Economy
MTN, Oando, RT Briscoe 35 Others Sink Local Stock Exchange by 0.33%
By Dipo Olowookere
The Nigerian Exchange tasted another defeat on Wednesday after it closed lower by 0.33 per cent due to profit-taking, especially in MTN Nigeria, Oando, UBA, and others.
The selling pressure was triggered by the desire of investors to recaliberate their portfolios and this saw 38 shares end in the red territory as only 32 shares finished in the green side, implying a negative market breadth index and weak investor sentiment.
According to data from Customs Street, RT Briscoe suffered the heaviest lost after it shed 9.97 per cent to trade at N6.50, May and Baker depreciated by 9.96 per cent to N35.25, Ikeja Hotel slumped by 9.92 per cent to N32.25, Living Trust Mortgage Bank lost 9.90 per cent to settle at N4.64, and eTranzact dipped by 9.16 per cent to N17.35.
At the other side of the coin, Union Homes REIT was the biggest price gainer after it improved its value by 9.97 per cent to N94.85, Deap Capital grew by 9.97 per cent to N9.49, Tantalizers appreciated by 9.92 per cent to N3.88, and SAHCO advanced by 9.91 per cent to N128.60.
Leading the activity chart yesterday was Neimeth, which traded 58.1 million equities for N590.6 million, Chams sold 39.4 million stocks worth N190.6 million, Access Holdings exchanged 33.4 million shares valued at N757.5 million, Zenith Bank transacted 32.4 million equities worth N2.3 billion, and Tantalizers recorded a turnover of 29.2 million shares valued at N109.8 million.
At the close of transactions, 631.2 million stocks exchanged hands for N16.5 billion in 42,172 deals at midweek compared with the 483.1 million stocks worth N17.4 billion recorded in 41,499 deals a day earlier, showing a fall in the trading value by 5.17 per cent, and an increase in the trading volume and number of deals by 30.66 per cent and 1.62 per cent apiece.
As for the key performance indices, they were down, with the All-Share Index (ASI) losing 549.44 points to settle at 165,164.38 points compared with the preceding say’s 165,713.82 points and the market capitalisation giving up N352 billion to end at N105.737 trillion versus Tuesday’s N106.089 trillion.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited has recently struggled to regain its spark due to continued selling pressure from investors reducing their exposure to equities in favour of fixed-income investment instruments.
Yesterday, the stock market further shed 0.35 per cent on the back of profit-taking in the banking sector, which closed lower by 1.83 per cent. The consumer goods space lost 0.13 per cent, and the energy counter depreciated by 0.01 per cent, while the insurance index gained 0.04 per cent, with the industrial goods segment closing flat.
Business Post reports that the All-Share Index (ASI) decreased on Tuesday by 843.42 points to 241,611.23 points from 242,454.65 points, and the market capitalisation shrank by N545 billion to N155.973 trillion from N156.518 trillion.
Like the previous session, investor sentiment was weak after Customs Street ended with 22 price gainers and 37 price losers, indicating a negative market breadth index.
Red Star Express weakened by 10.00 per cent to N16.20, Trans-Nationwide Express crashed by 9.94 per cent to N2.81, Meyer depleted by 9.88 per cent to N15.05, Chellarams plunged by 9.77 per cent to N9.70, and Fortis Global Insurance moderated by 9.70 per cent to N2.14.
On the flip side, Haldane McCall surged by 9.97 per cent to N3.20, Veritas Kapital climbed by 7.09 per cent to N1.36, Tantalizers rose by 5.26 per cent to N4.00, RT Briscoe appreciated by 4.31 per cent to N10.90, and Regency Alliance grew by 3.66 per cent to 85 Kobo.
A look at the activity chart for the day showed the volume of transactions significantly retreated by 66.94 per cent as a result of the absence of big-ticket trades, and the number of deals dropped by 21.57 per cent, while the value of trades increased by 20.09 per cent.
Market participants traded 429.8 million stocks valued at N27.5 billion in 35,683 deals during the session compared with the 1.3 billion stocks worth N22.9 billion transacted in 45,494 deals on Monday.
Sterling Holdings led the activity chart with a turnover of 51.6 million units for N390.6 million. FCMB traded 50.0 million units worth N584.8 million, Chams sold 32.4 million units valued at N134.5 million, Veritas Kapital exchanged 180 million units for N24.3 million, and First Holdco transacted 17.0 million units worth N2.2 billion.
By Aduragbemi Omiyale
About N3.007 trillion of the N4.359 trillion revenue generated by Nigeria in July 2026 was disbursed in August 2026 to the three tiers of government by the Federation Account Allocation Committee (FAAC) at its meeting held in Owerri, Imo State, on the sidelines of the National Council of the Federation and Economic Development.
A statement issued on Tuesday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Mr Bawa Mokwa, disclosed that the gross statutory revenue jumped 17.8 per cent from N3.700 trillion in June due to improved collections from petroleum and non-oil revenue sources.
The statement noted that Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duty, petroleum royalties, mineral royalties, excise duty and gas-flaring penalties rose, while earnings from Value Added Tax (VAT), import duty, Common External Tariff levies, gas-flaring fee rentals and miscellaneous oil revenue declined.
“In its regular monthly business, FAAC approved the disbursement of a total of N3.007 trillion to the Federal Government, the 36 State Governments and the 774 Local Government Councils as revenue for July 2026,” a part of the statement disclosed.
By Adedapo Adesanya
Oil prices rose marginally as Iran said it would adopt a more offensive stance and the Strait of Hormuz would remain closed, while the United States ruled out extending a ceasefire.
Brent crude futures finished higher by 15 cents or 0.17 per cent at $91.02 a barrel, while the US West Texas Intermediate (WTI) crude futures chalked up 44 cents or 0.52 per cent to trade at $84.94 a barrel.
A top Iranian negotiator, Mr Mohammad Baqer Qalibaf, said that Iran will keep the strait closed until the United States meets the conditions of the interim deal signed in June.
Mr Qalibaf’s comments came after a senior Iranian official earlier said that Iran will shift to a “fully offensive” military posture as efforts have stalled toward a permanent end to the war.
Meanwhile, US President Donald Trump, who previously labelled that deal “over,” said on Tuesday that talks between the US and Iran were neither taking place nor scheduled, but the strait was open.
Iran has separately been negotiating with Oman on an agreement on managing the strait and says they are close to a deal. However, the American President threatened to bomb Oman, a longstanding US security partner.
Yemen’s Houthis launched missiles in an attack on vessels they described as a Saudi military ship and four escorts in the Red Sea while the United Kingdom Maritime Trade Operations (UKMTO) separately said it received a report on Tuesday that a vessel was struck by an unknown projectile while transiting out of the strait, causing engine room damage and a crew casualty.
Amid these developments, Saudi Aramco has resumed oil loadings from inside the strait, and is offering cargoes for loading via ship-to-ship transfers off Fujairah in the United Arab Emirates (UAE) while two Chinese shipping giants also have started collecting oil cargoes outside the Gulf.
Russia is reportedly rerouting Kazakhstan’s crude oil exports from the Baltic port of Ust-Luga to the Black Sea port of Novorossiysk, freeing up capacity for more Russian oil exports from the Baltic amid heightened Black Sea security risks. The move would allow Russia to replace Kazakh barrels at Ust-Luga with its own crude exports, while Ukrainian drone attacks make it more difficult for Russian exporters to secure tankers for Black Sea loadings.
