By Dipo Olowookere

The positive momentum seen at the Nigerian Exchange (NGX) Limited in the past few sessions was sustained on Thursday as the platform closed higher by 0.37 per cent.

This was buoyed by renewed appetite for Nigerian stocks, especially by offshore investors, who feel that the equities are currently undervalued.

Honeywell Flour ended the trading session as the best-performing stock, gaining 10.00 per cent to settle at N16.50, just as Nestle Nigeria chalked up 10.00 per cent to close at N1331.00.

Further, Beta Glass appreciated by 9.98 per cent to quote at N213.70, NPF Microfinance Bank gained 9.81 per cent to finish at N2.35, and Neimeth advanced by 9.77 per cent to N3.37.

The worst-performing stock for the day was Multiverse, which tumbled by 9.64 per cent to trade at N8.90, Coronation Insurance went down by 4.74 per cent to N2.01, Lasaco Assurance depreciated by 4.53 per cent to N2.32, May and Baker lost 3.82 per cent to sell for N12.60, and AIICO Insurance slipped by 3.61 per cent to N1.60.

At the close of transactions, 36 shares ended on the gainers’ table and 23 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.

The consumer goods industry rose by 1.16 per cent during the session, the banking space increased by 0.20 per cent, the industrial goods index jumped by 0.18 per cent, and the commodity counter grew by 0.15 per cent, while the energy sector lost 0.18 per cent, with the insurance sector closing flat.

When the closing gong was beaten by 2:30 pm, the All-Share Index (ASI) was up by 408.31 points to 109,467.64 points from 109,059.33 points and the market capitalisation moved up by N257 billion to N68.801 trillion from N68.544 trillion.

Investors bought and sold 716.1 million equities worth N13.7 billion in 14,559 deals yesterday compared with the 531.2 million equities valued at N19.8 billion transacted in 14,870 deals at midweek, indicating a rise in the trading volume by 34.78 per cent, and a shortfall in the trading value and number of deals by 30.81 per cent and 2.09 per cent apiece.

FCMB topped the activity chart with the sale of 273.0 million stocks for N2.6 billion, Fidelity Bank transacted 43.5 million shares valued at N896.7 million, Caverton exchanged 35.1 million equities worth N144.7 million, AIICO Insurance traded 33.9 million shares for N54.3 million, and FTN Cocoa sold 26.4 million equities worth N63.3 million.

By Adedapo Adesanya

• Strengthens case for MPC to cut or pause interest rates next week

Nigeria’s headline inflation rate eased to 23.71 per cent in April 2025, reflecting a 0.52 percentage point decline from the 24.23 per cent recorded in March.

This was disclosed in the latest Consumer Price Index (CPI) Report released by the National Bureau of Statistics (NBS) on Thursday.

The report also showed a decline in the food inflation index by 0.53 per cent to 21.26 percent in April from 21.79 per cent in March.

The decrease was attributed to the reduction in the prices of staple food items, including maize (corn) flour, wheat grain, dried okro, yam flour, soya beans, rice, bambara beans, and brown beans.

According to the NBS: “The Consumer Price Index (CPI) rose to 119.52 in April 2025, reflecting a 2.18-point increase from the preceding month.”

“On a year-on-year basis, the headline inflation rate was 9.99% lower than the rate recorded in April 2024 (33.69 per cent). This indicates a significant decrease compared to the same month in the preceding year, though with a different base year of November 2009 = 100,” it added.

The report further noted that the food inflation rate on a year-on-year basis stood at 21.26 per cent in April 2025, marking a 19.27 per cent reduction from the 40.53 per cent achieved in April 2024. The NBS attributed this sharp decline to a change in the base year used for calculations.

On a month-on-month basis, food inflation was recorded at 2.06 per cent in April 2025, a slight drop of 0.12 per cent from 2.18 per cent in March 2025.

“The decrease can be attributed to the reduction in the average prices of key food items like Maize Flour, Wheat Grain, Okro Dried, Yam Flour, Soya Beans, Rice, Bambara Beans, and Brown Beans,” the report added.

The development increases the chances of the Central Bank of Nigeria (CBN) to cut or pause interest rate at its next Monetary Policy Committee (MPC) meeting on May 20.

The MPC of the apex bank has only four months of data to guide its decision after the NBS overhauled the consumer price index for the first time in 16 years in January and changed the base year to 2024.

Business Post reports that at the last meeting, the CBN paused the key interest rate at 27.50 per cent.

By Modupe Gbadeyanka

A Kano-based company, Mamuda Group Nigeria Limited, is planning to build a factory in Ogun State worth $50 million.

The firm has tentacles in the food, personal care, and agro-processing sectors through its subsidiary, Mamuda Beverages.

Already, the company has acquired an expanse of land for its plant in Ogun State, with the foundation laying scheduled for next month, according to the Governor of Ogun State, Mr Dapo Abiodun, who said this is part of ongo​​ing efforts to make the state a top destination for industrial growth in Nigeria.

“We are pleased that our administration’s commitment to creating a business-friendly environment is attracting major investors,” he stated, noting that, “Our open-door policy and investor support structures continue to set us apart.”

Business Post learned that Mamuda Group chose the South-West state for its new factory because of its strategic location, bordering Lagos and connecting to Ibadan and Benin, making it ideal for regional distribution and production.

The organization currently employs over 13,000 people across sectors such as leather exports, agro-sack production, confectionery, soft drinks, and personal care.

With this new development in Ogun State, the company plans to begin with 1,500 employees, growing to 3,000 as operations expand, aligning with the state government’s goal of creating quality jobs and strengthening the state’s manufacturing base.

Governor Abiodun said to further support growth, his administration has developed key infrastructure like Nigeria’s best-equipped airport and a licensed dry port linked to the rail line.

According to him, these facilities will streamline importation and logistics, cutting delays and costs, noting that with tools like the Business Environment Council, the state government is not only attracting investment, but building lasting confidence in Ogun State’s economic future.