Economy
Dangote Sugar, 29 Others Constipate NGX by 0.49%
By Dipo Olowookere
Customs Street was down by 0.49 per cent on Monday after investor sentiment turned bearish following profit-taking ahead of rate-setting announcement later today.
The Nigerian Exchange (NGX) Limited came under selling pressure yesterday as traders anticipate a slight hike in the Monetary Policy Rate (MPR) to keep hot money flowing into the country to continue to strengthen the Naira in the foreign exchange (FX) market.
Last month, the Central Bank of Nigeria (CBN) through its Monetary Policy Committee (MPC) raised the benchmark interest rate by 400 basis points or 4.00 per cent to 22.75 per cent.
Since then, the fixed-income market has been very busy with government securities attracting the need dollars to firm the local currency.
As investors await the outcome of the MPC meeting, which commenced on Monday, those in the equity market liquidated their shares, possible to dump into the fixed-income space.
As a result, the All-Share Index (ASI) decreased by 511.02 points to 104,136.35 points from 104,647.37 points, and the market capitalisation dropped 289 billion to settle at N58.880 trillion versus last Friday’s N59.169 trillion.
The market breadth index was negative as the NGX ended the trading session with 20 price gainers and 30 price losers led by Dangote Sugar and International Energy Insurance, which lost 10.00 per cent each to sell for N53.10 and N1.35, Jaiz Bank fell by 9.92 per cent to N2.18, Ikeja Hotel crumbled by 9.72 per cent to N5.85, and Deap Capital slid by 9.52 per cent to 57 Kobo.
On the flip side, Ellah Lakes gained 10.00 per cent to quote at N3.63, Morison Industries jumped by 9.93 per cent to N1.55, Sunu Assurances appreciated by 9.48 per cent to N1.27, Caverton advanced by 9.37 per cent to N1.75, and Sovereign Trust Insurance rose by 9.09 per cent to 48 Kobo.
Business Post reports that the energy and industrial goods sectors closed flat yesterday, the insurance space improved by 0.21 per cent, while the banking and consumer goods sectors collapsed by 1.72 per cent and 0.83 per cent, respectively.
A total of 306.8 million shares worth N11.4 billion were traded in 9,343 deals on the first session of the week compared with the 505.2 million shares worth N14.2 million traded in the preceding session in 9,574 deals, representing a decline in the trading volume, value, and the number of deals by 39.27 per cent, 19.72 per cent, and 2.41 per cent apiece.
The Nigerian Infrastructure Debt Fund (NIDF) topped the activity chart with 35.6 million units sold for N4.1 billion, Jaiz Bank transacted 23.2 million units worth N52.6 million, UBA exchanged 19.5 million units valued at N519.3 million, Nigerian Breweries traded 17.4 million units worth N489.2 million, and Access Holdings sold 15.3 million units valued at N363.9 million.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
