Economy
Nigerian Stocks Gain 0.11% Despite 1.50% Interest Rate Hike
By Dipo Olowookere
Nigerian stocks shrugged off an increase in the interest rate by 150 basis points to 26.25 per cent by the Central Bank of Nigeria (CBN) on Tuesday at its Monetary Policy Committee (MPC) meeting.
The Nigerian Exchange (NGX) Limited reacted positively to this and appreciated by 0.11 per cent during the session, buoyed by the 0.79 per cent growth posted by the consumer goods sector and the 0.16 per cent rise recorded by the banking index.
The duo suppressed the 0.38 per cent loss reported by the insurance counter, as the energy and industrial goods sectors closed flat at the close of business.
When trading activities ended for the session, the All-Share Index (ASI) was up by 107.45 points to 98,285.33 points from 98,177.88 points, and the market capitalisation gained N61 billion to settle at N55.598 trillion compared with Monday’s closing value of N55.537 trillion.
Business Post reports that Customs Street was relatively quiet on Tuesday as investors kept an eye on the MPC outcome, resulting in the cautious trading.
A total of 222.9 million stocks worth N5.2 billion exchanged hands in 7,228 deals during the session compared with the 405.7 million stocks worth N6.7 billion transacted in 8,439 deals in the preceding day, representing a decline in the trading volume, value, and the number of deals by 45.06 per cent, 22.39 per cent, and 14.35 per cent, respectively.
GTCO sat on top of the activity table yesterday after transacting 40.6 million shares valued at N1.6 billion, Access Holdings traded 27.5 million equities worth N469.1 million, UBA sold 24.0 million stocks for N502.4 million, Transcorp exchanged 22.8 million shares for N260.7 million, and Jaiz Bank traded 11.6 million stocks valued at N24.3 million.
Berger Paints topped the gainers’ chart on Tuesday after chalking up 9.96 per cent to close at N14.90, Nestle Nigeria improved by 9.76 per cent to N900.00, Sovereign Trust Insurance rose by 8.11 per cent to 40 Kobo, Royal Exchange jumped by 7.14 per cent to 60 Kobo, and Tantalizers grew by 6.38 per cent to 50 Kobo.
On the flip side, International Energy Insurance lost 9.70 per cent to trade at N1.49, Deap Capital plunged by 8.33 per cent to 44 Kobo, UPDC shrank by 7.69 per cent to N1.20, Coronation Insurance fell by 7.25 per cent to 64 Kobo, and Sterling Holdings moderated by 6.25 per cent to N4.20.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
-
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

Pingback: Daily Business Headlines – MAY 22, 2024 – Alpha Morgan Capital Managers Limited