By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal loss of 0.02 per cent on Tuesday, May 26, due to selling pressure, as investors cut down their exposure to unlisted stocks.

During the session, the volume of securities traded by investors jumped by 45.6 per cent to 2.2 million units from the previous day’s 1.5 million units, the value of securities increased by 119.5 per cent to N129.9 million from the N59.2 million recorded a day earlier, and the number of deals soared by 92.6 per cent to 52 deals from the preceding day’s 27 deals.

At the close of business, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities and Clearing System (CSCS) Plc with 61.2 million units exchanged for N4.1 billion.

GNI Plc was also the most active stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc followed with 1.1 billion units traded for N415.7 million.

Five securities recorded various movements yesterday at the OTC securities exchange, with three price gainers and two price losers.

For the advancers, they were led by 11 Plc, which added N22.11 to its share price to close at N243.11 per unit versus N221.10 per unit, CSCS Plc grew by N2.95 to N77.80 per share from N74.85 per share, and IPWA Plc expanded by 80 Kobo to N8.83 per unit from N8.03 per unit.

On the flip side, FrieslandCampina Wamco Nigeria Plc shrank by N12.11 to N167.89 per share from N180.00 per share, and Geo-Fluids Plc lost 2 Kobo to sell at N2.98 per unit versus Monday’s N3.00 per unit.

As a result, the market capitalisation dropped N600 million to close at N2.571 trillion compared with the previous day’s N2.571 trillion, and the NASD Unlisted Security Index (NSI) fell by 1.00 points to 4,297.17 points from 4,298.17 points.

The market will be closed on Wednesday (May 27) and Thursday (May 28) for the Eid al-Kabir holidays.

By Adedapo Adesanya

The Naira recorded a loss of 49 Kobo or 0.03 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, May 26, trading at N1,375.41/$1 compared with the preceding day’s N1,374.92/$1.

However, the local currency appreciated against the Pound Sterling in the official market during the session by N3.47 to close at N1,852.26/£1 versus Monday’s closing price of N1,855.73/£1, and gained N1.37 against the Euro to finish at N1,599.32/€1, in contrast to the previous session’s N1,600/€1.

As for the black market, the Naira traded flat against the US Dollar yesterday at N1,385/$1, and also maintained stability at the GTBank forex counter at N1,383/$1.

Interbank FX turnover increased to $73.598 million across 110 deals, indicating a significant rise from $55.786 million that passed through local banks’ records the previous day.

Market analysts noted that the Naira outlook remains stable, citing the latest round of FX inflows, which have lifted gross external reserves to $49.259 billion.

Largely, the domestic currency will close the first half of 2026 stronger as the CBN continues to inject FX inflows into the official market, due to a significant increase in FX receipts from elevated oil prices in the global commodity market.

Meanwhile, the cryptocurrency market was down on Tuesday as global stocks hit record highs, widening a recent divergence between crypto and equities.

There were also outflows as retail traders added leverage, raising the risk of sharp liquidations despite new SEC-approved bitcoin index options aimed at institutions.

Bitcoin (BTC) fell by 1.4 per cent to $75,737.18, Ethereum (ETH) depleted by 1.2 per cent to $2,075.39, Ripple (XRP) lost 1.0 per cent to sell at $1.33, Binance Coin (BNB) slumped by 0.9 per cent to $651.75, Solana (SOL) depreciated by 0.8 per cent to $83.86, Cardano (ADA) dipped 0.7 per cent to $0.2402, and TRON (TRX) dropped 0.2 per cent to settle at $0.3726, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.

By Aduragbemi Omiyale

To support its expansion drive, which aims to boost the Nigerian economy by ensuring sufficient sugar production in the country, Dangote Sugar Refinery Plc has opened its rights issue.

The sugar refiner hopes to raise up to N485.9 billion from the exercise, which commenced on Monday, May 25, 2026, and will close on Wednesday, June 24, 2026.

A note specifically said the net proceeds will be used to materially deleverage the company’s balance sheet, strengthen liquidity and reposition the organisation on a more sustainable capital structure.

The rights issue size is 8,097,918,827 ordinary shares of 50 Kobo each at N60.00 per share, and would be offered to shareholders on the basis of two new ordinary shares for every three existing ordinary shares held as at the close of business on April 20, 2026.

Dangote Sugar, a subsidiary of Dangote Industries Limited, refines, distributes, and markets granulated sugar to wholesalers and major players within the food and beverage, pharmaceutical, and personal care industries.

It operates the largest sugar refinery in Sub-Saharan Africa, with a combined installed refining capacity of 1.49 million metric tonnes per annum. Through its backward integration strategy, DSR is advancing plans to produce an additional 1.5 million metric tonnes of locally sourced sugar, further strengthening its position as a leading integrated sugar producer globally.

At its 20th Annual General Meeting (AGM) held last month in Lagos, shareholders approved the floating of a N500 billion rights issue to fund its strategic expansion, especially for its ambitious backward integration projects.

According to the firm’s chief executive, Mr Thabo Mabe, efforts are being made to secure approximately $1.3 billion needed to fulfil the commitment to achieving a production target of at least 600,000 tonnes annually by 2030.

“We have revised our strategic development plan to meet the 2030 objectives, leveraging the combined potential of DSR Numan Operation and Nasarawa Sugar Company Limited estates.

“This integrated plan targets substantial cane production of around 6.05 million tonnes across 45,000 hectares from both sites,” he said at the meeting.