Economy
How Subsidy Removal Lifted Conoil Stocks by 45.78% in One Week
By Dipo Olowookere
While many Nigerians are lamenting over the negative impact of the announcement of President Bola Tinubu on the removal of petrol subsidy last Monday, some shareholders of Conoil and other fuel distribution companies on the Nigerian Exchange (NGX) Limited are smiling to the bank.
The effect of the declaration that “subsidy is gone” is still being felt, and the Nigeria Labour Congress (NLC) has threatened to commence a nationwide strike action from this Wednesday.
But on the stock exchange, the announcement has triggered the demand for shares of Conoil, MRS Oil, Oando and other oil equities.
Last week, which had four trading sessions, Conoil stocks grew by 45.78 per cent to N69.90 per unit as the buying pressure continued. Investors are buying because they believe that the fuel subsidy removal will allow the firm to deliver more profits in the coming years.
Business Post reports that Conoil topped the gainers’ chart of 66 members, higher than 60 equities in
the previous week, with Eterna trailing after it rose by 32.14 per cent to N9.25. Jaiz Bank appreciated by 30.00 per cent to N1.30, MRS Oil improved by 20.83 per cent to N49.30, and Neimeth gained 20.14 per cent to trade at N1.67.
The losers’ table was with 23 stocks last week, higher than 21 stocks a week earlier, with Tantalizers leading with a 16.00 per cent decline to close at 21 Kobo. Consolidated Hallmark Insurance fell by 11.48 per cent to 54 Kobo, Prestige Assurance dropped 8.89 per cent to 41 Kobo, NPF Microfinance Bank declined by 8.85 per cent to N1.75, and Champion Breweries decreased by 7.42 per cent to N3.87.
It was observed that last week, investors were impressed with the policy directions of Mr Tinubu, resulting in the bourse growing by 5.3 per cent on a week-on-week basis, leaving the All-Share Index (ASI) and the market capitalisation closing higher at 55,820.50 points and N30.395 trillion, respectively.
Similarly, all other indices finished higher except the Growth index, which fell by 0.18 per cent, while the ASeM and sovereign bond indices closed flat.
The market was very busy last week, with traders transacting 2.586 billion shares worth N46.643 billion in 35,122 deals compared with 1.963 billion shares valued at N33.899 billion traded in the previous week in 30,827 deals.
Financial equities were the toast of investors. They accounted for 73.10 per cent and 49.40 per cent of the total trading volume and value, respectively, after selling 1.890 billion units valued at N23.041 billion in 17,806 deals.
Conglomerates stocks trailed with 170.218 million units worth N638.188 million in 1,830 deals, while consumer goods shares posted a turnover of 132.432 million units valued at N3.837 billion in 4,938 deals.
Access Holdings, UBA and FBN Holdings were the most active stocks in the week, accounting for 915.908 million units worth N10.916 billion in 6,575 deals to contribute 35.42 per cent and 23.40 per cent to the total trading volume and value apiece.
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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