Economy
Stocks Gain 0.44% as Investors Wave Off JP Morgan’s Revelation on Nigeria’s FX Reserves
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited maintained its upright posture on Tuesday as it was not moved by the revelation that the country’s foreign exchange (FX) reserves were at 3.7 billion as against almost $34 billion quoted by the Central Bank of Nigeria (CBN).
In a report dated August 17, 2023, an American investment firm, JP Morgan, said the buffers were at a low of $3.7 billion as of the end of 2022 compared with about $14 billion the previous year.
This report because known to many Nigerians on Monday after local media platforms, including Business Post, published it.
At the stock market yesterday, investors, though cautious, waved off the report and sustained their bargain-hunting activities in a few equities with sound fundamentals.
This buying pressure on shares of BUA Foods, Guinness Nigeria, and GlaxoSmithKline pushed the bourse higher by 0.44 per cent at the close of business.
As a result, the All-Share Index (ASI) was elevated by 286.26 points to 65,488.67 points from 65,202.41 points, while investors’ wealth grew by N157 billion as the market capitalisation increased to N35.842 trillion from N35.685 trillion.
The consumer goods index improved during the session by 3.75 per cent, the insurance sector appreciated by 0.53 per cent, and the industrial goods space rose by 0.01 per cent, while the banking and the energy counters lost 0.90 per cent and 0.19 per cent, respectively.
Cornerstone Insurance closed the session as the best-performing stock after it gained 9.84 per cent to sell at N1.34, CWG expanded by 9.74 per cent to N4.28, SCOA Nigeria jumped by 9.38 per cent to N1.40, ABC Transcorp grew by 8.33 per cent to 52 Kobo, and BUA Foods chalked up 7.91 per cent to trade at N165.00.
The worst-performing equities were Chellarams, Sunu Assurance and Nigerian Breweries because they lost 10.00 per cent each to quote at N3.96, 72 Kobo and N38.25 apiece. John Holt shed 8.81 per cent to N1.45, and Mutual Benefits was trimmed by 6.82 per cent to 41 Kobo.
Despite the gains, investor sentiment was weak because the market breadth index closed bearish, with 26 price losers and 16 price gainers.
The NGX printed a turnover of 293.5 million stocks worth N4.1 billion executed in 5,895 deals versus the 231.6 million stocks worth N4.0 billion traded in 5,494 deals on Monday, showing an increase in the trading volume, value and the number of deals by 26.73 per cent, 2.50 per cent, and 7.30 per cent apiece.
With the sale of 41.3 million shares valued at N185.0 million, Transcorp topped the activity log yesterday and was trailed by Access Bank with a turnover of 36.2 million stocks worth N616.4 million. Fidelity Bank traded 32.1 million shares worth N229.7 million, Omatek exchanged 15.0 million equities valued at N4.3 million, and Ecobank sold 13.2 million stocks for N208.5 million.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
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.
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