Economy
Nigerian Stocks Attract N22.4bn as Investors Await Q1 Results
By Dipo Olowookere
The value of transactions on the floor of the Nigerian Exchange (NGX) Limited increased last week as investors take a position in expectation of good first-quarter earnings.
As usual, United Capital was among the first companies to release Q1 results, with double-digit growth in both the top line and the bottom line.
With the economy gradually getting back to its feet after the disaster caused by the COVID-19 pandemic in 2020, investors are optimistic that the earnings should be better in the first three months of 2022, especially for firms in the financial, consumer goods and industrial goods services.
This may have triggered the renewed interest in banking stocks as the trio of GTCO, Zenith Bank and Fidelity Bank were the busiest during the four-day trading week, selling 429.7 million units worth N7.8 billion in 5,871 deals, contributing 34.45 per cent and 34.80 per cent to the total equity turnover volume and value respectively.
Business Post notes that the market only operated for four trading days last week because the federal government declared Friday, April 15, 2022, (Good Friday) as a public holiday.
This week, the market will also open for four days as a result of another public holiday declared by the government for Monday, April 18, 2022, for Easter Monday.
Last week, investors bought and sold a total of 1.3 billion Nigerian stocks worth N22.4 billion in 23,406 deals compared with the 1.1 billion shares valued at N10.8 billion traded in 23,471 deals in the preceding week.
It was observed that financial stocks dominated with 975.8 million units valued at N10.678 billion traded in 13,097 deals, accounting for 78.24 per cent and 47.73 per cent of the total trading volume and value respectively.
Consumer goods shares followed with 65.2 million units worth N1.8 billion in 2,725 deals, while services equities occupied third spot with 42.6 million units worth 135.8 million in 1,172 deals.
In the week, 51 equities appreciated in price, higher than 33 equities in the previous week, while 18 equities depreciated in price, lower than 31 equities in the previous week, with 87 equities closing flat, lower than 92 equities recorded in the previous week.
Meyer topped the gainers’ chart with a price appreciation of 41.59 per cent to trade at N1.60. Learn Africa gained 20.23 per cent to finish at N2.08, Berger Paints grew by 16.94 per cent to N7.25, NAHCO appreciated by 14.00 per cent to N5.70, while UAC Nigeria went up by 13.86 per cent to N11.50.
The losers’ chart was topped by Academy Press, which lost 18.64 per cent to close at N1.44. Prestige Assurance depreciated by 11.11 per cent to 40 kobo, Sunu Assurances deflated by 7.69 per cent to 36 kobo, Stanbic IBTC dropped 5.86 per cent to N32.15, while Regency Assurance fell by 5.41 per cent to 35 kobo.
When the market closed for the week last Thursday, the All-Share Index (ASI) and market capitalisation increased by 1.99 per cent to 47,558.45 points and N25.639 trillion respectively.
Similarly, all other indices finished higher with the exception of the Asem, growth and sovereign bond indices which closed flat.
By Adedapo Adesanya
Sahara Upstream, a Nigeria-focused crude producer, has deployed a new 380,000-barrel tanker to boost exports from the OML 18 block as part of a wider push by domestic operators to invest in infrastructure and lift output and exports for Africa’s biggest oil producer.
The MT D Adesanya, which can hold more than 62,000 cubic metres of crude, will operate alongside the MT D Bayero, receiving crude from shuttle vessels at Bonny Anchorage, one of Nigeria’s main crude export hubs, before transferring it to the FSO Cawthorne storage facility.
Sahara said the tanker would help cut turnaround times, currently about 30 to 48 hours, and support a planned 50 per cent increase in exports from the block’s current level of about 950,000 barrels per month.
The block currently produces about 36,000 barrels per day, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), with Sahara targeting output of 60,000 barrels per day.
OML 18 is one of the Niger Delta’s oldest producing assets. It began production in 1970 and contains an estimated 1.5 billion barrels of oil equivalent in reserves.
Shell, Total and Eni sold their combined interests to Eroton in 2015 as part of a broader shift toward domestic ownership in Nigeria’s upstream sector.
This development comes as Sahara Upstream is deepening its exploration and production footprint through Asharami Energy Limited (AEL), its upstream E&P business, which says it is targeting 350,000 barrels of oil per day by 2030 through its subsidiary, Enageed Resources Limited (ERL).
The growth target comes as AEL also marks a major safety milestone, achieving 6 million Lost Time Injury (LTI)-free man-hours in its OML-148 operations — reinforcing the company’s commitment to operational excellence and safety leadership.
According to Asharami Energy, the milestone reflects its ability to execute complex operations safely, in line with Sahara’s Beyond XXX vision, which builds on the group’s 30-year legacy of responsible enterprise while marking its next chapter of impact, innovation, and sustainable growth.
The developments position Sahara Upstream and its subsidiaries among the domestic operators driving increased investment in Nigeria’s oil and gas infrastructure, as the group works to scale up production and exports for Africa’s biggest oil producer.
By Aduragbemi Omiyale
One of the leading energy firms in Nigeria, Aradel Holdings Plc, has expressed its desire to optimise its enlarged portfolio and improve operational efficiency in the second half of 2026.
The company is planning to build on the success it recorded in the first half of the year, where it grew its revenue by 577 per cent to N2.5 trillion from N368.1 billion in H1 2025.
The significant rise in earnings was driven by higher production volumes together with stronger realised crude oil and gas prices, with the average at $90.4/bbl and $2.08/mmscf, respectively.
In the period under review, the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 688 per cent to N1.4 trillion from N176.4 billion in the corresponding period of last year, while the operating profit surged by 789 per cent to N1.1 trillion from N118.6 billion due to higher revenue and crude handling income at N149.8 billion, partly offset by underlift cost and general and administrative costs.
The net cash generated from operations was N975.6 billion between January and June 2026 versus N140.8 billion in the same period of 2025, reflecting the cash generation of the enlarged organisation.
The net debt contracted by 70 per cent on a year-to-date basis to N46.5 billion from N475.1 billion as of December 31, 2025.
Aradel, in the period under consideration, improved its post-tax profit by 30 per cent to N191.0 billion from N146.4 billion, a development that impressed its chief executive, Mr Adegbite Falade, who said, “A firmer price environment supported performance, generating net cash from operating activities of N975.6 billion and a closing cash balance of N1.7 trillion.”
“Our enlarged portfolio provides more opportunities to generate stronger cash flow and returns for shareholders and unlocking that potential is our main focus.
“We reaffirm our full year production guidance of 110 – 140 kboepd and remain committed to operating responsibly in a changing energy landscape and to delivering lasting value for our stakeholders,” he stated.
By Dipo Olowookere
Investors on the Nigerian Exchange (NGX) Limited bought and sold 5.119 billion shares worth N404.762 billion in 285,223 deals last week. This was significantly higher than the 4.433 billion shares valued at N306.143 billion traded in 255,589 deals in the preceding week.
This surge in activity level was driven by First Holdco, AVA Capital, and Access Holdings, which accounted for 2.308 billion units sold for N224.773 billion in 27,359 deals, contributing 45.09 per cent and 55.53 per cent to the total trading volume and value, respectively.
Data showed that financial equities led the activity chart with 3.918 billion units valued at N271.428 billion in 123,514 deals, contributing 76.55 per cent and 67.06 per cent to the total trading volume and value, respectively.
Services stocks followed with 203.203 million units worth N3.061 billion in 18,333 deals, and consumer goods shares closed with a turnover of 191.283 million units valued at N13.203 billion in 30,730 deals.
In the five-day trading week, 33 equities appreciated versus 57 equities a week earlier, 56 equities depreciated versus 38 equities in the previous week, and 58 equities remained unchanged versus 51 equities in the preceding week.
The best-performing equity last week was CMFC, which chalked up 22.78 per cent to trade at N3.88, Thomas Wyatt gained 20.66 per cent to close at N4.38, Consolidated Hallmark grew by 19.60 per cent to N8.36, Lasaco Assurance rose by 18.68 per cent to N2.16, and VFD Group increased by 12.21 per cent to N11.95.
On the flip side, the worst-performing equity was ABC Transport, which decreased by 18.44 per cent to N5.75. Fortis Global Insurance shrank by 16.13 per cent to N2.34, Tripple Gee slipped by 15.54 per cent to N2.88, Veritas Kapital slumped by 15.38 per cent to N1.43, and International Breweries crashed by 13.87 per cent to N11.80.
At the close of business for the week, the All-Share Index (ASI) succumbed to selling pressure, as it shed 0.84 per cent to settle at 245,283.68 points, while the market capitalisation retreated by 0.79 per cent to N158.326 trillion.
Similarly, all other indices finished lower apart from the premium, insurance and sovereign bond indices, which appreciated by 0.02 per cent, 1.72 per cent and 0.27 per cent, respectively.
