Economy
Index Rallies by 1.31% as Investors Lock More Funds in Local Equities
By Dipo Olowookere
A 1.31 per cent growth was printed by the Nigerian Exchange (NGX) Limited on Tuesday on the back of sustained bargain-hunting as investors locked more funds in local stocks.
Traders shrugged off the stubborn inflation and a further upward adjustment to the price of premium motor spirit (PMS), otherwise known as petrol, by the Nigerian National Petroleum Company (NNPC) Limited yesterday.
According to the latest development, the product will now be dispensed at NNPC retail stations at N617 per litre, a move officials of the company said was necessitated by prevailing market conditions.
Despite the uproar generated by the increase in pump price, the stock market closed higher as traders looked to earn more from the asset class.
The buying pressure popped the All-Share Index (ASI) higher by 823.37 points to 63,766.72 points from 62,943.35 points and inflated the market capitalisation by N449 billion to N34.722 trillion from N34.273 trillion.
Business Post observed that investors tried to book profit in banking equities, but this did not affect the general outcome of the market. The banking index shed 0.17 per cent but was offset by the gains posted by others.
At the close of business, the insurance sector grew by 4.25 per cent, the industrial goods counter appreciated by 3.58 per cent, the consumer goods industry rose by 0.66 per cent, and the energy index expanded by 0.56 per cent.
A total of 50 shares appreciated in price during the session, while 23 stocks depreciated in value, indicating a positive market breadth index and a strong investor sentiment.
Honeywell Flour, NEM Insurance, and NPF Microfinance Bank improved by 10.00 per cent to N3.30, N5.94, and N1.87, respectively, while Eterna gained 9.92 per cent to settle at N26.05, and PZ Cussons increased by 9.88 per cent to N17.80.
On the other side of the coin, Japaul lost 10.00 per cent to quote at 81 Kobo, FTN Cocoa depreciated by 9.84 per cent to N2.29, Courteville decreased by 8.64 per cent to 74 Kobo, Sovereign Trust Insurance dropped 8.16 per cent to 45 Kobo, and Secure Electronic Technology shed 8.11 per cent to 34 Kobo.
Yesterday, traders bought and sold 868.8 million shares worth N43.8 billion in 8,970 deals compared with the 710.0 million shares valued at N13.8 billion traded in 8,979 deals on Monday, implying a decline in the number of deals by 0.10 per cent, and an increase in the trading volume and value by 22.37 per cent and 210.15 per cent apiece.
FCMB traded 153.9 million stocks valued at N956.1 million, Japaul transacted 110.5 million equities worth N91.0 million, Dangote Cement exchanged 104.9 million shares valued at N35.8 billion, Access Holdings sold 49.5 million stocks for N849.2 million, and Fidelity Bank traded 41.9 million equities valued at N312.6 million.
By Aduragbemi Omiyale
Shares of First Holdco Plc worth N45.0 billion issued through a private placement have been listed on the Nigerian Exchange (NGX) Limited.
A circular issued by the Head of Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, disclosed that the equities were admitted for trading at the stock market on Monday.
According to the notice, the additional shares brought for listing to rank pari passu with existing shares of the organisation were 1,021,334,544 units.
These stocks were sold to one of the company’s major shareholders at a unit price of N44.06, amounting to N45.0 billion.
The total issued and fully paid-up shares of First Holdco, as a result of this listing, are now 45,475,027,677 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 1,021,334,544 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, June 22, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 1,021,334,544 ordinary shares of 50 Kobo each at N44.06 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased to 45,475,027,677 ordinary shares of 50 Kobo each from 44,453,693,133 ordinary shares of 50 Kobo each,” the disclosure stated.
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has approved fresh import licences for petrol and diesel for the third quarter of 2026 (July – September) to prevent potential supply shortages in the domestic market.
According to a report by global energy intelligence firm, Argus Media, the latest approvals were issued to major downstream operators amid declining fuel stock levels and concerns over reduced petrol production at the 700,000 barrels per day Dangote Petroleum Refinery in Lagos.
The move comes as Nigeria continues to balance increasing local refining capacity with the need to guarantee adequate supplies of petroleum products across the country.
According to the Argus report, domestic firms, including AA Rano, AYM Shafa, Bono Energy, Nipco, Matrix Energy and Pinnacle Oil, received permits to import Premium Motor Spirit, popularly known as petrol, during the July-September period.
The publication further reported that the same companies, with the exception of Nipco, were granted approvals to import Automotive Gas Oil, commonly known as diesel. The fresh approvals follow an earlier batch of petrol import permits issued by the regulator in May, covering about 720,000 metric tonnes.
Quoting a regulatory source, Argus noted that many of the companies granted the latest approvals were among those that had received permits in previous rounds. “These are some of the same ones that previously received the PMS permits,” the source was quoted as saying.
It was also claimed that AA Rano and Matrix Energy each received approvals to import 180,000 metric tonnes of petrol. AYM Shafa received approval for 120,000 metric tonnes, while Pinnacle Oil received a permit covering 150,000 metric tonnes.
For diesel imports, Argus reported that AYM Shafa obtained a permit for 60,000 metric tonnes, while Pinnacle secured approval for 45,000 metric tonnes. The report stated that the import approvals were issued only recently, after being delayed from an initial target date of June 15.
By Adedapo Adesanya
Three securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.01 per cent on Tuesday, June 23, dragging the market capitalisation down by N25.91 billion to N2.544 trillion from Monday’s N2.570 trillion. Also, the NASD Security Index (NSI) decreased by 43.17 points to 4,239.34 points from 4,282.51 points.
The triplet price losers were Central Securities Clearing System (CSCS) Plc, which gave up N4.82 to trade at N75.00 per unit versus Monday’s closing price of N79.82 per unit. NASD Plc depreciated by N3.70 to close at N33.30 per share compared with the preceding day’s N37.00 per share, and Nitrox Industrial Gases Plc marginally lost 1 Kobo to sell at N21.41 per unit, in contrast to the previous session’s N21.42 per unit.
Tuesday’s trading data showed that the volume of securities traded by investors retreated by 35.9 per cent to 211,671 units from 330,034 units, and the value of securities fell by 82.9 per cent to N5.6 million from N32.7 million, while the number of deals doubled to 38 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.1 million units transacted for N4.7 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, trailed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
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