Economy
Selloffs in Bellwether Stocks Reduce Market Value by N174bn
By Dipo Olowookere
The local stock market printed its eighth consecutive loss on Wednesday despite the gradual rise in investor confidence especially in financial stocks during the session as reflected in the activity level.
The volume of transactions increased by 37.41 percent to 350.2 million units from 254.9 million units, while the value of trades improved by 40.73 percent to N4.3 billion from N3.0 billion.
Business Post observed that traders picked interest in banking equities currently trading at low prices, with more on Zenith Bank, which transacted 98.1 million units worth N1.9 billion.
FBN Holdings traded 47.1 million shares valued at N277.8 million, FCMB exchanged 41.2 million equities for N79.1 million, UBA traded 21.7 million shares for N162.2 million, while Ecobank transacted 19.9 million stocks valued at N141.1 million.
At the midweek session, the Nigerian Stock Exchange (NSE) posted a 1.19 percent loss, cutting down the year-to-date return to 4.66 percent when market activities were brought to an end.
The further bleeding of the market was caused by persistent selloffs in bellwether stocks in the energy sector like Mobil, consumer goods equities like Nigerian Breweries and shares in the industrial goods like Dangote Cement.
Business Post reports that the poor performances of these sectors overran the gains printed by stocks in the banking sector and insurance industry, which appreciated by 1.46 percent and 0.63 percent respectively.
The oil and gas index recorded the biggest fall (2.19 percent) and was followed by the industrial goods index (1.63 percent), while the consumer goods index declined by 1.37 percent.
The market breadth ended negative at the midweek trading session with 23 price losers and 13 price risers.
Mobil topped the losers’ chart after going down by N14.70 to sell at N133.20 per share and was followed by Dangote Cement, which lost N9.90 to trade at N170 per unit.
Nigerian Breweries depreciated by N3.50 to quote at N51.50 per share, Conoil went down by N2 to finish at N18 per unit, while NASCON declined by N1.50 to settle at N13.50 per share.
On the flip side, CAP took charge with a price appreciation of N2 to trade at N24.60 per share, with Union Bank following after gaining 65 kobo to sell at N7.25 per unit.
Dangote Sugar rose by 50 kobo to close at N12.95 per share, Julius Berger appreciated by 45 kobo to finish at N21.95 per unit, while Access Bank garnered 35 kobo to trade at N9.35 per share.
Yesterday, the All-Share Index (ASI) went down by 338.51 points to 28,093.76 points from 28,432.27 points, while the market capitalisation depreciated by N174 billion to N14.471 trillion from N14.645 trillion.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis 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 transacted for N1.2 billion.
By Adedapo Adesanya
It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.
In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.
Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.
The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.
Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.
Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.
The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.
Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.
Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.
On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Dipo Olowookere
A marginal 0.05 per cent loss was recorded by Customs Street on Monday, as sell-offs by market participants remained.
This was driven by the desire of investors to book profits, having witnessed a significant price appreciation on the stocks in their portfolios.
Yesterday, bargain-hunting in the banking space, which resulted in the sector closing 0.17 per cent higher, could not prevent the Nigerian Exchange (NGX) Limited from going down.
Data showed that the consumer goods segment lost 0.26 per cent, the insurance counter depreciated by 0.20 per cent, the industrial goods index shed 0.09 per cent, and the energy industry retreated by 0.03 per cent.
As a result, the All-Share Index (ASI) eased by 126.09 points to 250,204.83 points from 250,330.92 points, and the market capitalisation contracted by N81 billion to N160.363 trillion from N160.444 trillion.
NCR Nigeria and Zichis declined by 9.99 per cent each to sell for N161.20 and N26.49, respectively, Industrial and Medical Gases shrank by 9.93 per cent to N38.10, Sovereign Trust Insurance depreciated by 9.86 per cent to N2.65, and DAAR Communications slipped by 9.78 per cent to N2.03.
On the flip side, Oando gained 10.00 per cent to finish at N51.70, University Press also rose by 10.00 per cent to N5.50, Deap Capital soared by 9.96 per cent to N5.96, May and Baker expanded by 9.94 per cent to N52.00, and Trans-Nationwide Express grew by 9.92 per cent to N7.76.
Yesterday, 800.5 million equities worth N37.1 billion exchanged hands in 87,096 deals compared with the 1.1 billion equities valued at N44.3 billion traded in 65,744 deals last Friday. This showed that the number of deals went up by 32.48 per cent, while the trading volume and value went down by 27.23 per cent and 16.25 per cent, respectively.
The most active stock on the first trading session of this week was UBA with a turnover of 65.0 million units worth N2.8 billion, Fidelity Bank traded 57.3 million units for N1.3 billion, Access Holdings sold 42.3 million units valued at N1.1 billion, DAAR Communications exchanged 36.7 million units for N81.8 million, and Secure Electronic Technology transacted 36.6 million units worth N33.0 million.
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