Economy
Bargain-Hunting Drives Nigerian Stocks Higher by 0.67%
By Dipo Olowookere
Normalcy was restored to the Nigerian Exchange (NGX) Limited on Tuesday after the previous day’s scare triggered by the alleged invasion of the headquarters of the Central Bank of Nigeria (CBN) for the arrest of the Governor of the bank, Mr Godwin Emefiele, by operatives of the Department of State Services (DSS) over allegations bordering on terrorism financing and others.
The development forced some investors to reduce their exposure to Nigerian stocks, weakening the market by 0.31 per cent at the close of business on Monday.
However, news that the situation was under control and that President Muhammadu Buhari had allegedly asked the secret police to obey a court order, which stopped it from taking any action against the CBN chief, boosted the confidence of investors.
This triggered a bargain-hunting yesterday and raised the local bourse higher by 0.67 per cent when trading activities were wrapped up by 2:30 pm.
Consequently, the All-Share Index (ASI) increased by 352.49 points to 52,701.31 points from 52,348.82 points, and the market capitalisation gained N192 billion to close at N28.705 trillion, in contrast to the previous day’s N28.513 trillion.
Business Post observed that most of the sectors of the exchange performed better on Tuesday, as only the insurance counter closed lower by 0.08 per cent. The consumer goods space gained 0.53 per cent, the banking counter appreciated by 0.19 per cent, the energy index also grew by 0.19 per cent, and the industrial goods sector improved by 0.08 per cent.
A look at the activity chart showed that traders transacted 228.5 million shares worth N4.4 billion in 3,681 deals compared with the 221.9 million shares worth N3.3 billion traded in 5,219 deals on Monday, indicating a decline in the number of deals by 29.47 per cent, an improvement in the volume of trades by 2.99 per cent, and an increase in the value of transactions by 33.33 per cent.
Financial stocks were the most attractive to investors during the session, with Sterling Bank trading 76.7 million units and Chams transacting 17.6 million units. GTCO traded 16.8 million shares, Zenith Bank sold 11.3 million equities, and Royal Exchange transacted 10.7 million stocks.
Investor sentiment was strong yesterday, unlike in the preceding trading day, as the stock market ended with 21 appreciating equities and 15 depreciating equities, indicating a positive market breadth.
UPDC REIT topped the gainers’ chart after its value rose by 10.00 per cent to N3.30, MRS Oil increased by 9.93 per cent to N15.50, Chellarams rose by 9.92 per cent to N1.33, Sunu Assurances appreciated by 8.82 per cent to 37 Kobo, and McNichols grew by 7.02 per cent to 61 Kobo.
Conversely, UPDC topped the losers’ log as it fell by 6.93 per cent to 94 Kobo, Geregu Power dropped 6.71 per cent to N139.00, Linkage Assurance depreciated by 6.38 per cent to 44 Kobo, Royal Exchange declined by 5.26 per cent to 90 Kobo, and PZ Cussons went down by 5.21 per cent to N10.00.
By Aduragbemi Omiyale
Shares of First Holdco Plc worth N45.0 billion issued through a private placement have been listed on the Nigerian Exchange (NGX) Limited.
A circular issued by the Head of Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, disclosed that the equities were admitted for trading at the stock market on Monday.
According to the notice, the additional shares brought for listing to rank pari passu with existing shares of the organisation were 1,021,334,544 units.
These stocks were sold to one of the company’s major shareholders at a unit price of N44.06, amounting to N45.0 billion.
The total issued and fully paid-up shares of First Holdco, as a result of this listing, are now 45,475,027,677 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 1,021,334,544 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, June 22, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 1,021,334,544 ordinary shares of 50 Kobo each at N44.06 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased to 45,475,027,677 ordinary shares of 50 Kobo each from 44,453,693,133 ordinary shares of 50 Kobo each,” the disclosure stated.
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has approved fresh import licences for petrol and diesel for the third quarter of 2026 (July – September) to prevent potential supply shortages in the domestic market.
According to a report by global energy intelligence firm, Argus Media, the latest approvals were issued to major downstream operators amid declining fuel stock levels and concerns over reduced petrol production at the 700,000 barrels per day Dangote Petroleum Refinery in Lagos.
The move comes as Nigeria continues to balance increasing local refining capacity with the need to guarantee adequate supplies of petroleum products across the country.
According to the Argus report, domestic firms, including AA Rano, AYM Shafa, Bono Energy, Nipco, Matrix Energy and Pinnacle Oil, received permits to import Premium Motor Spirit, popularly known as petrol, during the July-September period.
The publication further reported that the same companies, with the exception of Nipco, were granted approvals to import Automotive Gas Oil, commonly known as diesel. The fresh approvals follow an earlier batch of petrol import permits issued by the regulator in May, covering about 720,000 metric tonnes.
Quoting a regulatory source, Argus noted that many of the companies granted the latest approvals were among those that had received permits in previous rounds. “These are some of the same ones that previously received the PMS permits,” the source was quoted as saying.
It was also claimed that AA Rano and Matrix Energy each received approvals to import 180,000 metric tonnes of petrol. AYM Shafa received approval for 120,000 metric tonnes, while Pinnacle Oil received a permit covering 150,000 metric tonnes.
For diesel imports, Argus reported that AYM Shafa obtained a permit for 60,000 metric tonnes, while Pinnacle secured approval for 45,000 metric tonnes. The report stated that the import approvals were issued only recently, after being delayed from an initial target date of June 15.
By Adedapo Adesanya
Three securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.01 per cent on Tuesday, June 23, dragging the market capitalisation down by N25.91 billion to N2.544 trillion from Monday’s N2.570 trillion. Also, the NASD Security Index (NSI) decreased by 43.17 points to 4,239.34 points from 4,282.51 points.
The triplet price losers were Central Securities Clearing System (CSCS) Plc, which gave up N4.82 to trade at N75.00 per unit versus Monday’s closing price of N79.82 per unit. NASD Plc depreciated by N3.70 to close at N33.30 per share compared with the preceding day’s N37.00 per share, and Nitrox Industrial Gases Plc marginally lost 1 Kobo to sell at N21.41 per unit, in contrast to the previous session’s N21.42 per unit.
Tuesday’s trading data showed that the volume of securities traded by investors retreated by 35.9 per cent to 211,671 units from 330,034 units, and the value of securities fell by 82.9 per cent to N5.6 million from N32.7 million, while the number of deals doubled to 38 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.1 million units transacted for N4.7 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, trailed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
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