Economy
NSE Index Crosses 35,000 Mark Amid Buying Pressure on Cement, Financial Stocks

By Dipo Olowookere
The All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) crossed the 35,000-point threshold on Tuesday on the back of bargain hunting by investors.
The market witnessed a huge buying pressure in shares in the financial services and industrial goods sectors yesterday and this increased the benchmark index by 381.78 points to 35,225.22 points from the previous day’s 34,843.44 points.
It equally pushed the market capitalisation of the exchange higher by N200 billion to settle at N18.411 trillion in contrast to N18.211 trillion it ended on Monday.
Business Post reports that apart from the consumer goods sector, which went down by 0.09 per cent, every other sector closed in the green territory.
The insurance counter appreciated by 3.50 per cent, the industrial goods index grew by 2.40 per cent, the banking sector appreciated by 2.04 per cent, while the oil and gas industry gained 0.42 per cent.
Access Bank was the investors’ darling yesterday as it traded 36.5 million equities valued at N295.3 million and was followed by FBN Holdings, which traded 33.8 million shares for N236.6 million.
Zenith Bank transacted 23.4 million stocks worth N538.6 million, Dangote Sugar sold 23.0 million shares valued at N407.6 million, while Jaiz Bank exchanged 22.2 million equities worth N13.4 million.
In all, a total of 264.2 million shares worth N3.0 billion exchanged hands on Tuesday in 4,354 deals in contrast to the 208.1 million equities worth N3.7 billion transacted in 4,154 deals on Monday, indicating a 20.36 per cent decline in the trading value, a 26.98 per cent rise in the trading volume and a 4.81 per cent growth in the number of deals.
The market breadth remained positive yesterday with the recording of 28 price gainers as against the 15 price losers.
Dangote Cement was the biggest gainer as its equity price moved up by N7 to settle at N195 per unit and was trailed by Lafarge Africa, which gained N1.50 to end at N22.50 per share.
Zenith Bank gained 90 kobo to sell at N23.50 per unit, GTBank appreciated by 55 kobo to trade at N33.55 per share, while Guinness Nigeria rose by 35 kobo to sell at N18 per unit.
On the losers’ table, Greif Nigeria was on top after its share price went down by 90 kobo to close at N8.20 per share, while Red Star Express followed with a price depreciation of 33 kobo to settle at N3.05 per unit.
International Breweries lost 20 kobo to finish at N6.27 per share, Ardova decreased by 15 kobo to N12.05 per share, while FCMB also went down by 15 kobo to close at N2.87 per share.
Economy
Dangote Plans Seaport in Ogun to Ease Export of Petrol, Fertiliser, Others

By Adedapo Adesanya
Nigerian billionaire businessman, Mr Aliko Dangote, plans to build a seaport in Ogun State to ease the movement of goods from his factories bound for export.
According to a report by Bloomberg, the proposed Atlantic seaport in Olokola, Ogun state, lies about 100 kilometres (62 miles) by road from the Dangote fertiliser plant and petrochemicals refinery in Lagos.
He will be constructing the port at the same site he had previously planned to build his refinery until infractions with the government led him to change his mind despite fulfilling some financial arrangements.
Speaking to the publication, the businessman said he has sent the paperwork to the government for permission in late June.
“It’s not that we want to do everything by ourselves, but I think doing this will encourage other entrepreneurs to come into it,” he noted.
The establishment of a seaport will make it easier for him to export goods, including petrol, liquefied natural gas, urea, fertiliser, among others, which are limited by constraints and bottlenecks on Nigerian road networks and congested seaports.
Dangote currently exports urea and fertilizer through an on-site jetty he built, that also receives heavy equipment for the refinery.
It was reported that the port will link his logistics and export operations and other competitors facilities in Lagos, including the Lekki Deep Sea Port in Lagos.
According to the Vice-President of Dangote Industries Limited, Mr Devakumar Edwin, the firm also plans to export liquefied gas from Lagos, a project that will involve constructing pipelines from Nigeria’s oil-rich Niger Delta.
“We want to do a major project to bring more gas than what NLNG is doing today,” he said, adding that, “We know where there is a lot of gas, so run a pipeline all through and then bring it to the shore.”
These developments mark the next step in plans by the further expand his empire both home and abroad. Already, the company plans to start distributing fuel to retailers in Nigeria from August, using a fleet of 4,000 CNG-powered trucks.
Business Post reported last week that he has also started plans to construct storage tanks in Namibia to hold at least 1.6 million barrels of petrol and diesel to supply refined fuel to the southern Africa market.
Economy
Nigeria May See 4.4% GDP Growth, 17.1% Inflation in H2 2025—FSDH

By Adedapo Adesanya
Nigeria may achieve an economic growth of 4.4 per cent and a moderate inflation of 17.1 per cent if crude oil production improves, analysts at FSDH Merchant Bank have projected.
In a report released last week, the firm in its Nigeria Macroeconomic Report for the First Half of 2025, offered critical insights into the global and domestic economic environment.
The report titled Balancing on the Edge in a Fragile World dissected the complex interplay of global disruptions and Nigeria’s economic performance, while providing a forward-looking projection for the second half of 2025.
It said despite global trade tensions, geopolitical unrest in the Middle East, and fragile capital flows, Nigeria showed signs of resilience, underpinned by expanding non-oil exports, moderating inflation, and improving investor sentiment.
“Nigeria has demonstrated encouraging signs of macroeconomic stability in the face of global headwinds. Our PMI data suggests an expanding economy, inflation is decelerating, and exchange rate reforms are strengthening market confidence. However, sustaining this progress requires deep structural reforms, especially in energy, trade, and fiscal management,” the chief executive of FSDH Merchant Bank, Mrs Bukola Smith, was quoted as saying in the note.
For the first half of the year, the report noted that Israel-Iran conflict and a renewed tariff war under US President Donald Trump have triggered global uncertainty, with the IMF cutting global growth projections, adding that oil price volatility and trade disruptions are shaping Nigeria’s external outlook.
It also noted that Nigeria’s inflation has moderated following a revision in the Consumer Price Index (CPI) methodology, inflation slowed from 24.5 per cent in January to 23 per cent in May 2025.
The firm also affirmed that exchange rate reforms were working.
“The Naira showed relative stability, trading within a narrower band. FX reforms and CBN’s transparency have restored investor confidence,” it said, adding that, “Though official GDP data is pending, the Purchasing Managers’ Index (PMI) stayed above the 50-point threshold throughout H1, reflecting economic expansion across agriculture, industry, and services.”
It revealed that despite a decline in oil’s share of exports to 62.9 per cent (from 81 per cent in Q1 2024), crude oil production remains below budget benchmarks. This shortfall may affect fiscal performance unless addressed.
Other pointers include NGX All Share Index (NGX-ASI) which returned 16.6 per cent YTD, outperforming many global peers, while foreign portfolio investments surged to $5.03 billion in Q1 as well as the passage of four major tax laws in June, aiming to harmonize tax administration, increase compliance, and improve equity.
“These are expected to raise the tax-to-GDP ratio from 10 per cent to 18 per cent in three years,” it said.
The report then projects that if oil production improves and inflation continues its downward trend in the current half of this year, Nigeria may achieve GDP growth of 4.4 per cent, inflation at 17.1 per cent, and external reserves of $44.3 billion, provided oil output and reforms align in a best-case scenario.
However, Nigeria must leverage current momentum to deepen economic diversification, accelerate reforms in the power and petroleum sectors, and maintain coordination between fiscal and monetary policy.
“Investor sentiment has begun to turn positive. Nigeria’s bond and T-bill markets are attracting renewed interest, and equity markets are gaining momentum.
“At FSDH, we understand that in times like this, clarity and partnership matter more than ever. While we can’t control global events or predict every market move, we remain committed to helping you navigate the complexity with perspective, precision, and purpose,” the Executive Director for Global Markets and Institutional Banking at FSDH, Mr Hakeem Muhammed, said.
The report also noted cautious optimism in the bond and NT-Bills market, as yields softened in response to improved macro indicators, while oil sector stocks on the NGX continued to underperform due to global crude price pressures.
“With the MPR at 27.5 per cent, prime lending rates currently exceed 30 per cent, but projected downward trends in H2 2025 offer a more favourable outlook for debt-funded expansion and capital investments,” added Mrs Stella-Marie Omogbai, Executive Director, Corporate Banking and Branches, FSDH Merchant Bank, “Interest rates are expected to ease due to projections on MPC rates dropping to at least 27 per cent, supported by fresh capital inflows in the banking industry and reduced inflation concerns.”
“FSDH, in partnership with DFIs, will continue to provide funding at competitive rates to help businesses grow,” she further stated.
Economy
Bitcoin Crosses Landmark $122,000 Milestone for First Time Ever

By Adedapo Adesanya
Bitcoin crossed the $122,000 level for the first time on Monday.
The development marks a milestone for the world’s largest cryptocurrency as investors bet on long-sought policy wins for the industry this week.
Three major bills, the Clarity Act, the Genius Act, and the Anti-CBDC Surveillance State Act, are set to be reviewed by the US lawmakers.
The crypto asset scaled a record high of $122,482.00 on Monday, before pulling back slightly to last trade 3.9 per cent higher at $122,462.70, as of press time.
The surge in bitcoin, which is up 29 per cent for the year so far, has sparked a broader rally across other cryptocurrencies over the past few sessions, even in the face of President Donald Trump’s chaotic tariffs.
Ether (ETH), the second-largest token, scaled a more than five-month high of $3,050.90, while Ripple (XRP) and Solana (SOL) gained about 3 per cent each at $2.95 and $166.23, respectively.
Other benchmarked tokens like Finance Coin (BNB) and Dogecoin (DOGE) are also up at $703.61 and $0.2055, respectively.
Reuters reported that starting on Monday, the US House of Representatives will debate the series of bills to provide the digital asset industry with the nation’s regulatory framework it has long demanded.
Those demands have resonated with President Trump, who has called himself the “crypto president” and urged policymakers to revamp rules in favour of the industry.
The sector’s total market value has swelled to about $3.78 trillion, according to data from CoinMarketCap.
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