Economy
Profit-Taking in Banking Stocks Weakens NGX Index by 0.08%
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited closed lower by 0.08 per cent on Tuesday following profit-taking in the banking sector, especially tier-one stocks.
Sell-offs mostly in GTCO and Access Bank contributed to the downfall of the market yesterday as well as the banking index, which decreased by 0.97 per cent at the close of transactions.
It was the only decliner at the market on Tuesday, though the consumer goods sector closed flat as the industrial goods, insurance and energy counters appreciated by 0.08 per cent, 0.07 per cent and 0.06 per cent respectively.
When trading activities were ended at the session, the All-Share Index (ASI) reduced by 32.57 points to 38,873.85 points from 38,906.42 points, while the market capitalisation dropped N17 billion to settle at N20.254 trillion from N20.271 trillion.
At the market on Tuesday, a total of 184.4 million shares worth N2.3 billion were traded in 3,809 deals as against the 191.0 million shares worth N2.4 billion traded in 3,462 deals a day earlier, signifying that the volume of shares went down by 3.41 per cent, the value of shares reduced by 0.42 per cent, while the number of deals appreciated by 10.02 per cent.
UBA emerged as the most active stock with the sale of 39.0 million equities for N297.6 million. GTCO sold 19.0 million shares valued at N517.9 million, Zenith Bank transacted 14.2 million stocks worth N326.5 million, United Capital exchanged 12.9 million equities for N114.2 million, while Access Bank sold 101 million shares for N90.2 million.
Business Post reports that despite the loss, the market breadth closed positive with 16 price gainers and 13 price losers led by Neimeth, which lost 7.89 per cent to trade at N1.75.
Chams went down by 4.35 per cent to 22 kobo, Japaul depreciated by 4.08 per cent to 47 kobo, Sovereign Trust Insurance declined by 4.00 per cent to 24 kobo, while Wema Bank fell by 3.80 per cent to 76 kobo.
Conversely, MRS Oil Nigeria led the risers’ chart yesterday, gaining 9.75 per cent to trade at N15.20. Veritas Kapital appreciated by 9.52 per cent to 23 kobo, Regency Alliance grew by 6.82 per cent to 47 kobo, Unity Bank went up by 3.77 per cent to 55 kobo, while Courtville gained 3.23 per cent to sell at 32 kobo.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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