI) Plc jumped by 2 Kobo to finish at 42 Kobo per unit, in contrast to 40 Kobo per unit.

At the close of business, the value of the bourse increased by N3.33 billion to N1.769 trillion from N1.766 trillion and the NASD Unlisted Security Index (NSI) went up by 20.05 points to 3,123.70 points from the 3,117.82 points quoted at the recent session.

During the trading day, Acorn Petroleum lost 14 Kobo to end at N1.40 per share versus N1.54 per share and FrieslandCampina Wamco Nigeria Plc depreciated by 29 Kobo to N39.68 per unit from N38.97 per unit.

The volume of securities bought and sold on Wednesday increased by 3,193.8 per cent to 14.9 million units from the 460,564 units posted a day earlier, the value of shares traded by investors also went up by 78.6 per cent to N30.1 million from N16.9 million, and the number of deals grew by 33.8 per cent to 28 deals from the 21 deals recorded in the preceding trading session.

The most active stock by volume on a year-to-date basis remained Impresit Bakolori Plc with 406.5 million units worth N386.1 million, followed by Industrial and General Insurance (IGI) Plc with 26.3 million units sold for N6.3 million, and Geo-Fluids Plc with 9.2 million units valued at N44.3 million.

Also, Impresit Bakolori Plc was the most active stock by value on a year-to-date basis with 406.5 million units worth N386.1 million, followed by FrieslandCampina Wamco Nigeria Plc with 4.3 million units valued at N170.4 million, and Geo-Fluids Plc with 9.1 million units sold for N44.3 million.