Economy
Fiscal Policy Assurance Rebounds Customs Street by 2.88%
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited staged a sharp rebound on Wednesday as investors responded positively to reassurances from the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, regarding the government’s position on Capital Gains Tax (CGT) in the capital market.
The clarification helped restore confidence across the investment community, reversing the previous session’s sharp decline and fuelling renewed optimism among institutional and retail investors alike.
Further bolstering investor sentiment were insights shared on X (formerly Twitter) by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who provided additional context on the government’s intent, emphasizing that the policy review was not designed to stifle market activity but to promote fairness, transparency, and sustainable growth within the capital market ecosystem.
During the trading session, Nigerian stocks appreciated by 2.88 per cent, with the All-Share Index (ASI) adding 4,076.53 points to close at 145,403.83 points compared with the previous day’s 141,327.30 points and the market capitalisation expanding by N2.593 trillion to N92.478 trillion from N89.885 trillion.
The midweek rebound by Customs Street has left its year-to-date return at 41.27 per cent. The rally follows a week marked by profit-taking pressures and macroeconomic uncertainties.
It was observed that the growth witnessed yesterday was driven by interests in GTCO, Oando, Zenith Bank, Access Holdings and Sovereign Trust Insurance, which gained 10.00 per cent each to sell at N85.80, N39.60, N59.40, N22.00, and N2.86, respectively.
The losers’ table was topped by the trio of Austin Laz, Vitafoam Nigeria, and Transcorp Power, which fell by 10.00 per cent each to close at N2.61, N84.60, and N307.80 apiece, while Red Star Express lost 9.80 per cent to trade at N9.20, with Abbey Mortgage Bank shedding 9.72 per cent to finish at N6.50.
Investor sentiment was bullish yesterday with a positive market breadth index after the bourse ended with 65 advancing stocks and 12 declining stocks.
Trading activity was equally vibrant, with the trading volume up by 22.93 per cent to 806.4 million units from the previous day’s 656.0 million, the trading value increased by 72.66 per cent to N50.8 billion from N29.4 billion, and the number of deals went down by 17.08 per cent to 24,509 deals from 29,558 deals.
Speaking on the development, the chief executive of NGX Group Plc, Mr Temi Popoola, attributed the rebound to “renewed investor confidence and the inherent resilience of Nigeria’s capital market.”
“Recent policy engagements and assurances from fiscal authorities are easing concerns and restoring momentum across key sectors.
“At NGX Group, our focus remains on constructive advocacy and deep policy engagement to ensure alignment between fiscal direction and market realities.
“This synergy is vital for unlocking sustainable growth, deepening liquidity, and connecting private capital with national development priorities.
“With continued collaboration and policy consistency, we are confident the market is well-positioned to close the year on a strong note,” he added.
Also commenting, the chief executive of NGX Limited, Mr Jude Chiemeka, said, “The strong rebound underscores the efficiency and responsiveness of our market infrastructure.”
“The breadth of participation and surge in trading activity point to renewed investor appetite and growing confidence in the transparency and depth of our market operations.
“We remain committed to providing a world-class trading environment that supports liquidity, enhances efficiency, and facilitates seamless access to capital for issuers and investors alike,” he added.
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.
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