Economy
NGX Upswing Slows to 0.06% as Investors Think Through Tinubu’s Policy Direction
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited marginally grew by 0.06 per cent on Wednesday as investors thought through the policy direction of the administration of President Bola Tinubu.
On Tuesday, the stock exchange witnessed an upswing of 5.22 per cent due to the assurance Mr Tinubu gave investors on Monday during his inauguration speech.
At the event held to swear him in as Nigeria’s 16th President, the former Governor of Lagos State said he would target at least 6 per cent GDP growth and unify the exchange rate regimes.
He also announced the removal of the petrol subsidy, which immediately triggered panic buying across the country.
Yesterday, many Nigerians suffered the ripple effect of this announcement, with the Nigerian National Petroleum Company (NNPC) Limited releasing a new pump price for its retail stations across the country. The energy firm said in Lagos, fuel would now sell for N488 per litre, and in other states in the Southwest region, it would go for N500/litre and N537/litre in Abuja.
This and others gave equity investors something to worry about, impacting the outcome of the bourse, as investor sentiment was weak, with 39 price losers and 30 price gainers.
Business Post reports that the financial services sector was bearish yesterday, with the insurance counter losing 2.52 per cent and the banking sector declining by 2.46 per cent.
Also, the industrial goods index went down by 0.19 per cent, while the consumer goods and the energy sectors closed higher by 2.08 per cent, and 1.63 per cent, respectively.
The All-Share Index (ASI) closed in the green territory in the midweek session after it rose by 30.93 points to 55,769.28 points from 55,738.35 points, while the market capitalisation grew by N17 billion to N30.367 trillion from N30.350 trillion.
The trio of Veritas Kapital, McNichols, and Jaiz Bank gained 10.00 per cent during the session to settle at 22 Kobo, 77 Kobo, and N1.21 apiece, as Conoil rose by 9.96 per cent to N57.95, and MRS Oil improved by 9.93 per cent to N44.85.
Conversely, NASCON shed 9.79 per cent to N15.20, RT Briscoe declined by 9.76 per cent to 37 Kobo, GSK dwindled by 9.58 per cent to N7.55, Caverton fell by 9.35 per cent to N1.26, and Deap Capital slipped by 9.09 per cent to 20 Kobo.
At the market on Wednesday, traders transacted 661.5 million shares worth N19.0 billion stocks in 10,024 deals, in contrast to the 1.1 billion shares worth N15.8 billion traded in 9,916 deals on Tuesday, representing a decline in the trading volume by 38.65 per cent, an increase in the trading value and the number of deals by 20.25 per cent, and 1.09 per cent apiece.
Access Holdings sold 98.7 million shares valued at N1.2 billion, UBA traded 90.2 million stocks worth N891.6 million, Zenith Bank transacted 44.5 million equities for N1.3 billion, GTCO exchanged 39.6 million stocks worth N1.1 billion, and Sterling Bank sold 34.2 million equities valued at N69.1 million.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited further depreciated by 0.84 per cent on Monday as a result of sell-offs in PZ Cussons, BUA Cement and others.
During the session, apart from the consumer goods index, which closed higher by 0.59 per cent, every other index closed lower, with the industrial goods sector the heaviest loser after shedding 3.28 per cent. The insurance space declined by 2.18 per cent, the banking sector depleted by 1.44 per cent, and the energy segment shrank by 0.09 per cent.
Consequently, the All-Share Index (ASI) retreated by 2,049.65 points to 241,749.11 points from 243,798.76 points, and the market capitalisation contracted by 1.315 trillion to N155.130 trillion from N156.445 trillion.
The market was under selling pressure yesterday, as reflected in the market breadth index, which was negative after closing with 48 price losers and 22 price gainers, indicating weak investor sentiment.
PZ Cussons was the worst-performing stock after shedding 10.00 per cent to finish at N81.00, BUA Cement lost 9.99 per cent to settle at N306.20, Red Star Express declined by 9.98 per cent to N22.10, RT Briscoe depreciated by 9.70 per cent to N12.10, and C&I Leasing dropped 9.38 per cent to trade at N28.12.
The best-performing equity for the day was International Breweries, which chalked up 9.77 per cent to quote at N14.60, NAHCO improved by 8.36 per cent to N177.00, UAC Nigeria expanded by 8.11 per cent to N199.95, DAAR Communication grew by 6.67 per cent to N1.76, and Vitafoam Nigeria gained 5.87 per cent to close at N194.80.
During the session, investors bought and sold 523.5 million shares worth N22.3 billion in 59,945 deals compared with the 441.3 million shares valued at N19.4 billion traded in 44,938 deals last Friday, indicating an increase in the trading volume, value, and number of deals by 18.63 per cent, 14.95 per cent, and 33.40 per cent, respectively.
FCMB closed the day as the most traded stock, with 102.2 million units valued at N1.0 billion. International Breweries sold 26.8 million units worth N387.2 million, Access Holdings exchanged 24.8 million units for N618.2 million, McNichols traded 20.3 million units worth N95.0 million, and Stanbic IBTC transacted 18.4 million units valued at N2.9 billion.
By Adedapo Adesanya
Nigeria met its production quota set by the Organisation of Petroleum Exporting Countries (OPEC) as crude oil and condensate production soared to an average of 1,735,398 barrels per day in June 2026, representing positive growth for a fourth consecutive month.
This is according to a statement released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and signed by its Head of Media and Corporate Communications, Mr Eniola Akinkuotu, on Sunday.
The regulator noted that in June, crude oil production hit 1.56 million barrels per day while 0.18 million barrels per day of condensates were produced. The commission revealed that Nigeria met 104 per cent of the 1.5 million barrels per day crude oil production quota set by OPEC.
Business Post reports that OPEC quota doesn’t account for condensates in its count.
In strict crude oil terms (excluding condensates), the 1.56 million daily average production Nigeria witnessed in June is the highest that Africa’s biggest oil producer has recorded since April 2020, thus representing a 74-month high.
In June, NUPRC noted that the peak combined crude oil and condensate production was 1.89 million barrels per day, reflecting Nigeria’s potential to reach 2 million barrels per day in the near term. However, the lowest production was 1.57 million barrels per day for the period in review.
According to the upstream regulator, the improved performance was primarily driven by stable production operations across most producing assets and the absence of any major pipeline outages during the period under review.
This enhanced operational stability supported improved production uptime and crude evacuation efficiency.
Nigeria, which is Africa’s biggest oil producer, has not been able to top its record-high production of 2.5 million barrels per day recorded in 2025 due to challenges ranging from underinvestment to oil theft.
By Dipo Olowookere
On the Nigerian Exchange (NGX) Limited last week, investors transacted 3.648 billion shares worth N220.568 billion in 251,861 deals compared with the 3.821 billion shares valued at N154.393 billion traded in 258,567 deals a week earlier.
Analysis showed that financial stocks led the activity chart with 2.899 billion units sold for N147.360 billion in 106,603 deals, accounting for 79.48 per cent and 66.81 per cent of the total trading volume and value, respectively.
Services equities recorded a turnover of 164.914 million units valued at N3.615 billion in 16,375 deals, and the consumer goods shares exchanged 157.451 million units worth N7.777 billion in 27,950 deals.
First Holdco, Zenith Bank, and Fidelity Bank were the busiest stocks for the five-day trading week, trading 1.745 billion units valued at N121.828 billion in 31,053 deals, contributing 47.85 per cent and 55.23 per cent to the total trading volume and value, respectively.
Business Post reports that 60 equities appreciated during the week versus 22 equities in the previous week, 28 shares depreciated versus 57 shares of the preceding week, and 58 stocks closed flat versus 67 stocks of the previous week.
International Breweries gained 40.00 per cent to trade at N13.30, RT Briscoe expanded by 32.02 per cent to N13.40, Livestock Feeds improved by 28.47 per cent to N9.25, First Holdco chalked up 25.82 per cent to close at N69.20, and Abbey Bank rose by 23.65 per cent to N9.15.
On the flip side, McNichols lost 28.57 per cent to finish at N5.00, Thomas Wyatt gave up 11.64 per cent to quote at N2.43, Geregu Power declined by 10.00 per cent to N825.70, CAP shed 9.99 per cent to settle at N157.60, and Guinness Nigeria also slipped by 9.99 per cent to N329.00.
Customs Street was under buying pressure last week, making the All-Share Index (ASI) and the market capitalisation close higher by 6.35 per cent to 243,798.76 points and N156.445 trillion, respectively.
In the same vein, all other indices finished higher apart from the growth and sovereign bond indices, which depreciated by 7.43 per cent and 0.02 per cent, respectively.
