Economy
Nigerian Stocks Drop 0.46% as Interest Rate Hike Dampens Mood
By Dipo Olowookere
Investors on Wednesday reacted negatively to the marginal hike in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN) on Tuesday evening.
By the time the Monetary Policy Committee (MPC) was concluded on Tuesday, the financial markets had closed. The apex bank raised the benchmark interest rate by 0.25 per cent to 18.75 per cent from 18.50 per cent.
Traders pulled back at the equity market yesterday, resulting in the Nigerian Exchange (NGX) Limited reversing the gain by 0.46 per cent at the close of business.
Business Post reports that the banking space lost 0.60 per cent, the consumer goods index depreciated by 0.45 per cent, and the industrial goods sector went down by 0.02 per cent.
The trio weakened the domestic bourse in the midweek session despite the energy index expanding by 4.91 per cent and the insurance counter growing by 1.02 per cent.
Consequently, the All-Share Index (ASI) decreased by 301.65 points to 65,687.16 points from 65,988.81 points, and the market capitalisation declined by 0.52 per cent or N187 billion to N35.746 trillion from N35.933 trillion due to the delisting of Ardova Petroleum Plc shares.
Amid the loss, investor sentiment remained strong as the market breadth index was positive with 32 price gainers and 24 price losers led by Cadbury Nigeria and Unilever Nigeria, which shed 10.00 per cent each to N15.30 and N15.75, respectively. Multiverse declined by 9.97 per cent to N2.71, Omatek shrank by 9.62 per cent to 47 Kobo, and Champion Breweries lost 7.45 per cent to trade at N3.48.
On the flip side, the trio of NCR Nigeria, Courteville, and Seplat Energy improved their stock prices by 10.00 per cent each to N3.96, 66 Kobo, and N1,693.60 apiece, as FTN Cocoa rose by 9.92 per cent to N2.66, and Japaul grew by 9.90 per cent to N1.11.
During the trading day, investors traded 500.4 million stocks worth N7.1 billion in 7,345 deals compared with the 553.5 million stocks worth N7.4 billion traded in 8,313 deals on Tuesday, showing a decline in the trading volume, value and the number of deals by 9.59 per cent, 4.05 per cent, and 11.64 per cent apiece.
Financial equities topped the activity chart on Wednesday, with UBA selling 58.3 million units valued at N871.4 million, Access Holdings trading 55.2 million units worth N991.2 million, Universal Insurance exchanging 32.7 million units worth N7.6 million, FBN Holdings transacting 28.0 million units for N590.5 million, and Zenith Bank trading 26.5 million units valued at N933.5 million.
By Adedapo Adesanya
Nigerians paid more to buy staple foods, including eggs, beans, and garri, in March 2026 compared with what they paid in the preceding month, according to the National Bureau of Statistics (NBS).
The agency, in its Selected Food Prices Watch report for March 2026, released on Wednesday, said that the average price of eggs (a crate of 30 pieces) on a month-on-month basis went up by 2.00 per cent from N6,007.35 in February 2026.
However, the price of the proteinous meal decreased by 20.12 per cent on a year-on-year basis from N7,670.56 recorded in March 2025 to N6,127.63 in March 2026.
Similarly, the report said that the average price of 1kg of brown beans decreased by 49.39 per cent on a year-on-year basis from N2,616.26 in March 2025 to N1,325.85 in March 2026, but on a month-on-month basis, the price increased by 1.41 per cent from the N1,307.44 recorded in February 2026. It also showed the average price of 1kg of white garri decreased by 41.19 per cent on a year-on-year basis from N1,362.96 in March 2025 to N801.4 in March 2026, and on a month-on-month basis, it rose by 1.38 per cent from the N790.62 recorded in February 2026.
The report said that the average price of 1kg of onion decreased by 19.63 per cent from N1,434.85 recorded in March 2025 to N1,153.14 in March 2026. On a month-on-month basis, 1kg of onions increased by 1,59 per cent in March from the N1,135.12 recorded in February 2026.
The report said the average price of 1kg of fresh ginger increased by 20.46 per cent from the N4,600.23 recorded in March 2025 to N5,541.25 in March 2026. On a month-on-month basis, 1kg of ginger increased by 0.61 per cent in March from the N5,507.43 recorded in February 2026.
However, it said the average price of one litre of palm oil decreased by 4.71 per cent on a year-on-year basis from N2,511.77 recorded in March 2025 to N2,393.38 in March 2026.
By Adedapo Adesanya
Four securities buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 1.00 per cent on Wednesday, May 6.
During the session, 11 Plc soared by N19.10 to sell at N210.10 per unit compared with the previous day’s N191.00 per unit, FrieslandCampina Wamco Nigeria Plc gained N9.90 to close at N116.80 per share versus N106.90 per share, Food Concepts Plc rose by 23 Kobo to N2.59 per unit from N2.36 per unit, and IPWA Plc increased by 3 Kobo to trade at N7.3o per share compared with the preceding day’s N7.27 per share.
As a result, the market capitalisation went up by N24.32 billion to N2.454 trillion from N2.429 trillion, and the NASD Unlisted Security Index (NSI) grew by 40.64 points to 4,101.58 points from 4,060.94 points.
It was observed that at midweek, there were two price decliners led by Okitipupa Plc, which shrank by N5.00 to finish at N300.00 per unit compared with the previous day’s N305.00 per unit, and Central Securities Clearing System (CSCS) Plc dipped by N1.14 to N76.00 per share from N77.14 per share.
The volume of securities traded by investors fell by 9.5 per cent to 506,651 units from the 679,768 units recorded a day earlier, and the number of deals slid by 15.9 per cent to 37 deals from 44 deals, while the value of securities went up by 25.5 per cent to N44.8 million from the N30.9 million recorded on Tuesday.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 60.3 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units sold for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The Naira maintained stability against the United States Dollar in the parallel market segment of the foreign exchange (FX) market on Wednesday at N1,380/$1, according to data obtained by Business Post.
However, at the Nigerian Autonomous Foreign Exchange Market (NAFEX), it appreciated against the greenback by N9.22 or 0.67 per cent to quote at N1,357.34/$1 versus Tuesday’s closing value of N1,366.56/$1.
Equally, the local currency gained N5.58 against the Pound Sterling in the same market window at midweek to close at N1,847.20/£1 compared with the previous day’s N1,852.78/£1, and against the Euro, it was strengthened by N3.74 to N1,595.00/€1 from N1,598.74/€1.
In the same vein, the Nigerian Naira improved its rate against the US Dollar at the GTBank forex counter yesterday by N9 to sell at N1,375/$1, in contrast to the preceding session’s N1,384/$1.
Market activity improved notably, with total deals rising to 287 on Wednesday, a 25 per cent increase from 262 recorded on Tuesday. FX turnover climbed by 59.22 per cent or $157.88 million to $424.46 million from $266.58 million posted the previous day.
Activity in the interbank segment also strengthened. The number of deals rose by 62.6 per cent to 161 on Wednesday from 99 on Tuesday, while turnover surged by 120.95 per cent to $158.18 million from $71.59 million.
The improved liquidity conditions saw Nigeria’s external reserves continue their downward trend, declining to $48.33 billion as of May 5, 2026, according to data from the apex bank.
The Naira could face mild pressure from maturing securities, particularly the large volume of Open Market Operations (OMO) maturities exceeding N7 trillion. However, inflows from autonomous sources are expected to provide some cushion against potential volatility, analysts at the FMDA said.
Meanwhile, the cryptocurrency market was mixed as global stock markets ripped to fresh records on US-Iran ceasefire hopes, with reports indicating the two countries are working on a proposal to end the nearly 10-week conflict.
Binance Coin (BNB) gained 1.9 per cent to sell for $646.39, Solana (SOL) appreciated by 1.4 per cent to $88.55, Cardano (ADA) rose by 1.0 per cent to $0.2661, and TRON (TRX) increased by 0.3 per cent to $0.3447.
On the flip side, Dogecoin (DOGE) fell by 4.1 per cent to $0.1108, Ethereum (ETH) declined by 1.4 per cent to $2,329.51, Ripple (XRP) slipped by 1.7 per cent to $1.41, and Bitcoin (BTC) decreased by 0.3 per cent to $81,025.93, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
-
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