Economy
Market Loses N781bn as Traders Liquidate Insurance, Industrial Goods Shares
By Dipo Olowookere
The decision of traders to convert their stocks to cash has continued to hurt the Nigerian Exchange (NGX) Limited as it further dropped 0.87 per cent on Thursday, the third straight loss it was recording this week.
It was observed that most market participants tilted towards profit-taking to minimise their exposure to Nigerian equities, which have been on steroid for a long time, breaking every ceilings to reach new highs.
Yesterday, Customs Street had its tail between its legs due to the selling pressure, resulting in some key sectors closing in red, though the banking industry gained 0.47 per cent.
The insurance counter lost 4.69 per cent, the industrial goods index depreciated by 4.04 per cent, the energy space slumped by 0.06 per cent, and the consumer goods sectors fell by 0.04 per cent, while the commodity industry closed flat.
When the closing gong was struck to signify an end to the business day, the All-Share Index (ASI) was down by 1,233.86 points to 140,332.44 points from 141,566.30 points and the market capitalisation decreased by N781 billion to N88.784 trillion from N89.565 trillion.
The quartet of University Press, Thomas Wyatt, International Energy Insurance, and Veritas Kapital lost 10.00 per cent each to trade at N6.30, N3.33, N3.24, and N1.80, respectively, while BUA Cement crashed by 9.96 per cent to N151.80.
On the flip side, SFS REIT gained 9.99 per cent to sell for N274.15, Jaiz Bank appreciated by 9.75 per cent to N4.39, Secure Electronic Technology increased by 9.38 per cent to N1.05, Omatek grew by 5.88 per cent to N1.44, and Chams improved by 5.00 per cent to N2.73.
Business Post reports that a total of 17 stocks ended on the gainers’ table and 45 stocks finished on the losers’ log, implying a negative market breadth index and weak investor sentiment.
Data from the activity chart showed that 573.8 million equities worth N12.9 billion exchanged hands in 25,881 deals during the session compared with 721.8 million equities valued at N12.9 billion traded in 28,745 deals at midweek, showing a decline in the trading volume and number of deals by 2050 per cent and 9.96 per cent, respectively, as the trading value was flat.
Fidelity Bank was the most active stock for the session after transacting 96.1 million units worth N2.0 billion, Veritas Kapital sold 36.6 million units for N66.2 million, Universial Insurance exchanged 32.9 million units valued at N37.0 million, Access Holdings traded 30.3 million units worth N819.1 million, and Jaiz Bank recorded the sale of 21.2 million units valued at N92.1 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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