Economy
Nigeria’s Stock Market Slips 0.12% as Cautious Trading Kicks in
By Dipo Olowookere
The bears maintained a tight fist on the Nigerian Exchange (NGX) Limited on Tuesday, causing a 0.12 per cent decline at the close of business.
The loss occurred despite the National Bureau of Statistics (NBS) announcing a further deceleration in the nation’s inflation for October 2025 a day earlier.
On Monday, the stats office said inflation moderated to 16.05 per cent compared with the 18.02 per cent in September 2025.
Trading data showed that the stock market was quiet as the volume of transactions, the value and number of deals decreased by 1.80 per cent, 46.47 per cent, and 23.39 per cent, respectively.
During the session, a total of 381.2 million stocks valued at N16.7 billion exchanged hands in 21,827 deals versus the 388.2 million stocks worth N31.2 billion transacted in 28,492 deals on Monday.
Tantalizers topped the activity chart with 58.8 million units sold for N146.0 million, Sterling Holdings traded 31.4 million units valued at N242.4 million, Universal Insurance exchanged 28.1 million units worth N35.8 million, Veritas Kapital transacted 25.3 million units for N47.7 million, and Aradel Holdings traded 16.4 million units valued at N9.5 billion.
Investor sentiment was weak yesterday after Customs Street finished with 27 price gainers and 28 price losers, indicating a negative market breadth index.
LivingTrust Mortgage Bank shed 9.90 per cent to trade at N3.73, McNichols depleted by 9.00 per cent to N2.73, Livestock Feeds crashed by 7.75 per cent to N6.55, Regency Alliance slumped by 6.56 per cent to N1.14, and UPDC lost 6.14 per cent to close at N5.96.
Conversely, NCR Nigeria gained 9.95 per cent to quote at N30.95, University Press improved by 9.80 per cent to N5.60, Tantalizers appreciated by 9.79 per cent to N2.58, Caverton expanded by 9.57 per cent to N5.15, and Union Dicon grew by 9.52 per cent to N6.90.
When the bourse ended for the session, the All-Share Index (ASI) was down by 173.26 points to 144,986.51 points from 145,159.77 points and the market capitalisation retreated by N110 billion to N92.219 trillion from N92.329 trillion.
Business Post reports that the commodity and the industrial goods indices were flat yesterday, while the insurance counter was up by 0.13 per cent.
However, the banking sector declined by 0.90 per cent, the energy space shrank by 0.04 per cent, and the consumer goods industry crumbled by 0.02 per cent due to profit-taking.
By Aduragbemi Omiyale
Trading in the equities of Fortis Global Insurance Plc on the floor of the Nigerian Exchange (NGX) Limited has been suspended.
The action was taken on Wednesday, June 17, 2026, by the regulatory subsidiary of the NGX Group Plc, NGX Regulation (NGX RegCo) Limited.
It was to prevent investors from buying and selling the company’s securities on the stock market ahead of its share reconstruction.
According to a circular signed by the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, the suspension is also to determine the shareholders who are entitled to receive the reconstructed shares.
“Trading license holders and the investing public are hereby notified that trading in the shares of Fortis Global Insurance Plc was suspended on Wednesday, June 17, 2026.
“The suspension is necessary to prevent trading in the shares of Fortis Global Insurance Plc to enable the Company’s Registrars and the Central Securities Clearing System Plc (CSCS) to reconcile their books for the listing of the reconstructed shares on Nigerian Exchange Limited (NGX).
“The suspension is also required for the purpose of determining the shareholders who are entitled to receive the reconstructed shares,” the notice stated.
By Modupe Gbadeyanka
Efforts are being made to deepen collaboration to promote transparency and accountability in the collection of oil and gas revenue in Nigeria.
Two key organisations involved in this, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigeria Revenue Service (NRS), recently held a strategic meeting to further work on ways to achieve this goal.
The chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, was at the headquarters of the tax-collecting agency in Abuja on Wednesday.
In discussions with the chairman of NRS, Mr Zacch Adedeji, she praised him for driving reforms that culminated in the enactment of the NRS Act.
Speaking on the transfer of revenue collection responsibilities, Mrs Eyesan said the process had been seamless, highlighting her organisation’s efforts to create an enabling environment for operators in the oil and gas industry.
She further revealed that Nigeria had the potential to produce 1.9 million barrels per day, having hit a peak production of 1.86 million barrels per day in May.
In his response, the NRS chairman praised NUPRC for its dynamism, professionalism and transparency, promising continued collaboration with the commission, particularly on matters relating to the transfer of revenue collection functions under the new Act.
“I collect revenue. I don’t generate revenue. Wherever revenue is, I work on it and keep an account for you. So, I’m helping you to collect your royalties,” Mr Adedeji said.
He pledged that the NRS would continue to support the commission to achieve its shared objective of increasing government revenues in a fair, transparent and sustainable manner.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange jumped 1.04 per cent on Wednesday, June 17, with the market capitalisation adding N26.99 billion to settle at N2.619 trillion compared with the previous session’s N2.592 trillion, and the Unlisted Security Index (NSI) rising by 45.1 points to close at 4,378.45 points, in contrast to the preceding day’s 4,333.35 points.
The rally was driven by the gains reported by two securities, which outweighed the losses posted by three securities, led by FrieslandCampina Wamco Nigeria Plc, which dipped by N1.95 to N178.19 per unit from N180.14 per unit. Geo-Fluids Plc lost 19 Kobo to close at N2.61 per share compared with Tuesday’s closing price of N2.80 per share, and Food Concepts Plc slid by 1 Kobo to N1.77 per unit from N1.78 per unit.
On the flip side, Central Securities Clearing System (CSCS) Plc recorded a N6.33 appreciation to trade at N86.57 per share versus the previous day’s N80.24 per share, and Light House Financial Services Plc grew by 10 Kobo to N1.13 per unit from the N1.03 per unit it closed a day earlier.
In the midweek session, the value of stocks traded by investors surged by 181.0 per cent to N128.3 million from the preceding session’s N45.6 million, the volume of securities increased by 305.6 per cent to 2.8 million units from Tuesday’s 688,290 units, and the number of deals executed jumped by 6.5 per cent to 33 deals from 31 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 67.3 million units exchanged for N4.6 billion.
GNI Plc also ended as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
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