Economy
Nigerian Exchange Records Marginal Loss
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited retreated by 0.01 per cent on Wednesday following a mild profit-taking by investors, who reacted to a further hike in the price of petrol in the country.
The latest increase in the pump price has forced some businesses to raise the price of their goods and services, putting pressure on their finances.
At the stock market, some traders liquidated their shares, especially their holdings in the banking and industrial goods sectors of the bourse.
The selling pressure weakened the banking space by 2.05 per cent and the industrial goods counter by 0.06 per cent.
The losses printed by the duo overpowered the 0.62 per cent growth recorded by the energy index, the 0.52 per cent gain posted by the insurance sector, and the 0.48 per cent increase printed by the consumer goods space.
Consequently, the All-Share Index (ASI) went down by 9.49 points to 63,757.23 points from 63,766.72 points, and the market capitalisation depreciated by N6 billion to N34.716 trillion from N34.722 trillion.
Business Post reports that investor sentiment was weak in the midweek session as the bourse ended with 27 price losers and 24 price gainers, indicating a negative market breadth index.
Geregu Power and Prestige Assurance lost 10.00 per cent each to trade at N315.00 and 45 Kobo apiece, as FTN Cocoa shed 9.61 per cent to sell at N2.07, Linkage Assurance depreciated by 9.09 per cent to 70 Kobo, and Jaiz Bank went down by 9.04 per cent to N1.71.
Conversely, Honeywell Flour gained 10.00 per cent to end at N3.63, Eterna grew by 9.98 per cent to N28.65, Academy Press improved by 9.95 per cent to N2.21, SAHCO expanded by 9.83 per cent to N16.20, and RT Briscoe increased by 9.80 per cent to 56 Kobo.
The trading volume, value and number of deals declined by 45.50 per cent, 76.40 per cent, and 17.47 per cent, respectively.
This was because investors transacted 473.5 million equities worth N10.1 billion in 7,403 deals compared with the 868.8 million equities valued at N42.8 billion traded in 8,970 deals.
Japaul topped the activity chart after selling 78.0 million shares valued at N64.6 million, FCMB traded 36.6 million equities worth N221.8 million, Sterling Holdings exchanged 31.2 million stocks worth N109.1 million, Dangote Sugar sold 30.7 million shares for N845.9 million, and Fidelity Bank traded 22.3 million equities valued at N160.9 million.
By Adedapo Adesanya
The Naira sold at N1,343.64/$1 Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 17, after shedding N1.34 or 0.10 per cent against the greenback from the previous day’s rate of N1,342.30/$1.
In the same vein, the Nigerian currency depreciated against the Pound Sterling in the same market window during the session by N5.03 to quote at N1,824.39/£1 versus the previous rate of N1,819.36/£1, and lost N10.05 against the Euro to sell at N1,591.14/€1 versus N1,581.09/€1.
At the GTBank FX desk, the exchange rate of the Naira to the Dollar remained unchanged at N1,355/$1, and it also maintained stability in the parallel market at N1,375/$1.
Interbank liquidity increased to N124.34 million from N74.255 million the previous day, data from the Central Bank of Nigeria (CBN) showed.
Meanwhile, external reserves remain at $48.70 billion, down from the 2009 peak of $50 billion amidst uncertainties in the global commodities market.
Global oil prices dropped sharply on Friday after Iran signalled that the Strait of Hormuz would remain open to commercial shipping during a temporary ceasefire in the Middle East.
Crypt assets also gained on the news from Iran’s foreign minister, who declared the Strait of Hormuz open, drawing a positive response from President Donald Trump. The development helped ease worry around risky assets like crypto.
Meanwhile, the cryptocurrency market was bullish, as traders weighed possible scenarios ahead of next week’s US-Iran cease-fire deadline.
Ethereum (ETH) appreciated by 3.2 per cent to $2,410.53, Bitcoin (BTC) jumped by 2.8 per cent to $77,124.22, Ripple (XRP) rose by 2.7 per cent to $1.47, Binance Coin (BNB) expanded by 2.5 per cent to $643.97, Dogecoin (DOGE) added 1.0 per cent to close at $0.0988, Cardano (ADA) improved by 0.9 per cent to $0.2578, Solana (SOL) soared by 0.4 per cent to $88.53, and TRON (TRX) gained 0.4 per cent to sell at $0.3275, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Adedapo Adesanya
Oil prices plunged by 9 per cent on Friday after Iran said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period.
Brent crude futures lost $9.01 or 9.07 per cent to trade at $90.38 a barrel, while the US West Texas Intermediate (WTI) crude futures depreciated by $10.48 or 11.45 per cent to finish at $83.85 a barrel.
Iran said Friday that the Strait of Hormuz is “completely open” for the remainder of the Israel-Lebanon ceasefire, bolstering hopes of a breakthrough in the weeks-long crisis over the crucial oil route.
Iran had maintained its blockade of the strait despite a two-week ceasefire with the US, which expires on Tuesday, and previously said it would not open the key waterway while Israel continued to strike Lebanon.
Business Post had reported that oil prices weakened to around $88 per barrel after Iranian Foreign Minister Seyed Abbas Araghchi posted on X that “all commercial vessels” would be allowed to pass through the strait throughout the remainder of the ten-day ceasefire in Lebanon.
US President Donald Trump thanked Iran on Truth Social, but stressed that the US naval blockade of the regime’s ports would remain “in full force and effect” until a peace deal was completed. “This process should go very quickly in that most of the points are already negotiated,” he added.
A second round of truce talks between the US and Iran is expected to take place as oil tankers are beginning to test the waters at the Strait of Hormuz.
Despite the fact that all ships can sail through the Strait of Hormuz, this passage needs to be coordinated with Iran’s Islamic Revolutionary Guard Corps (IRGC).
Market analysts noted that if these initial tankers make it through, flows will begin to partially normalise. However, a handful of vessels does not equal restored capacity. The backlog alone will take significant time to clear, and producers across the region are still dealing with disrupted output and logistics.
Prices had already fallen earlier in the Friday session as possible further talks between the US and Iran over the weekend and a 10-day ceasefire between Lebanon and Israel raised investors’ hopes that the war in the Middle East could be nearing an end.
The American President also said on Friday that the US has banned Israel from further bombing in Lebanon, using a harsher tone than usual with the longtime US ally.
By Dipo Olowookere
The daily stock trading hours on the floor of the Nigerian Exchange (NGX) have been expanded by an hour to 4.00 pm after extensive stakeholder engagement, ensuring alignment and operational readiness ahead of the go-live date.
A statement from the bourse on Friday said the extension was approved by the Securities and Exchange Commission (SEC).
Before now, trading activity on Customs Street resumed from 9.30 am to 2:30 pm, but from Monday, April 27, 2026, the resumption time would be 9.00 am, and the closing gong would be struck by 4.00 pm from Monday to Friday.
It was explained that this action was taken “to deepen market liquidity, enhance price discovery, and broaden investor access.”
The NGX has witnessed renewed investor interest due to increased awareness of equities lately, especially as the nation and the global community await the much-anticipated listing of Dangote Refinery shares later in the year, all things being equal.
The statement also noted that this extended trading window would provide greater flexibility for investors, improve responsiveness to market-moving information, and support broader participation across the market.
The development builds on the momentum of Nigeria’s recent reclassification to Frontier Market status by FTSE Russell, reinforcing NGX’s global positioning and enhancing its attractiveness to a broader pool of domestic and international investors.
It further stated that this reform reflects strong regulatory collaboration and underscores the SEC’s continued commitment to advancing market development initiatives. Alongside Nigeria’s Frontier Market reclassification, it signals a deliberate shift towards a more accessible, liquid, and globally competitive market.
With this development, NGX reinforces its position as a leading multi-asset exchange, deepening liquidity, improving market access, and supporting efficient capital formation within Nigeria’s financial markets.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn