Economy
DMO Reappoints Stanbic IBTC Stockbrokers as FG’s Stockbroker
By Aduragbemi Omiyale
The Debt Management Office (DMO) has reappointed Stanbic IBTC Stockbrokers as the official stockbroker of the federal government.
As the government stockbroker, the firm will continue to play a critical role in ensuring smooth debt issuances, market operations, enhancing market liquidity, and supporting the DMO’s strategic objectives.
This role is critical for maintaining investor confidence and ensuring effective monetary policy implementation through seamless bond auctions and sales.
The company’s team of seasoned professionals brings a wealth of experience, leveraging deep market insights and strong analytical capabilities to deliver exceptional outcomes.
The reappointment of the subsidiary of Stanbic IBTC Holdings Plc underscores its unwavering commitment to excellence; consistency in delivering superior service; and profound expertise in the capital market.
It is not merely a renewal of status but a strong vote of confidence in Stanbic IBTC Stockbrokers’ capacity to support the Federal Government in the retail segment of the domestic debt market.
The reappointment also highlights Stanbic IBTC Stockbrokers’ alignment with Nigeria’s broader economic agenda. The firm’s role is crucial in facilitating access to capital, helping the government raise funds to finance infrastructure projects, and contributing to national development.
With this reappointment, Stanbic IBTC Stockbrokers reaffirms its leadership position in the capital market. The firm is well-positioned to continue driving market development, enhancing transparency, and facilitating efficient capital flows within the economy.
As Nigeria continues to navigate complex economic dynamics, the competence and expertise of institutions like Stanbic IBTC Stockbrokers will play a pivotal role in building a resilient and vibrant financial market that supports sustainable economic growth.
“We are honoured by this recognition and reappointment by the DMO. With this appointment, we are reassured of the confidence placed in our competence, integrity, and dedication to supporting Nigeria’s financial markets.
“As the government stockbroker, we remain committed to delivering excellence and contributing to the growth of our economy,” the chief executive of Stanbic IBTC Stockbrokers, Mrs Bunmi Olarinoye, stated.
Stanbic IBTC Stockbrokers has built a legacy of trust, demonstrating robust performance in both equity and fixed-income markets. With a market-leading position and a reputation for executing complex transactions seamlessly, the firm has consistently provided liquidity, transparency, and stability to Nigeria’s capital market.
Beyond its core mandate, Stanbic IBTC Stockbrokers has contributed significantly to market development initiatives. The firm actively supports financial literacy, promotes retail investor participation, and engages in initiatives that enhance market depth and sophistication.
By Dipo Olowookere
The bears made a comeback to Customs Street on Wednesday, crashing it by 0.41 per cent at the close of business due to selling pressure by investors.
Data from the Nigerian Exchange (NGX) Limited showed that the market breadth index was negative at midweek, after recording 43 price losers and 23 price gainers, implying weak investor sentiment.
Cornerstone Insurance lost 10.00 per cent to trade at N5.40, Legend Internet also depreciated by 10.00 per cent to N4.05, The Initiates declined by 9.91 per cent to N30.00, Guinea Insurance slipped by 9.78 per cent to 83 Kobo, and ABC Transport fell by 9.45 per cent to N5.75.
Conversely, Lasaco Assurance improved by 10.00 per cent to N2.42, NEM Insurance jumped by 9.97 per cent to N34.20, SUNU Assurances grew by 9.83 per cent to N3.91, Prestige Assurance went up by 7.14 per cent to N1.50, and CMFC gained 2.64 per cent to close at N3.89.
The activity level was mixed yesterday, as the trading volume increased by 12.11 per cent, the trading value declined by 7.14 per cent, and the number of deals slumped by 0.29 per cent.
The busiest equity for the session was FCMB, which traded 92.4 million units valued at N1.1 billion. First Holdco transacted 71.1 million units worth N8.8 billion, Access Holdings exchanged 43.3 million units for N1.2 billion, Sterling Holdings sold 35.8 million units valued at N285.2 million, and Zenith Bank closed with a turnover of 31.0 million units worth N3.9 billion.
When the market closed for the day, the All-Share Index (ASI) contracted by 1,004.38 points to 246,980.17 points from the preceding day’s 247,984.55 points, and the market capitalisation moderated by N648 billion to N159.345 trillion from Tuesday’s closing value of N159.993 trillion.
By Adedapo Adesanya
Oil prices climbed about 7 per cent on Wednesday as airstrikes resumed in the Middle East, raising fresh worries about supplies.
Brent futures soared by $6.65 or 7.91 per cent to $90.74 a barrel, while the US West Texas Intermediate (WTI) crude gained $5.20 or 6.56% to trade at $84.46 a barrel.
The US and Saudi Arabia launched strikes on Iran-backed groups in Iraq on Wednesday, blaming them for drone attacks on Saudi oil facilities.
This came after the American military said it had averted a surprise Iranian attack on US troops in the region while Iran said it had fired on ships in the Strait of Hormuz and at American bases in Jordan.
In Egypt, explosions hit a natural gas loading port on the Mediterranean Sea, and British maritime security company Ambrey said a US-owned floating storage tanker there had been hit by a drone. Saudi Arabia had already begun rerouting crude exports through Egypt’s SUMED pipeline to bypass the Bab el-Mandeb chokepoint.
US President Donald Trump reiterated that the US would “hit Iran hard” following an attack on a US base in Jordan.
Iran-backed Houthis are also weighing imposing fees on commercial shipping through the Bab el-Mandeb Strait, and US-Saudi forces launched fresh strikes against Houthi positions in Yemen.
Reuters reported that China has held direct talks with the group to enable its tankers to sail through the region without being attacked.
Iran rejected a proposal from Oman to evenly share control of the lanes in the Strait of Hormuz, as it demands to control most of the critical oil and Liquified Natural Gas (LNG) chokepoint.
Meanwhile, the US Treasury Department said it has issued another round of Iran-related sanctions, taking aim at the country’s efforts to “monetise the Strait of Hormuz” with designations of 10 entities and eight more tankers.
Crude oil inventories in the US saw a decrease of 7.2 million barrels during the week ending July 24, according to new data from the US Energy Information Administration (EIA) released on Wednesday.
Figures from the American Petroleum Institute (API) that were released a day earlier, reporting that crude oil inventories had fallen by 3.296 million barrels in the period.
The Organisation of the Petroleum Exporting Countries and allies (OPEC+) is likely to halt oil output increases for three months starting in October, after the producer group completes the scheduled return of barrels following voluntary cuts.
By Aduragbemi Omiyale
HBM Nigeria Plc, formerly Lafarge Africa Plc, recorded a 31 per cent surge in revenue in the first half of 2026 by 31 per cent as a result of an 11 per cent jump in volume growth, enhanced operational stability and improvement in distribution efficiency.
Also, in the first six months of this year, the cement maker grew its operating profit by 51 per cent to N291 billion after sustained efficiency gains across the business, while operating margin soared to 43 per cent from 37 per cent in H1 2025, with the net profit increasing by 57 per cent to N208 billion.
HBM Nigeria is a leading provider of innovative building solutions and manufacturer of a wide range of cement, ready mix, mortar and Plaster of Paris brands.
“Our H1 2026 performance demonstrates the continued strength of our business and the successful execution of our strategic priorities. These results reflect disciplined cost management, operational excellence, and prudent financial stewardship.
“We are focused on further improving supply reliability, advancing our cost leadership agenda, driving innovation, accelerating our sustainability initiatives, and maintaining the highest standards of health and safety,” the chief executive of HBM Nigeria, Mr Lolu Alade-Akinyemi, disclosed.
He assured that the cement firm would remain focused on building on a strong operational momentum by leveraging the industrial and technical expertise of Huaxin Building Materials Ltd to drive operational excellence and improve efficiency across the business.
In light of this, HBM Nigeria has commenced the engineering design for its third production line at Calabar, a state-of-the-art 3-million-ton integrated cement facility. The project is progressing through the requisite development processes, with completion expected within 12 months following commencement of construction.
On HBM Nigeria’s business outlook for the rest of the year, Mr Alade-Akinyemi said, “Nigeria’s demand outlook for cement remains positive, supported by ongoing infrastructure development, urbanisation, and resilient activity across the construction sector, despite a dynamic global operating environment.”
“As macroeconomic conditions continue to improve, we expect demand across our key market segments to remain supportive of sustainable growth.
“We plan to continue focusing on capturing volume growth opportunities while maintaining disciplined cost management and operational excellence to strengthen profitability and preserve margins.
“The company remains well positioned to create sustainable long-term value for its shareholders and all stakeholders by leveraging its resilient operating platform, a strong balance sheet, and disciplined execution of strategic priorities,” he stated.
