By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rebounded by 0.32 per cent on Thursday following the interest of investors in Transcorp and 33 other equities.

Yesterday, Transcorp closed as the highest price gainer with a 9.98 per cent rise to settle at N51.80 and was trailed by SCOA Nigeria, which gained 9.88 per cent to trade at N3.78.

Further, Africa Prudential improved its value by 9.87 per cent to quote at N30.60, Tantalizers soared by 9.72 per cent to N2.37 and Caverton flew by 9.52 per cent to N2.76.

Conversely, Sunu Assurances, MRS Oil, and Red Star Express ended the day as the heaviest price losers after giving up 10.00 per cent each to sell for N4.77, N166.50, and N5.94, respectively, as Lasaco Assurance lost 7.99 per cent to finish at N2.65, and UPDC retreated by 6.76 per cent to N2.62.

At the close of business, 34 shares were on the gainers’ chart and 15 shares were on the losers’ log, implying a positive market breadth index and strong investor sentiment.

Business Post reports that the banking space expanded by 0.83 per cent, the consumer goods index increased by 0.78 per cent, the insurance sector jumped by 0.18 per cent, and the industrial goods industry chalked up 0.01 per cent, while the energy counter lost 0.09 per cent, with the commodity sector closing flat.

When the bourse ended for the session, the All-Share Index (ASI) was up by 344.24 points to 106,780.72 points from 106,436.48 points and the market capitalisation grew by N216 billion to N66.869 trillion from N66.653 trillion.

The level of activity waned on Thursday as 375.5 million stocks worth N10.2 billion exchanged hands in 11,447 deals compared with the 389.6 million stocks valued at N11.3 billion traded in 11,423 deals in the preceding day, indicating a rise in the number of deals by 0.21 per cent and a fall in the trading volume and value by 3.57 per cent and 9.74 per cent apiece.

The activity chart was dominated by banking equities, with GTCO selling 50.0 million units valued at N2.9 billion, Access Holdings exchanged 43.9 million units worth N1.0 billion, Zenith Bank traded 36.5 million units valued at N1.7 billion, Fidelity Bank transacted 27.1 million units for N468.7 million, and UBA sold 19.4 million units worth N705.1 million.

By Dipo Olowookere

The treasury bills auction conducted by the Central Bank of Nigeria (CBN) on Wednesday at the primary market received significant interests from investors, results of the exercise analysed by Business Post revealed.

It was observed that 364-day tenor was the most attractive, forcing the apex bank to slice the stop rate by 0.61 per cent to 17.82 per cent.

Details of the sales indicated that the central bank approached the market with N500 billion worth of the maturity, but it got bids valued at N1.8 trillion from investors, showing a strong appetite.

However, only N717.97 billion was allotted by the CBN at the close of the PMA. At the previous exercise, the 12-month paper cleared at 18.43 per cent.

Also, the central bank tampered with stop rate of the 182-day treasury bills during the session, cut by 0.25 per cent to 17.75 per cent from the previous 18.00 per cent.

This action was taken despite the tenor not experiencing an oversubscription like the long-dated bill.

Business Post reports that N80.00 billion worth of the six-month maturity was brought to the market for sale but investors submitted bids valued at N60.05 billion, with N50.95 billion approved by the apex bank.

But the stop rate of the 91-day instrument was left intact by the central bank at 17.00 per cent at the exercise.

About N70.00 billion worth of the three-month T-bills were auctioned on Wednesday, but the bids received were just N62.57 billion, with N61.52 billion allotted at the end of the exercise.

From the analysis, the CBN auctioned a total of N650 billion treasury bills during the PMA, but it got bids valued at N1.92 trillion, and allotted N830.44 billion.

By Aduragbemi Omiyale

Over N402.3 billion was paid in taxes in 2024 by Dangote Industries Limited (DIL) as part of its efforts to support the federal government.

The taxes were paid by the subsidiaries of the pan-African conglomerate comprising Dangote Cement, NASCON, Dangote Packaging Limited among others.

Recall that Federal Inland Revenue Service (FIRS) had in late 2024 recognised DIL and its subsidiary, Bluestar Shipping as the most tax compliant organizations in the country during its Special Day at the 2024 Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry (LCCI).

The FIRS is the agency responsible for assessing, collecting and accounting for tax and other revenues accruing to the Federal Government of Nigeria.

The N402.3 billion paid by DIL last year made the company the highest taxpayer in the country.

Speaking during a meeting with some senior media executives in Lagos, the Chief Branding and Communication Officer of Dangote Group, Mr Anthony Chiejina, as a responsible business organisation, DIL and its subsidiaries have never shied away from its obligations either to the government in the form of tax payment at all levels or to host communities in the form of Corporate Social Responsibility (CSR).

According to him, the group’s corporate strategy has evolved just as its businesses have grown, matured and diversified into new sectors and regions over the last four decades, noting that Dangote Group has almost single-handedly taken Nigeria to self-sufficiency in cement and refined petroleum products and is expanding rapidly across Africa.

Dangote Group and its subsidiaries were recognised as number one most compliant in tax payment in the country, just as the cement business at another occasion won three awards at the FMDQ Gold Awards in Lagos as the most active business in the Foreign Exchange market.

Dangote Cement Plc was adjudged as the Largest Commercial Paper Quotation on FMDQ and Single Largest Corporate Debt Issue on FMDQ. Also, Dangote Industries Ltd also emerged as the “Most active corporate in the foreign exchange market”.