Economy
Oando Gains 34.12% in One Week After Share Buy-Out News
By Dipo Olowookere
The stock price of Oando Plc appreciated by 34.12 per cent on the floor of the Nigerian Exchange (NGX) Limited last week to close at N5.70 versus the preceding week’s N4.25.
This appreciation happened after its share buy-out news and its return to profitability in the 2021 financial year, according to its financial statements released in the week.
Investors pounced on the information and pushed the energy firm to the top of the gainers’ chart last week, with Ikeja Hotel after it appreciated by 18.45 per cent to N1.22. Champion Breweries rose by 13.27 per cent to N5.55, Royal Exchange grew by 13.04 per cent to 78 Kobo, and UPDC increased by 11.46 per cent to N1.07.
On the flip side, Prestige Assurance topped the losers’ log after it depreciated by 11.11 per cent to 40 Kobo, NCR Nigeria shed 9.79 per cent to N2.12, CWG depleted by 9.38 per cent to 87 Kobo, Dangote Cement fell by 7.10 per cent to N17.00, and United Capital decreased by 6.67 per cent to N11.20.
Business Post reports that in the week, 37 stocks finished on the advancers’ chart versus 28 stocks in the previous week, while 30 equities were on the decliners’ table versus 27 equities in the preceding week, with 90 shares closing flat compared with 102 shares a week earlier.
Data showed that profit-taking dominated the ecosystem, leading to a 1.20 per cent decline in the All-Share Index (ASI) and the market capitalisation to close 54,232.34 points and N29.544 trillion, respectively.
It was observed that all other indices finished higher except NGX main board, NGX 30, energy, Lotus II, industrial goods and growth indices, which dwindled by 0.95 per cent, 1.24 per cent, 2.02 per cent, 0.70 per cent, 3.26 per cent and 2.53 per cent, respectively, while the ASeM and sovereign bond indices closed flat.
The turnover for the week increased to 2.071 billion shares worth N17.562 billion in 17,917 deals from the 1.689 billion shares worth N11.066 billion traded in 14,019 deals a week earlier.
The financial services industry dominated the activity chart with 948.792 million equities valued at N7.621 billion traded in 7,903 deals, contributing 45.80 per cent and 43.40 per cent to the total trading volume and value apiece.
The conglomerates sector followed with 930.664 million stocks worth N1.486 billion in 1,591 deals, while the energy counter recorded a turnover of 60.510 million shares worth N1.472 billion in 1,369 deals.
The trio of Transcorp, Living Trust Mortgage Bank and Fidelity Bank accounted for 1.429 billion stocks worth N3.461 billion in 1,620 deals, contributing 69.00 per cent and 19.71 per cent to the total trading volume and value, respectively.
As MSMEs across the South-East seek opportunities for growth, market expansion and cross-border trade, Stanbic IBTC, in partnership with the Anambra State Government, convened the Nigeria Business Summit Regional Tour in Onitsha to equip businesses with practical solutions for sustainable growth.
The summit, organised in collaboration with the Anambra State Ministry of Commerce, Industry and Trade, brought together government officials, business leaders, trade associations, development partners and entrepreneurs to explore practical pathways for economic growth, business sustainability and increased participation in local and international trade.
Speaking at the event, which took place on Wednesday, 29 July 2026, Honourable Nonso Chukwuma Ebonwu, Commissioner for Commerce and Industry, Anambra State, highlighted the importance of stronger partnerships between government, financial institutions and the private sector in creating an environment where businesses can thrive and contribute meaningfully to economic growth.
“Sustainable economic development requires strong partnerships between the public and private sectors. Financial institutions such as Stanbic IBTC have an important role to play by providing not only access to finance but also business advisory services, capacity building and the knowledge that enables businesses to grow sustainably,” he said.
Given Onitsha’s strategic position as a commercial hub, discussions centred on access to finance, enterprise development, business sustainability and opportunities for expansion into new markets. Stanbic IBTC’s Trade Team also provided practical insights into trade and export opportunities available to businesses operating within the South-East’s manufacturing and distribution value chains, highlighting strategies that can help enterprises improve competitiveness and unlock new growth opportunities.
Commenting on Stanbic IBTC’s commitment to supporting Nigerian businesses, Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said:
“We recognise the critical role businesses play in driving economic growth, creating jobs and fostering innovation. Supporting their growth remains central to our purpose of driving Africa’s growth, and we will continue to provide the solutions, partnerships and platforms they need to thrive.”
Also commenting on Stanbic IBTC’s support for Nigerian businesses, Remy Osuagwu, Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, said:
“Our commitment to supporting businesses is unrelenting. Through strategic partnerships and platforms such as the Nigeria Business Summit Regional Tour, we are connecting entrepreneurs to the knowledge, networks and financial solutions needed to scale their businesses and compete more effectively in today’s evolving marketplace.”
The summit also highlighted Stanbic IBTC’s focus on providing businesses with access to the capital, insights and connections needed to achieve sustainable growth. This commitment aligns with the strategic direction of the bank’s Enterprise Banking business, led by Olajumoke Bello, as Stanbic IBTC continues to deepen engagement with MSMEs and growth-focused businesses across Nigeria.
The Onitsha engagement builds on successful editions of the Nigeria Business Summit Regional Tour previously held in Katsina, Aba and Ibadan. Through the initiative, Stanbic IBTC continues to work with public and private sector stakeholders to equip entrepreneurs with practical insights, strategic partnerships and business solutions that support sustainable growth.
By Aduragbemi Omiyale
The board of Presco Plc has proposed the payment of an interim dividend of N10 per share to shareholders of the organisation for the first six months of this year.
This information was conveyed in the unaudited financial statements of the company released to the Nigerian Exchange (NGX) Limited.
In the results for the half-year ended June 30, 2026, the fully integrated agro-industrial firm said the cash reward reinforces its commitment to delivering consistent shareholder returns.
It further assured that looking ahead, it remains focused on disciplined capital allocation, operational efficiency and long-term value creation while navigating evolving market conditions.
A look at the key financial highlights of the results showed that revenue was relatively stable at about N199.0 billion in the first half of 2026 and the same period of 2025 amid a high-cost operating environment and softer crude palm oil prices.
However, the pre-tax profit rose by 9.3 per cent to N122.2 billion from N119.9 billion as result of a 31.9 per cent reduction in financing costs.
Further, the Edo State-based company posted an EBITDA of N123.1 billion, which yielded a margin of 61.9 per cent, as the organisation strengthened its balance sheet, reducing total liabilities by 42.5 per cent to N277.8 billion, while equity grew 13.8 per cent to N503.6 billion, with a current ratio of 345.6 per cent, which underscores robust liquidity.
“Our H1 2026 performance underscores the strength of our operational model in a challenging environment. The 9.3 per cent growth in profit before tax, driven largely by a 31.9 per cent reduction in financing costs, reflects our deliberate focus on cost optimisation and balance sheet discipline.
“With equity up 13.8 per cent and liabilities down by 42.5 per cent, we have further fortified our financial foundation.
“The proposed interim dividend of N10 per share signals our confidence in the business’s trajectory and our commitment to rewarding shareholders,” the chief executive of Presco, Mr Reji George, stated.
By Aduragbemi Omiyale
The ex-depot prices of the two major petroleum products in the country, Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (Diesel), have been slashed by Dangote Petroleum Refinery.
The company, in a statement on Wednesday, disclosed that while petrol is now N1,165 per litre, diesel is now N1,570 per litre.
The energy firm said it slashed the prices to reaffirm its commitment to providing affordable, high-quality petroleum products to the Nigerian market.
The latest cut in the price of PMS represents N50, as it was previously sold to marketers at N1,215 per litre, while diesel witnessed an N80 reduction, as it was formerly being sold at N1,650 per litre.
Dangote Refinery stated that the downward price review reflects its ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria, saying it remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.
As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.
The company reaffirmed its dedication to contributing to the growth of the Nigerian economy and passing on the benefits of improved operational efficiencies to consumers whenever market conditions permit.
