Economy
Stock Market Falls on Emergence of Tinubu as APC Presidential Candidate
By Dipo Olowookere
The stock market depreciated by 0.14 per cent on Wednesday as investors begin another round of profit-taking with the key contenders in the 2023 presidential election between the two major political parties now known.
Yesterday, a former Governor of Lagos State, Mr Bola Tinubu, emerged as the flag-bearer of the ruling All Progressives Congress (APC) in next year’s poll, defeating the Vice President, Mr Yemi Osinbajo, who came third and former Governor of Rivers State, Mr Rotimi Amaechi, who was the first runner-up.
With a former Vice President, Mr Atiku Abubakar, as the candidate of the opposition Peoples Democratic Party (PDP) and a former Governor of Anambra State, Mr Peter Obi, as the ticket holder of the Labour Party, investors can now guess who will likely take over from President Muhammadu Buhari on May 29, 2023.
Ahead of this, they are treading cautiously and this was reflected in the outcome of the market at the midweek session. The market capitalisation depreciated by N42 billion to settle at N28.677 trillion compared with Tuesday’s N28.719 trillion, while the All Share Index (ASI) fell by 76.90 points to close at 53,193.98 points in contrast to the previous day’s 53,270.88 points.
Trading data showed that investor sentiment was weak yesterday as the exchange ended the session with 20 depreciating stocks and 16 appreciating stocks led by Caverton, which gained 7.34 per cent to close at N1.17.
FTN Cocoa rose by 5.88 per cent to 36 kobo, Transcorp improved by 5.69 per cent to N1.30, Cutix expanded by 4.98 per cent to N2.74, while Linkage Assurance advanced by 3.70 per cent to 56 kobo.
Champion Breweries was the heaviest price loser on Wednesday as it fell by 9.79 per cent to N3.50, Cornerstone Insurance depreciated by 9.68 per cent to 56 kobo, eTranzact went down by 9.67 per cent to N2.71, NEM Insurance depleted by 8.33 per cent to N3.85, while Japaul slipped by 6.25 per cent to 30 kobo.
Business Post reports that the insurance and banking counters went down by 1.76 per cent and 0.86 per cent apiece, while the consumer goods and industrial goods sectors gained 0.13 per cent and 0.03 per cent respectively, with the energy index closing flat.
A total of 249.0 million equities worth N1.9 billion exchanged hands in 4,265 deals on Wednesday compared with the 234.6 million equities worth N2.8 billion traded in 4,232 deals on Tuesday, implying a decline in the value of trades by 32.19 per cent and an increase in the volume of trades and number of trades by 6.11 per cent and 0.78 per cent respectively.
Transcorp dominated the activity chart yesterday, closing as the most active after trading 103.6 million stocks valued at N131.3 million, Fidelity Bank sold 24.8 million shares valued at N80.2 million, FBN Holdings traded 12.5 million equities worth N130.6 million, Japaul exchanged 10.4 million equities valued at N3.1 million, while Chams transacted 7.8 million stocks for N1.9 million.
By Aduragbemi Omiyale
One of the paint makers in Nigeria, Premier Paints Plc, is currently in talks with a new investor, Xenergi Limited, for the purchase of 51 per cent stake in the company.
Xenergi Limited intends to acquire shares of Clover Global Resources Limited and TGHL Capital Limited in the organisation.
Business Post gathered that the new investor will buy 39.02 per cent from Clover Global Resources Limited and 15.20 per cent from TGHL Capital Limited.
The deal, according to a regulatory notice issued on Tuesday on the Nigerian Exchange (NGX) Limited, will involve about 63 million shares of Premier Paints.
At the current share price of the paint producer, this should be about N630 million as it closed at N10.00 per unit on NGX on December 16, 2025.
“Subject to obtaining required regulatory approvals, the transaction is expected to close before January 31, 2026.
“The company will continue to inform the public of the progress of the transaction,” the disclosure signed by the company secretary, Alozie Nwokoro, said.
By Adedapo Adesanya
The Naira was flat against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, December 16, retaining the previous closing value of N1,451.82/$1.
In the same vein, the local currency saw no movement against the Pound Sterling and the Euro in the spot market during the session at N1,943.98/£1 and N1,705.74/€1, respectively.
Also, the Nigerian Naira remained unchanged in the black market yesterday at N1,475/$1 and was N1,460/$1 at the GTBank forex counter.
The Central Bank of Nigeria (CBN) has strengthened US Dollar supply with $250 million to authorised dealer banks at the official window cumulatively as foreign portfolio investors, exporters and non-bank corporate supply dripped.
The spread between official and other non-regulated markets decreased to N30.59$/1 from N44.57/$1, from the previous week, research subsidiary of Coronation Merchant Bank Limited said in a report.
FX analysts said foreign exchange inflows through the Nigerian Foreign Exchange Market decreased to $716.3 million from $844.70 million in the previous week , a 15 per cent drop in a week.
Foreign portfolio investors accounted for the highest share of inflows at 32.98 per cent, followed by exporters at 30.84 per cent, the CBN (17.36 per cent), Non-bank Corporates (16.94 per cent), others (0.72 per cent) and Individuals (0.63 per cent).
On Monday, Nigeria’s headline inflation rate eased to 14.45 per cent in November 2025, down from 16.05 per cent recorded in October, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), representing a decrease of 1.6 percentage points month-on-month and marks a significant moderation compared to the same period last year.
As for the cryptocurrency market, there was some recoveries after overall capitalization falling below $3 trillion for the third time in a month. Large-cap assets, particularly those with Exchange Traded Fund (ETF) exposure, are experiencing selling pressure as institutional investors reassess risk.
Ripple (XRP) appreciated by 1.5 per cent to $1.92, Litecoin (LTC) expanded by 1.5 per cent to $78.91, Dogecoin (DOGE) rose by 0.8 per cent to $0.1308, Solana (SOL) went up by 0.4 per cent to $127.60, Binance Coin (BNB) grew by 0.3 per cent to $865.40, and Bitcoin (BTC) gained 0.2 per cent to sell at $86,735.17.
On the flip side, Cardano (ADA) depreciated by 1.0 per cent to $0.3802 and Ethereum (ETH) slumped by 0.4 per cent to $2,935.85, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were flat at $1.00 each.
By Dipo Olowookere
A marginal 0.01 per cent rise was recorded by the Nigerian Exchange (NGX) Limited on Tuesday. This was different from the flattish mode of the market the previous day.
Investor sentiment remained bullish as Customs Street finished with 31 price gainers and 26 price losers, implying a positive market breadth index.
Aluminium Extrusion topped the gainers’ log after it improved its price by 10.00 per cent to N9.35, Guinness Nigeria appreciated by 9.98 per cent to N263.40, Multiverse expanded by 9.95 per cent to N12.15, MeCure Industries also soared by 9.95 per cent to N45.85, and Sovereign Trust Insurance advanced by 9.89 per cent to N4.11.
Conversely, Haldane McCall led the losers’ chart after it shed 9.93 per cent to settle at N3.72, Veritas Kapital lost 9.09 per cent to close at N1.60, LivingTrust Mortgage Bank also declined by 9.09 per cent to N3.50, and Linkage Assurance depreciated by 5.71 per cent to N1.65.
During the trading day, the All-Share Index (ASI) went up by 21.23 points to 149,459.11 points from the previous day’s 149,437.88 points and the market capitalisation increased by N14 billion to N95.281 trillion from N95.267 trillion.
Yesterday, traders transacted 1.0 billion equities for N21.8 billion in 23,701 deals compared with the 553.1 million equities valued at N13.3 billion traded in 28,907 deals on Monday, representing a decline in the number of deals by 18.01 per cent, and a surge in the trading volume and value by 80.80 per cent and 63.91 per cent apiece.
Access Holdings traded 385.8 million stocks worth N7.7 billion, Champion Breweries transacted 111.8 million shares valued at N817.8 million, Sterling Holdings exchanged 85.5 million equities for N589.9 million, FCMB sold 74.7 million shares valued at N791.5 million, and First Holdco transacted 51.9 million equities worth N1.8 billion.
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