Economy
Oando Tops Weekly Gainers’ Log, Soars 60.71% to N76.90
By Dipo Olowookere
Oando maintained its impressive performance at the Nigerian Exchange (NGX) Limited last week with a 60.71 per cent gain to finish at N76.90 per unit.
This followed the recent completion of the acquisition of the assets of the Nigerian Agip Oil Company (NAOC), owned by Italian energy giant, Eni.
The indigenous energy company topped the advancers’ club in the week under review.
Analysis of the stock exchange data showed that last week, 56 equities appreciated versus 43 equities in the previous week, and 26 stocks depreciated versus 34 stocks a week earlier, while 69 shares closed flat versus 74 shares in the preceding week.
Trailing Oando on the gainers’ log was Deap Capital, which chalked yp 57.14 per cent to settle at 88 Kobo, McNichols rose by 56.57 per cent to N1.55, DAAR Communications increased by 55.32 per cent to 73 Kobo, and Secure Electronic Technology expanded by 53.49 per cent to 66 Kobo.
On the flip side, Transcorp Power lost 9.99 per cent to N335.20, MTN Nigeria depreciated by 9.91 per cent to N180.00, University Press fell by 9.45 per cent to N2.30, United Capital shrank by 7.85 per cent to N18.20, and Eunisell Interlinked tumbled by 6.25 per cent to N3.00.
Business Post observed that the gains recorded by Oando and others helped the All-Share Index (ASI) and the market capitalisation to rise by 0.63 per cent week-on-week to 96,579.54 points and N55.478 trillion, respectively.
Similarly, all other indices finished higher except the NGX CG, NGX Premium, AFR Div Yield and Pension Broad, which fell by 0.42 per cent, 1.72 per cent, 2.38 per cent, and 0.07 per cent, respectively, while the ASeM and sovereign bond indices closed flat.
In the five-day trading week, investors bought and sold 2.821 billion shares worth N53.048 billion in 50,488 deals compared with the 5.641 billion shares worth N33.052 billion transacted in 42,006 deals in the previous week.
The financial services industry led the activity chart with 1.857 billion stocks sold for N15.825 billion in 19,937 deals, accounting for 65.82 per cent and 29.83 per cent of the total trading volume and value apiece.
The energy space followed with 288.807 million equities worth N11.302 billion in 9,365 deals, and the services sector traded 177.666 million shares valued at N437.174 million in 3,604 deals.
Consolidated Hallmark, Veritas Kapital and Access Holdings were the busiest in the week with 862.499 million shares worth N3.795 billion in 3,511deals, contributing 30.57 per cent and 7.15 per cent to the total equity trading volume and value, respectively.
By Adedapo Adesanya
Proprietary Investment firm, VFD Group Plc, recorded a 1,202 per cent rise in its Profit Before Tax (PBT) in the 2024 financial year, closing December 31, 2024, at N11.2 billion.
This marked a turnaround after VFD Group reported a pre-tax loss of N1 billion in 2023 due to macroeconomic headwinds which affected a lot of businesses locally and globally.
Net investment income surged by 95 per cent to N59.0 billion despite a spike in investment expenses to N15.5 billion from N7.4 billion in 2023.
Other metrics showed that net revenue increased by 90 per cent to N71.0 billion, while operating profit grew by an impressive 104 per cent to N48.8 billion.
The firm, listed on the main board of the Nigerian Exchange (NGX) Limited, noted that the development showcased exceptional growth.
“The journey to this milestone was paved with strategic initiatives and a relentless pursuit of innovation,” it added in a statement on Friday.
The company holds investments in over 20 portfolio businesses spanning key sectors such as financial services, banking, market infrastructure, capital markets, technology, real estate, and hospitality.
As of April 22, 2025, VFD Group’s market capitalisation surged by 116 per cent to hit N121.6 billion from N56.2 billion year to date.
“These outstanding results reflect the success of our team’s efforts. As VFD Group looks to the future, it remains committed to delivering exceptional value to its customers and stakeholders,” the statement added.
By Modupe Gbadeyanka
About $90 billion is expected to be generated in economic value by 2035 from new strategies developed by the Nigerian government for agribusiness expansion and livestock transformation.
To achieve this, the National Economic Council (NEC) chaired by the Vice President, Mr Kashim Shettima, has approved the establishment of a Cotton, Textile and Garment Development Board.
At the NEC meeting on Thursday in Abuja, steps to reposition Nigeria’s economy and tackle insecurity at its roots were discussed by the participants, which included the governors of the 36 states of the federation.
The new regulatory body for the cotton, textile and garment sector of Nigeria will have governors representing the six geo-political zones, with Ministers of Agriculture and Food Security, Budget and Economic Planning, and Industry, Trade and Investment as members.
It would be domiciled in the presidency, with representation of the relevant public sector stakeholders, and funded from the Textile Import Levy being collected by the Nigeria Customs Service (NCS), though it would be private sector-driven.
“Nigeria is a nation where cotton can thrive in 34 states. Yet our production level remains a fraction of our potential.
“We currently produce only 13,000 metric tons, while we continue to import textiles worth hundreds of millions of dollars. This is not just an economic imbalance. It is an invitation to act,” he added.
“Our goal is not just regulation. It is a revival. This is our opportunity to re-industrialise, to empower communities, and to restore pride in local production,” the VP stated.
Also at the meeting yesterday, the council approved the establishment of the Green Imperative Project (GIP), with a national office in Abuja and regional offices across the six geopolitical zones.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed higher by 0.55 per cent on Thursday, April 24 after the prices of three stocks on the platform ended in green.
This added N10.48 billion to the market capitalisation of the bourse, closing at N1.918 trillion compared with the N1.908 trillion it ended in the preceding session.
In the same vein, the NASD Unlisted Security Index (NSI) went up during the session by 17.90 points to 3,276.98 points from the previous session’s 3,259.08 points.
The market was dominated by bargain-hunting activities due to renewed investor confidence. None of the securities on the NASD ended in red yesterday.
However, Central Securities Clearing System (CSCS) Plc gained N1.97 to close at N21.71 per unit compared with Wednesday’s price of N19.74 per unit, FrieslandCampina Wamco Nigeria Plc appreciated by 15 Kobo to end at N37.95 per share, in contrast to midweek’s value of N37.80 per share, and Geo-Fluids Plc grew by 8 Kobo to settle at N1.70 per unit versus the preceding day’s price of N1.62 per unit.
During the trading day, the volume of securities transacted by the market participants increased by 19,558.9 per cent to 206.2 million units from 1.05 million units, the value of transactions jumped by 13,509.2 per cent to N354.1 million from N2.6 million, and the number of deals rose by 245.5 per cent to 38 deals from 11 deals.
When trading activities finished for the day, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units sold for N520.9 million, followed by Geo-Fluids Plc with 250.9 million units worth N441.0 million, and Okitipupa Plc with 153.6 million units valued at N4.9 billion.
Also, Okitipupa Plc remained the most active stock by value (year-to-date) with 153.6 million units valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 14.9 million units worth N573.2 million, and Impresit Bakolori Plc with 533.9 million units valued at N520.9 million.
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