Economy
Presidential Tribunal Judgement Fever Weakens Stock Market by 0.07%
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited weakened by 0.07 per cent on Wednesday as happenings at the presidential election petition tribunal (PEPT) distracted investors.
Most traders stayed glued to their television sets to catch a glimpse of the judgement of the appeal court on the presidential election outcome disputes filed by Mr Atiku Abubakar of the Peoples Democratic Party (PDP) and Mr Peter Obi of the Labour Party (LP).
The duo is challenging the declaration of Mr Bola Tinubu of the ruling All Progressives Congress (APC) as the winner of the February 2023 election by the Independent National Electoral Commission (INEC).
When the stock market closed for the session, the judges were still reading their judgements, but to play safe, some traders began to book profit, leading to the downfall of the exchange in the midweek session.
Consequently, the All-Share Index (ASI) decreased by 48.40 points to 68,286.28 points from 68,334.68 points, and the market capitalisation depleted by N26 billion to N37.374 trillion from N37.400 trillion.
Analysis showed that the consumer goods index was mainly responsible for the loss posted yesterday, as it dropped 0.82 per cent.
However, the insurance counter grew by 0.43 per cent, the banking space appreciated by 0.27 per cent, and the industrial goods sector rose by 0.17 per cent, and the energy sector closed flat.
The market breadth index, despite the loss posted by the bourse, was positive on Wednesday as there were 32 price gainers and 20 price losers, indicating a strong investor sentiment.
Vitafoam shed 10.00 per cent to N22.50, Veritas Kapital declined by 7.69 per cent to 24 Kobo, Linkage Assurance fell by 5.56 per cent to 85 Kobo, Dangote Sugar depreciated by 4.79 per cent to N66.65, and Champion Breweries lost 4.35 per cent to trade at N3.30.
On the flip side, Guinea Insurance gained 10.00 per cent to close at 33 Kobo, Beta Glass improved by 9.91 per cent to N47.15, Caverton surged by 9.84 per cent to N1.34, Oando expanded by 9.70 per cent to N7.35, and CWG increased by 9.11 per cent to N4.79.
At the market, investors traded 378.7 million stocks worth N5.5 billion in 7,671 deals compared with the 557.9 million stocks worth N10.2 billion transacted on Tuesday in 9,818 deals, implying a decline in the trading volume, value and the number of deals by 32.12 per cent, 46.08 per cent, and 21.87 per cent, respectively.
Business Post reports that Oando topped the activity chart yesterday with 83.5 million shares valued at N609.4 million, UBA traded 35.6 million equities worth N533.8 million, Transcorp exchanged 26.7 million shares valued at N177.7 million, Access Holdings sold 18.5 million equities for N321.1 million, and Omatek transacted 15.7 million stocks worth N9.4 million.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
By Aduragbemi Omiyale
Lagos State is currently agog because of the high-profile guests in the city for the Invest in Lagos Summit 3.0 commencing today, Monday, June 8, 2026.
The programme, which ends tomorrow, is themed Lagos: Business Gateway to Africa. It will feature a line-up of sessions focused on Lagos as Africa’s Global Gateway, the Future of Technology and Innovation, Unlocking Investment, Building the Cities of the Future, Global Partnerships for Growth, Talent, Creativity and Culture, and Energy and Sustainability.
The event is being put together by the Lagos State government and Commonwealth Enterprise and Investment Council (CWEIC).
The venue of the summit, Eko Hotel and Suites, is already lively, with the Lagos State Governor, Mr Babajide Sanwo-Olu; the Minister of Finance and Coordinating Minister for the Economy, Mr Taiwo Oyedele; the co-chair of the Lagos Finance and Investment Council (LFIC), Aigboje Aig-Imoukhuede; and the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda, amongst others expected to speak.
The workshop is designed to position Lagos as Africa’s premier destination for investment, trade, innovation, infrastructure development, and economic partnerships.
It is focused on unlocking investment opportunities and accelerating sustainable economic growth. It will bring together high-level participants from across the public and private sectors to explore opportunities in technology, infrastructure, energy, manufacturing, finance, creative industries, and urban development.
According to the Lagos Commissioner for Information and Strategy, Mr Gbenga Omotoso, the programme has been carefully structured to move beyond conversations and focus on actionable outcomes that can stimulate investment inflows into Lagos State.
He said the conference will provide a platform to showcase the state’s investments in transportation, technology, energy, manufacturing, tourism, and urban development, while also highlighting opportunities for local and international investors.
“Invest in Lagos 3.0 is more than a conference; it is a strategic platform designed to connect investors with opportunities, facilitate meaningful partnerships, and showcase Lagos as Africa’s most attractive investment destination.
“Through this summit, we are bringing together government leaders, global investors, development institutions, and business executives to explore opportunities that will unlock growth, create jobs, and accelerate economic development across Lagos and Nigeria,” the Commissioner, who doubles as the Head of the Media Subcommittee, stated.
The gathering will also feature investment pitches by governors, exhibitions by participating organisations, networking opportunities, a gala dinner, and site visits to major infrastructure and industrial projects, including the Dangote Petroleum Refinery, Lagos Free Zone, Lagos Port, and RusselSmith’s advanced manufacturing facility.
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