Economy
In Five Days, NGX Records N12.3bn Investments in Equities
By Dipo Olowookere
Investments in equities on the floor of the Nigerian Exchange (NGX) Limited stood at N12.3 billion, lower than the N12.6 billion recorded in the previous week.
This was mainly affected by the lower trading volume recorded in the five-day trading sessions as investors traded 866.5 million shares in 17,291 deals in contrast to the 1.6 billion shares traded in 18,622 deals a week earlier.
Like in the preceding weeks, financial stocks dominated the transactions, accounting for 445.3 million units worth N3.7 billion traded in 7,560 deals and contributing 51.39 per cent and 29.99 per cent to the total trading volume and value respectively.
It was trailed by consumer goods equities with a turnover of 119.7 million units valued at N5.0 billion exchanged in 3,424 deals, while ICT stocks recorded 87.1 million shares worth N1.9 billion in 924 deals.
In the week, Honeywell Flour Mills, Transcorp and GTCO were the most active stocks with 203.8 million shares worth N2.0 billion traded in 2,515 deals, contributing 23.51 per cent and 16.02 per cent to the total trading volume and value respectively.
Honeywell Flour was the biggest price gainer last week, gaining 46.34 per cent to sell at N3.00 and was followed by Pharma Deko, which gained 44.54 per cent to trade at N1.72.
Courtville appreciated by 29.17 per cent to 31 kobo, Neimeth rose by 25.00 per cent to N2.05, while BOC Gases increased by 20.65 per cent to N11.10.
On the opposition side, Meyer was the heaviest price loser, declining by 66.10 per cent to 20 kobo and was trailed by SCOA Nigeria, which fell by 18.46 per cent to N1.59.
Consolidated Hallmark Insurance dropped 13.21 per cent to 46 kobo, Nestle Nigeria fell by 9.09 per cent to N1,400.00, while FTN Cocoa depreciated by 9.09 per cent to 40 kobo.
At the close of transactions for the week, there were 36 price gainers, higher than 29 risers of the earlier week. There were 33 price decliners, lower than 36 laggards of the preceding week, while 87 stocks closed flat, lower than the 98 shares of the previous week.
In terms of the general performance of the market in the week, the All-Share Index (ASI) and market capitalisation depreciated by 0.10 per cent to 39,483.08 points and N20.571 trillion respectively.
Similarly, all other indices finished lower with the exception of the premium, AFR Div Yield, industrial goods and sovereign bond indices which appreciated by 2.28 per cent, 0.76 per cent, 1.85 per cent and 0.02 per cent respectively, while the ASeM and growth indices closed flat.
By Aduragbemi Omiyale
The Debt Management Office (DMO) on Monday allotted bonds worth N929.3 billion to investors from the N1.7 trillion bids it received from subscribers.
The exercise, which took place on Monday, July 20, 2026, was oversubscribed by market participants, reflecting the confidence investors have in the government’s ability to redeem the debt instrument on maturity.
On offer for sale for the July auction was N1.2 trillion worth of the FGN bonds, but the DMO allotted below this, despite receiving bids above the offer.
The papers were offered in 10-year, 15-year, and 20-year tenors, at N400 billion each.
For the decade-old note, investors staked N444.47 billion, but the debt office sold N245.73 billion at an 18.34 per cent coupon rate. For the one and a half-decade-old paper, bids valued at N518.00 billion were received by the DMO, with a non-competitive bid of N50.00 billion, with N302.13 billion allotted to investors at 18.40 per cent, and for the two-decade paper, the DMO got competitive bids of N665.19 billion and N381.46 billion was sold to bondholders at 18.35 per cent.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, disclosed that Nigeria’s external reserves had risen to $52.5 billion, enough to finance about nine months of imports.
He disclosed this on Tuesday at the end of the 306th meeting of the Monetary Policy Committee (MPC) held in Abuja, where the Monetary Policy Committee (MPC) retained the benchmark interest rate at 26.50 per cent as well as the standing facilities corridor at +50/-450 basis points around the MPR.
Similarly, the Cash Reserve Requirement (CRR) was maintained at 45 per cent for Deposit Money Banks, 16 per cent for Merchant Banks, and 75 per cent for non-Treasury Single Account (TSA) public sector deposits.
Speaking on FX developments, the central banker said at the $52 billion level, the country’s external reserves were significantly above the internationally recommended threshold of three months of import cover.
On the Naira exchange rate, Mr Cardoso said the foreign exchange market had deepened and was now operating on a transparent willing-buyer, willing-seller basis.
He said the apex bank remained committed to maintaining a liquid and functional foreign exchange market, adding that daily market turnover sometimes exceeded $1 billion.
According to him, the long-term stability of the naira would depend on key economic fundamentals, including increased oil exports, foreign direct investment, and improved domestic productivity to reduce dependence on imports.
He also added that the MPC welcomed the federal government’s renewed commitment to stronger policy coordination, particularly collaboration between fiscal and monetary authorities, which he said had helped reduce the impact of the Middle East crisis on the Nigerian economy.
Mr Cardoso said members of the committee also commended efforts to improve crude oil production and urged relevant agencies to intensify reforms in other sectors, including solid minerals, to boost government revenue.
On the regulatory forbearance granted to banks during the COVID-19 period, he reiterated that this had been discontinued because it had served its purpose.
According to him, the policy had “outlived its time” and was no longer necessary in assessing the health of the banking sector.
“Forbearance, we felt, had outlived its time. Many of you will recall this is something that came as a result of COVID. And now we are in 2026; we did not see the reason why that should continue to form part of the analysis of the banking system,” he said.
Mr Cardoso explained that banks had begun recalibrating their portfolios following the end of the policy, leading to a temporary reduction in outstanding risk assets.
He, however, assured that the development was part of a transition towards a stronger and more sustainable credit environment.
“It reflects a transition to a more sustainable and better quality credit environment, which is what we all want. We don’t want unanticipated shocks that come in a boom-and-bust fashion,” he said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its recent positive run by 1.17 per cent on Tuesday, July 21, triggered by appreciation seen in four bellwethers.
Leading the pack was FrieslandCampina Wamco Nigeria Plc, which added N12.00 to its value to close at N153.15 per share compared with the previous day’s N141.15 per share. NASD Plc appreciated by N1.90 to N36.00 per unit from N34.10 per unit, Food Concepts Plc improved by 23 Kobo to N2.48 per share from N2.25 per share, and Afriland Properties Plc grew by a marginal 1 Kobo to N15.01 per unit from N15.00 per unit.
As a result, the market capitalisation of the bourse increased by N30.40 billion to N2.637 trillion from Monday’s N2.606 trillion, and the NASD Security Index (NSI) gained 50.70 points to finish at 4,393.97 points, in contrast to the 4,343.27 points it ended a day earlier.
The unlisted securities exchange recorded a price loser yesterday, and it was Geo-Fluids Plc, which shed 1 Kobo to settle at N2.30 per share versus N2.31 per share.
During the trading day, the volume of securities traded by market participants on Tuesday dropped 99.4 per cent to 322,147 units from the previous day’s 52.6 million units, the value of securities dipped by 89.8 per cent to N19.4 million from the preceding session’s N191.2 million, and the number of deals contracted by 3.6 per cent to 27 deals from 28 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units transacted for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 75.4 million units exchanged for N5.3 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
