Economy
NGX Rebounds 0.19% as Investors Pick up MTN, FTN Cocoa, Others
By Dipo Olowookere
For the first time this week, the Nigerian Exchange (NGX) closed in the bullish territory on Friday after it rebounded by 0.19 per cent, triggered by bargain hunting in MTN Nigeria, UBA, FTN Cocoa and others.
The banking sector recorded the highest improvement during the session, 1.04 per cent, with the consumer goods space rising by 0.13 per cent.
However, the insurance counter depreciated by 1.47 per cent, the energy sector went down by 0.41 per cent, while the industrial goods closed flat at the close of transactions.
When the market closed for the session at 2:30 pm, the All-Share Index (ASI) increased by 90.54 points to settle at 47,351.43 points compared with the previous day’s 47,260.89 points. As for the market capitalisation, it grew by N49 billion to end at N25.791 trillion as against the N25.742 trillion it closed on Thursday.
FTN Cocoa was the best-performing stock yesterday as its value went up by 7.14 per cent to 30 Kobo, International Breweries grew by 5.56 per cent to N4.74, Sovereign Trust Insurance rose by 4.00 per cent to 26 Kobo, Sterling Bank appreciated by 3.33 per cent to N1.55, and UBA expanded by 3.05 per cent to N6.75.
On the flip side, May and Baker finished as the worst-performing stock after its value decreased by 9.78 per cent to N3.69, NASCON fell by 9.52 per cent to N9.50, Academy Press declined by 9.38 per cent to N1.45, Coronation Insurance dropped 8.57 per cent to 32 Kobo, and UPDC REIT shrank by 8.20 per cent to N2.80.
Business Post reports that the market breadth was at par on Friday as there were 14 price gainers and 14 price losers.
But yesterday, the level of activity waned as investors transacted 137.3 million stocks worth N1.7 billion in 3,845 deals in contrast to the 140.7 million stocks worth N2.5 billion transacted in 4,371 deals on Thursday, indicating a decline in the trading volume, value and number of deals by 2.41 per cent, 31.94 per cent and 12.03 per cent, respectively.
By Aduragbemi Omiyale
Trading in the equities of Fortis Global Insurance Plc on the floor of the Nigerian Exchange (NGX) Limited has been suspended.
The action was taken on Wednesday, June 17, 2026, by the regulatory subsidiary of the NGX Group Plc, NGX Regulation (NGX RegCo) Limited.
It was to prevent investors from buying and selling the company’s securities on the stock market ahead of its share reconstruction.
According to a circular signed by the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, the suspension is also to determine the shareholders who are entitled to receive the reconstructed shares.
“Trading license holders and the investing public are hereby notified that trading in the shares of Fortis Global Insurance Plc was suspended on Wednesday, June 17, 2026.
“The suspension is necessary to prevent trading in the shares of Fortis Global Insurance Plc to enable the Company’s Registrars and the Central Securities Clearing System Plc (CSCS) to reconcile their books for the listing of the reconstructed shares on Nigerian Exchange Limited (NGX).
“The suspension is also required for the purpose of determining the shareholders who are entitled to receive the reconstructed shares,” the notice stated.
By Modupe Gbadeyanka
Efforts are being made to deepen collaboration to promote transparency and accountability in the collection of oil and gas revenue in Nigeria.
Two key organisations involved in this, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigeria Revenue Service (NRS), recently held a strategic meeting to further work on ways to achieve this goal.
The chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, was at the headquarters of the tax-collecting agency in Abuja on Wednesday.
In discussions with the chairman of NRS, Mr Zacch Adedeji, she praised him for driving reforms that culminated in the enactment of the NRS Act.
Speaking on the transfer of revenue collection responsibilities, Mrs Eyesan said the process had been seamless, highlighting her organisation’s efforts to create an enabling environment for operators in the oil and gas industry.
She further revealed that Nigeria had the potential to produce 1.9 million barrels per day, having hit a peak production of 1.86 million barrels per day in May.
In his response, the NRS chairman praised NUPRC for its dynamism, professionalism and transparency, promising continued collaboration with the commission, particularly on matters relating to the transfer of revenue collection functions under the new Act.
“I collect revenue. I don’t generate revenue. Wherever revenue is, I work on it and keep an account for you. So, I’m helping you to collect your royalties,” Mr Adedeji said.
He pledged that the NRS would continue to support the commission to achieve its shared objective of increasing government revenues in a fair, transparent and sustainable manner.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange jumped 1.04 per cent on Wednesday, June 17, with the market capitalisation adding N26.99 billion to settle at N2.619 trillion compared with the previous session’s N2.592 trillion, and the Unlisted Security Index (NSI) rising by 45.1 points to close at 4,378.45 points, in contrast to the preceding day’s 4,333.35 points.
The rally was driven by the gains reported by two securities, which outweighed the losses posted by three securities, led by FrieslandCampina Wamco Nigeria Plc, which dipped by N1.95 to N178.19 per unit from N180.14 per unit. Geo-Fluids Plc lost 19 Kobo to close at N2.61 per share compared with Tuesday’s closing price of N2.80 per share, and Food Concepts Plc slid by 1 Kobo to N1.77 per unit from N1.78 per unit.
On the flip side, Central Securities Clearing System (CSCS) Plc recorded a N6.33 appreciation to trade at N86.57 per share versus the previous day’s N80.24 per share, and Light House Financial Services Plc grew by 10 Kobo to N1.13 per unit from the N1.03 per unit it closed a day earlier.
In the midweek session, the value of stocks traded by investors surged by 181.0 per cent to N128.3 million from the preceding session’s N45.6 million, the volume of securities increased by 305.6 per cent to 2.8 million units from Tuesday’s 688,290 units, and the number of deals executed jumped by 6.5 per cent to 33 deals from 31 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 67.3 million units exchanged for N4.6 billion.
GNI Plc also ended as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
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