Economy
NGX Index Chalks up 0.03% Despite Weak Investor Sentiment
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited bounced back to the green territory on Tuesday with a 0.03 per cent growth amid a bearish market sentiment.
Data showed that the bourse finished with 24 price gainers and 29 price losers, representing a negative market breadth index and weak investor sentiment.
This was due to the persistent cautious trading by the market participants because of the global trade war between the United States and China.
Business Post reports that the banking space was down yesterday by 0.11 per cent as a result of profit-taking activities by investors, though this did not affect the general outcome of Customs Street because of the gains recorded by the others.
The consumer goods index appreciated by 0.72 per cent, and the insurance counter improved by 0.15 per cent, while the energy, industrial goods and commodity sectors closed flat.
At the close of business, the All-Share Index (ASI) chalked up 30.40 points to settle at 104,560.02 points compared with the previous day’s 104,529.62 points and the market capitalisation grew by N19 billion to N65.704 trillion from N65.685 trillion.
Abbey Mortgage Bank gained 9.94 per cent to sell for N7.41, Unilever Nigeria appreciated by 9.65 per cent to N38.05, Learn Africa jumped by 8.33 per cent to N3.25, Secure Electronic Technology surged by 7.41 per cent to 58 Kobo, and Consolidated Hallmark advanced by 7.27 per cent to N2.95.
On the flip side, Northern Nigeria Flour Mills declined by 9.97 per cent to N79.00, The Initiates fell by 9.57 per cent to N4.25, Caverton descended by 9.06 per cent to N2.31, Guinea Insurance depreciated by 8.70 per cent to 63 Kobo, and NGX Group lost 8.56 per cent to quote at N31.50.
The activity log was mixed yesterday as the trading value went up by 3.81 per cent, while the trading volume and the number of deals went down by 13.87 per cent and 9.29 per cent apiece.
A total of 368.8 million shares valued at N10.9 billion were traded in 13,228 deals during the session versus the 428.2 million shares worth N10.5 billion transacted in 14,583 deals on Monday.
Fidelity Bank was the most active stock of the day with a turnover of 47.4 million units worth N867.0 million, Access Holdings traded 28.1 million units for N592.2 million, Zenith Bank sold 23.1 million units valued at N1.2 billion, UBA exchanged 22.0 million units worth N690.5 million, and FCMB transacted 20.8 million units valued at N185.1 million.
By Adedapo Adesanya
Oil prices dipped on Tuesday as traders awaited an inventory report from the US Energy Information Administration (EIA) and began looking toward declining demand at the end of the summer driving season in early September.
Brent crude traded at $66.12 a barrel after it lost 51 cents or 0.77 per cent and the US West Texas Intermediate (WTI) crude finished at $63.17 per barrel after it weakened by 79 cents or 1.24 per cent.
The American Petroleum Institute (API) estimated that crude oil inventories in the US rose by 1.5 million barrels in the week ending August 8. So far this year, crude oil inventories are up more than 10 million barrels.
This suggests that the peak summer driving season is winding down. Gasoline inventories fell, but distillates, used for diesel and heating oil, saw a slight build.
The market will, however, await official data from the EIA to full grasp if demand was weakening as the API data signals.
Market analysts noted that if the EIA’s official figures confirm a crude build, it would reinforce expectations that refiners are dialing back runs as the Memorial Day-to-Labor Day demand window closes.
Meanwhile, new outlooks issued by Organisation of the Petroleum Exporting Countries (OPEC) and the EIA pointed to increased production this year, but both expect US output to decline in 2026 while other regions of the globe will increase oil and natural gas production.
OPEC’s monthly report on Tuesday said global oil demand will rise by 1.38 million barrels per day in 2026, up 100,000 from the previous forecast. Its 2025 projection was left unchanged.
The EIA forecast on Tuesday in a monthly report that US crude production will hit a record 13.41 million barrels per day in 2025 due to increases in well productivity, though lower oil prices will prompt a fall in output in 2026.
Also, US consumer prices increased in July as tariff-induced rising costs for imported goods helped to drive the strongest gain in six months for one measure of underlying inflation.
US President Donald Trump extended a tariff truce with China to November 10, while he and Russian President Vladimir Putin are due to meet in Alaska on Friday to discuss ending Russia’s war in Ukraine.
By Modupe Gbadeyanka
The ex-depot price of premium motor spirit (PMS), commonly called petrol, has been reduced by Dangote Petroleum Refinery by N30.
In a statement on Tuesday, the Chief Branding and Communications Officer of Dangote Group, Mr Anthony Chiejina, said the product would now be sold to marketers at N820 per litre and not the former price of N850 per litre.
It was stated that the price reduction is effective Tuesday, August 12, 2025, and it is “part of our unwavering commitment to national development,” assuring “the public of a consistent and uninterrupted supply of petroleum products.”
“In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 Compressed Natural Gas (CNG)-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” a part of the terse statement disclosed.
By Aduragbemi Omiyale
In demonstration of its commitment to deepening the Nigerian capital market and making investment in the ecosystem seamless and more attractive, the Central Securities Clearing System (CSCS) Plc introduced its Unstructured Supplementary Service Data (USSD) code service.
The quick code, Business Post gathered, is also part of the innovations the company is deploying to boost market accessibility and make capital market access easier, faster, and more inclusive.
The USSD code service is *7270# and can be used by investors to view their investments on the go even without data on feature phones.
The *7270# USSD code service was developed by CSCS in collaboration with MTN Nigeria, the leading telecommunications firm in the country.
CSCS disclosed that with this simple code, investors can now retrieve vital information about their holdings and recent transactions directly from their mobile phones, and no internet access is required.
This is particularly significant for investors in underserved and remote areas and without access to smartphones or stable internet connections, it noted.
“The USSD service supports our broader mission to enhance financial inclusion by ensuring that every investor, regardless of location or digital literacy, can stay updated on their investments.
“It also reinforces our strategic focus on using technology to improve transparency, efficiency, and user experience across the Nigerian capital market,” the company disclosed.
“Whether you’re checking your portfolio on the go or helping a client stay informed, *7270# puts market information in the palm of your hand, securely, instantly, and with zero hassle,” it added.
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