Economy
Nigerian Stock Market Bleeds as NASS Saga Scares Investors
By Dipo Olowookere
The invasion of the National Assembly (NASS) by security operatives on Tuesday morning took its toll on the Nigerian stock market today.
The situation dominated the blogosphere and polity today as some lawmakers were prevented from gaining access into the complex because officials of the Department of State Services (DSS) mounted the main gate to the parliament.
Later in the day, the Director General of the DSS, Mr Lawal Daura, was fired by the Acting President, Professor Yemi Osinbajo, over the issue.
Business Post reports that at the Nigerian Stock Exchange (NSE), it was all red from when the market opened for business till when it closed for the day.
During the day’s trading, some investors, who were keeping tabs on happenings in Abuja, were selling off their stocks for cash, while few were stocking up their portfolio, taking advantage of the very low price they were getting the shares from panicking sellers.
At the close of transactions, the stock market suffered a 0.40 percent loss, leaving the Year-to-Date (YtD) gain to -4.99 percent.
Business Post reports further that the banking sector as well as the oil and gas sector suffered huge losses today. While the banking index declined by 1.08 percent, the oil and gas index depreciated by 4.69 percent.
Overall, the All-Share Index (ASI) lost 145.62 points to close at 36,333.80 points, while the market capitalization reduced by N53 billion to settle at N13.262 trillion.
However, the market breadth ended positive today with the stock market closing with 23 price gainers and 21 price losers.
The price gainers’ chart was led on Tuesday by Nigerian Breweries after its shares rose by N2.10k to settle at N103 per share.
It was followed by Flour Mills, which increased by 90 kobo to finish at N25.50k per share, and Newrest ASL Nigeria, which grew by 45 kobo to end at N4.95k per share.
Cadbury Nigeria also garnered 45 kobo to close at N9.95k per share, while United Capital appreciated by 28 kobo to settle at N3.08k per share.
On the flip side, Seplat recorded the highest price depreciation today with N60 of its share value lost to close at N650 per share.
CAP declined by N3.15k to finish at N28.35k per share, while GTBank lost 85 kobo to settle at N39.15k per share.
Lafarge fell by 60 kobo to end at N29.90k per share, while Forte Oil went down by 55 kobo to close at N23 per share.
Business Post reports that the volume of shares transacted by investors today increased by 36.07 percent, while the value of trades rose by 10.43 percent.
At the close of business, a total of 248.1 million shares were sold for N2.3 billion compared with the 182.3 million equities traded yesterday for N2 billion.
A further look at the transactions showed that the Financial Services sector led the activity chart with 207.2 million shares traded for N1.6 billion, while the Healthcare sector followed with 14.7 million equities sold for N7 million.
A deeper look at the activity chart showed that Wema Bank shares emerged the most traded, selling a total of 53.5 million units worth N37.5 million.
It was followed by GTBank, which transacted 23.4 million units for N925.1 million, and United Bank for Africa, which exchanged 22.2 million shares worth N214 million.
Diamond Bank traded 16.9 million equities valued at N21.2 million, while United Capital sold 14.2 million shares worth N43.2 million.
Investors will only hope that a calmer atmosphere tomorrow will have a positive effect on the market. Also, investors will hope that GTBank and other three other lenders release their half year earnings to lift the stock market.
As MSMEs across the South-East seek opportunities for growth, market expansion and cross-border trade, Stanbic IBTC, in partnership with the Anambra State Government, convened the Nigeria Business Summit Regional Tour in Onitsha to equip businesses with practical solutions for sustainable growth.
The summit, organised in collaboration with the Anambra State Ministry of Commerce, Industry and Trade, brought together government officials, business leaders, trade associations, development partners and entrepreneurs to explore practical pathways for economic growth, business sustainability and increased participation in local and international trade.
Speaking at the event, which took place on Wednesday, 29 July 2026, Honourable Nonso Chukwuma Ebonwu, Commissioner for Commerce and Industry, Anambra State, highlighted the importance of stronger partnerships between government, financial institutions and the private sector in creating an environment where businesses can thrive and contribute meaningfully to economic growth.
“Sustainable economic development requires strong partnerships between the public and private sectors. Financial institutions such as Stanbic IBTC have an important role to play by providing not only access to finance but also business advisory services, capacity building and the knowledge that enables businesses to grow sustainably,” he said.
Given Onitsha’s strategic position as a commercial hub, discussions centred on access to finance, enterprise development, business sustainability and opportunities for expansion into new markets. Stanbic IBTC’s Trade Team also provided practical insights into trade and export opportunities available to businesses operating within the South-East’s manufacturing and distribution value chains, highlighting strategies that can help enterprises improve competitiveness and unlock new growth opportunities.
Commenting on Stanbic IBTC’s commitment to supporting Nigerian businesses, Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said:
“We recognise the critical role businesses play in driving economic growth, creating jobs and fostering innovation. Supporting their growth remains central to our purpose of driving Africa’s growth, and we will continue to provide the solutions, partnerships and platforms they need to thrive.”
Also commenting on Stanbic IBTC’s support for Nigerian businesses, Remy Osuagwu, Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, said:
“Our commitment to supporting businesses is unrelenting. Through strategic partnerships and platforms such as the Nigeria Business Summit Regional Tour, we are connecting entrepreneurs to the knowledge, networks and financial solutions needed to scale their businesses and compete more effectively in today’s evolving marketplace.”
The summit also highlighted Stanbic IBTC’s focus on providing businesses with access to the capital, insights and connections needed to achieve sustainable growth. This commitment aligns with the strategic direction of the bank’s Enterprise Banking business, led by Olajumoke Bello, as Stanbic IBTC continues to deepen engagement with MSMEs and growth-focused businesses across Nigeria.
The Onitsha engagement builds on successful editions of the Nigeria Business Summit Regional Tour previously held in Katsina, Aba and Ibadan. Through the initiative, Stanbic IBTC continues to work with public and private sector stakeholders to equip entrepreneurs with practical insights, strategic partnerships and business solutions that support sustainable growth.
By Aduragbemi Omiyale
The board of Presco Plc has proposed the payment of an interim dividend of N10 per share to shareholders of the organisation for the first six months of this year.
This information was conveyed in the unaudited financial statements of the company released to the Nigerian Exchange (NGX) Limited.
In the results for the half-year ended June 30, 2026, the fully integrated agro-industrial firm said the cash reward reinforces its commitment to delivering consistent shareholder returns.
It further assured that looking ahead, it remains focused on disciplined capital allocation, operational efficiency and long-term value creation while navigating evolving market conditions.
A look at the key financial highlights of the results showed that revenue was relatively stable at about N199.0 billion in the first half of 2026 and the same period of 2025 amid a high-cost operating environment and softer crude palm oil prices.
However, the pre-tax profit rose by 9.3 per cent to N122.2 billion from N119.9 billion as result of a 31.9 per cent reduction in financing costs.
Further, the Edo State-based company posted an EBITDA of N123.1 billion, which yielded a margin of 61.9 per cent, as the organisation strengthened its balance sheet, reducing total liabilities by 42.5 per cent to N277.8 billion, while equity grew 13.8 per cent to N503.6 billion, with a current ratio of 345.6 per cent, which underscores robust liquidity.
“Our H1 2026 performance underscores the strength of our operational model in a challenging environment. The 9.3 per cent growth in profit before tax, driven largely by a 31.9 per cent reduction in financing costs, reflects our deliberate focus on cost optimisation and balance sheet discipline.
“With equity up 13.8 per cent and liabilities down by 42.5 per cent, we have further fortified our financial foundation.
“The proposed interim dividend of N10 per share signals our confidence in the business’s trajectory and our commitment to rewarding shareholders,” the chief executive of Presco, Mr Reji George, stated.
By Aduragbemi Omiyale
The ex-depot prices of the two major petroleum products in the country, Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (Diesel), have been slashed by Dangote Petroleum Refinery.
The company, in a statement on Wednesday, disclosed that while petrol is now N1,165 per litre, diesel is now N1,570 per litre.
The energy firm said it slashed the prices to reaffirm its commitment to providing affordable, high-quality petroleum products to the Nigerian market.
The latest cut in the price of PMS represents N50, as it was previously sold to marketers at N1,215 per litre, while diesel witnessed an N80 reduction, as it was formerly being sold at N1,650 per litre.
Dangote Refinery stated that the downward price review reflects its ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria, saying it remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.
As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.
The company reaffirmed its dedication to contributing to the growth of the Nigerian economy and passing on the benefits of improved operational efficiencies to consumers whenever market conditions permit.
