Economy

Nigerian Stocks Close 0.06% Lower in First Session in June

Published

5 years ago

02/06/2021

By Dipo Olowookere

The first trading session in the month of June 2021 on the floor of the Nigerian Exchange (NGX) Limited closed bearish as the market lost 0.06 per cent.

Selloffs in the key sectors of the exchange contributed to the decline recorded on Tuesday, June 1 and they outweighed the 1.51 per cent growth posted by the insurance sector.

Business Post reports that during the session, the energy counter lost 0.86 per cent, the consumer goods index dropped 0.27 per cent, banking depreciated by 0.13 per cent, while industrial goods space declined by 0.06 per cent.

At the close of transactions, the All-Share Index (ASI) decreased by 23.51 points to end at 38,414.37 points compared with Monday’s 38,437.88 points.

In the same vein, the market capitalisation went down by N12 billion to finish at N20.023 trillion in contrast to N20.035 trillion it closed at the preceding day.

Despite the market closing bearish, the level of activity improved as the volume of Nigerian stocks traded by investors increased by 36.16 per cent to 274.9 million units, the trading value rose by 24.17 per cent to N2.6 billion from N2.1 billion, while the number of deals jumped by 8.68 per cent to 4,159 deals from 3,827 deals.

United Capital ended the day as the most active stock with the sale of 24.0 million units worth N143.7 million, while Veritas Kapital tripped to the second spot for trading 23.1 million units valued at N4.6 million.

Eterna transacted 21.6 million shares valued at N164.0 million, Zenith Bank exchanged 20.5 million equities worth N470.7 million, while Transcorp traded 16.5 million stocks worth N14.6 million.

The market breadth was positive yesterday as there were 18 price gainers and 17 price losers led by Champion Breweries, which went down by 9.91 per cent to trade at N1.91.

John Holt depleted by 7.94 per cent to close at 58 kobo, Africa Prudential lost 7.26 per cent to sell for N5.75, Honeywell Flour dropped 6.61 per cent to trade at N1.13, while Chams went down by 4.76 per cent to 20 kobo.

At the other side, Morison Industries topped the gainers’ chart after its equity price went up by 9.57 per cent to N1.03 and was trailed by Coronation Insurance, which gained 9.43 per cent to sell for 58 kobo.

University Press grew by 9.40 per cent to N1.28, Consolidated Hallmark Insurance appreciated by 9.09 per cent to 72 kobo, while Regency Alliance went up by 8.89 per cent to 49 kobo.

Economy

Naira Suffers First Loss in 2026 at Official Market, Trades N1,419/$1

Published

27 minutes ago

09/01/2026

Adedapo Adesanya

By Adedapo Adesanya

After recent gains, the Naira recorded its first loss against the US Dollar in 2026 on Thursday, January 8, in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Yesterday, at the official market, the Nigerian currency tumbled against the greenback by N1.46 or 0.11 per cent to sell for N1,419.72/$1, in contrast to Wednesday’s closing price of N1,418.26/$1.

However, the local currency further appreciated against the Pound Sterling in the same market segment by N5.28 to close at N1,908.38/£1 versus the preceding session’s N1,913.66/£1, but lost 14 Kobo against the Euro to finish at N1,657.66/€1 compared with the midweek session’s closing price of N1,657.52/€1.

In the same vein, the Naira weakened against its American counterpart in the parallel market by N15 during the session to quote at N1,485/$1 compared with the previous day’s N1,470/$1 and declined by N3 at the GTBank forex desk to trade at N1,428/$1 versus the previous value of N1,425/$1.

The domestic currency has remained relatively stable in the spot market in tandem with projections by analysts, including PwC, which expects the Naira to remain broadly stable through 2026, underpinned by ongoing reforms by the Central Bank of Nigeria (CBN) and improved portfolio inflows

However, policymakers have been told to wary of weak oil prices or production disruptions reducing FX inflows, deepening FX liquidity crisis, and forced currency devaluation, which could return prices to weaker levels.

According to CardinalStone, pre-election worries, an unanticipated slump in exports, especially non-oil, and the ongoing global trend of tightening border controls may reduce Nigerian exports, and have a ripple effect on the Naira’s strength.

As for the cryptocurrency market, it was bullish as traders await the US Supreme Court ruling on President Donald Trump’s tariffs.

The market is pricing in to see if the US Supreme Court explicitly upholds Trump’s use of emergency powers under the International Emergency Economic Powers Act to impose tariffs. Depending on the outcome, this could potentially push long-term US yields higher and tighten global liquidity, a mix that has historically pressured crypto, which is sensitive to quick changes in both.

Solana (SOL) appreciated by 4.2 per cent to $140.49, Binance Coin (BNB) gained 1.8 per cent to sell for $895.46, Cardano (ADA) increased by 1.8 per cent to $0.3989, and Ripple (XRP) soared by 1.6 per cent to $2.14.

Further, Bitcoin (BTC) and Litecoin (LTC) appreciated by 1.3 per cent each to $91,017.24 and $81.73 apiece, Ethereum (ETH) grew by 0.4 per cent to $3,119.22, and Dogecoin (DOGE) expanded by 0.2 per cent to $0.1429, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) finished flat at $1.00 each.

Economy

NGX Manages 0.13% Surge Amid Sell-Offs in Financial Services, Energy Stocks

Published

46 minutes ago

09/01/2026

Dipo Olowookere

By Dipo Olowookere

It was another trading session for the Nigerian Exchange (NGX) Limited in the green territory as it further improved by 0.13 per cent at the close of business.

The bourse managed to stay up despite profit-taking in the financial services and the energy sectors yesterday.

According to data, the insurance counter depreciated by 3.07 per cent, the banking industry went down by 0.40 per cent, and the energy space shrank by 0.11 per cent.

However, the commodity index increased by 0.65 per cent, the consumer goods landscape went up by 0.55 per cent, and the industrial goods sector closed higher by 0.11 per cent.

Consequently, the All-Share Index (ASI) soared by 214.80 points to 160,806.56 points from 160,591.76 points and the market capitalisation advanced by N137 billion to N102.822 trillion from N102.685 trillion.

Investor sentiment was weak on Thursday as Customs Street ended with 32 price gainers and 41 price losers, indicating a negative market breadth index.

Neimeth chalked up 10.00 per cent to trade at N7.70, May and Baker increased by 9.85 per cent to N26.20, eTranzact gained 9.64 per cent to finish at N13.65, Multiverse jumped by 9.51 per cent to N21.30, and Mecure Industries grew by 9.42 per cent to N74.95.

On the flip side, International Energy Insurance decreased by 9.90 per cent to N2.73, ABC Transport tumbled by 9.88 per cent to N4.47, Austin Laz crashed by 9.84 per cent to N4.58, Conoil stumbled by 9.72 per cent to N169.00, and Veritas Kapital dropped 9.69 per cent to N1.77.

The busiest stock was Chams with 60.5 million units worth N236.8 million, Linkage Assurance traded 54.1 million units valued at N97.6 million, Tantalizers transacted 45.0 million units for N129.7 million, Access Holdings sold 35.5 million units worth N815.4 million, and Champion Breweries exchanged 31.2 million units valued at N519.1 million.

When the closing gong was struck, market participants traded 645.1 million units for N16.5 billion in 44,410 deals compared with the 1.4 billion units valued at N20.7 billion transacted in 49,286 deals a day earlier, showing a fall in the trading volume, value, and number of deals by 53.92 per cent, 20.29 per cent, and 9.89 per cent apiece.

Economy

Crude Oil Soars 3% on Geopolitical Developments in Key Markets

Published

1 hour ago

09/01/2026

Adedapo Adesanya

By Adedapo Adesanya

Crude oil went up by over 3 per cent on Thursday as investors assessed developments in Venezuela and worried about supplies from Russia, Iraq and Iran.

Brent futures rose by $2.03 or 3.4 per cent to $61.99 per barrel, and the United States West Texas Intermediate (WTI) futures gained $1.77 or 3.2 per cent to trade at $57.76 per barrel.

The market is bracing for outcome of visits to Venezuela next week that will include representatives of the US and European oil companies, following the announcement of a $2 billion oil deal and the supply of goods to the South American country by the United States.

America seized two Venezuela-linked oil tankers in the Atlantic Ocean on Wednesday, with one sailing under Russia’s flag, as part of President Donald Trump’s aggressive push to dictate oil flows in the Americas.

After capturing Venezuelan President Nicolas Maduro in a military raid a few days ago, the US has been escalating its blockade of vessels that are under sanctions and traveling to and from the South American country, a member of the Organization of the Petroleum Exporting Countries (OPEC).

Meanwhile, the risk of a major supply shock related to Iran, another OPEC member, is climbing as protests swept the country, leading to a nationwide internet blackout.

President Trump’s earlier threat to come to the rescue of any peaceful protesters killed by the Iranian regime adds to concerns in oil markets that these protests could result in direct action by the US in Iran.

Iran’s President Masoud Pezeshkian warned domestic suppliers against hoarding or overpricing goods, as the country rolled out high-stakes subsidy reforms during nationwide protests against economic hardship.

Developments in Iraq, a member of OPEC, added to the broader geopolitical support for crude, as the cabinet approved plans to nationalize operations at the giant West Qurna 2 oilfield to avert potential disruptions linked to U.S. sanctions on Russian stakeholder Lukoil.

Iraq and Iran are among the biggest oil producers in OPEC behind Saudi Arabia.

A Russia-bound oil tanker was attacked by a drone in the Black Sea, prompting a request for Turkish Coast Guard assistance and a course diversion. While no party has claimed responsibility for the attack, it does highlight further instability in the region and a broader threat to oil flows.

Ukrainian President Volodymyr Zelenskiy said on Thursday the text of a bilateral security guarantee between Ukraine and the US was ready to be finalised with Mr Trump.