Economy
Unity Bank, GTBank, Others Drive N19bn Investment in Domestic Stocks
By Dipo Olowookere
Last week, on the floor of the local exchange, the volume of transactions increased by 35.29 per cent to 2.3 billion units from 1.7 billion units as a result of interests in stocks in the banking sector.
The market witnessed this rise in the number of traded equities despite the recent decline due to the absence of triggers to propel a buying pressure, though the release of the audited 2020 earnings of GTBank and the completion of the demutualisation of the Nigerian Stock Exchange (NSE) spurred bargain hunting in two of the five-day trading week.
Business Post observed that despite the increase in the trading volume, the value of the investment in domestic stocks reduced by 17.87 per cent as shares worth N19.3 billion exchanged hands in 20,173 deals during the week compared with the N23.5 billion equities transacted in 21,732 deals the preceding week.
Trading in Unity Bank, GTBank and Multiverse Mining and Exploration accounted for 1.5 billion shares worth N7.1 billion in 2,317 deals, contributing 62.82 per cent and 36.91 per cent to the total trading volume and value respectively.
At the close of business, financial stocks led the activity log by volume with the sale of 1.9 billion shares valued at N12.5 billion in 12,019 deals, accounting for 80.60 per cent and 64.58 per cent of the total equity turnover volume and value respectively.
Equities in the natural resources industry recorded 201.3 million units worth N41.295 million in 27 deals, while stocks in the conglomerate sector traded 62.1 million units valued at N65.7 million in 612 deals.
According to data from the exchange, 33 equities appreciated in price during the week, lower than 35 equities in the previous week, while 25 equities depreciated in price, lower than 38 equities in the previous week, with 104 equities closing flat, higher than 89 equities recorded in the preceding week.
Eterna was the biggest price riser as its share price improved by 20.78 per cent to N5.58 and was trailed by SFS REIT, which grew by 9.94 per cent to N68.60.
Northern Nigerian Flour Mills gained 9.73 per cent to close at N6.20, Unity Bank appreciated by 9.09 per cent to trade at 72 kobo, while Smart Products Nigeria rose by 8.33 per cent to 26 kobo.
On the flip side, Neimeth topped the losers’ log after its share price went down by 14.83 per cent to N1.78 and was followed by Africa Prudential, which fell by 10.08 per cent to N5.35.
NCR Nigeria depreciated by 9.71 per cent to N2.79, Linkage Assurance declined by 9.09 per cent to 50 kobo, while Lasaco Assurance dropped 6.92 per cent to N1.21.
When the market closed for the week last Friday, the All-Share Index (ASI) and market capitalisation reduced by 0.69 per cent to 38,382.39 points and N20.082 trillion respectively.
However, all other indices finished higher with the exception of the NSE mainboard, NSE 30, insurance, consumer goods, NSE Lotus II, industrial and growth indices, which declined by 1.68 per cent, 0.99 per cent, 0.01 per cent, 1.46 per cent, 1.51 per cent, 2.62 per cent and 0.25 per cent while the sovereign bond index closed flat.
By Adedapo Adesanya
Crude production under the collective Organisation of the Petroleum Exporting Countries (OPEC ) fell in May to its lowest level in at least 37 years as the blockade of Iran by the United States and disruptions in the Persian Gulf, continued to limit output.
According to a Bloomberg survey released on Friday, output from the organisation’s 11 current members, including Nigeria, dropped by 1.22 million barrels per day to 16.33 million barrels per day last month.
Iran accounted for more than half of the decline. The data excludes the United Arab Emirates (UAE), which departed the cartel last month after six decades of membership.
War between a US-Israeli alliance and Iran has reduced oil supplies from the Middle East, largely closing the Strait of Hormuz waterway. Saudi Arabia, Iraq, the UAE and Kuwait have been forced to cut crude production. Iranian shipments face additional pressure following a US blockade of its ports imposed in mid-April.
Iranian output fell by 710,000 barrels per day to a five-year low of 2.34 million barrels per day in May, the survey showed. Central Command reported that US forces have redirected 127 commercial vessels to enforce the blockade of all maritime traffic entering and exiting Iranian ports.
Kuwait recorded the second-largest decline last month, with production falling by 310,000 barrels per day to 490,000 barrels per day, less than one-fifth of pre-war levels. Saudi Arabia, the group’s leader, saw output decrease by 240,000 barrels per day to 6.57 million barrels per day.
The production reductions have not prevented OPEC and its allies from raising quotas over recent months, continuing a year-long process of restoring output halted several years ago.
This comes ahead of a meeting scheduled to be held on Sunday, June 7, where a sub-group of seven members is expected to increase targets by 188,000 barrels again in July. The session is one of four online meetings OPEC and its partners plan to hold that day.
Delegates indicated the alliance has plans for two additional monthly quota increases in August and September. UAE output rose by 300,000 barrels per day to 2.44 million barrels per day in May, according to the survey.
By Aduragbemi Omiyale
The 2025 third quarter Budget Implementation Report from the Budget Office of the Federation has shown that the federal government exceeded the funds allocation for repayment of debts for the first nine months of the fiscal year by about 18 per cent.
In a report by Punch, the sum of N10.74 trillion was budgeted for debt servicing between January and September 2025, but the government used N12.63 trillion for the purpose, N1.90 trillion or 17.65 per cent more than the allocation for the year.
The funds were spent on domestic debts, foreign debts and sinking fund by the central government in nine months.
Business Post reports that for the whole year, the amount approved by the National Assembly and signed by President Bola Tinubu for debt repayments was N14.31 trillion.
Looking at the nine-month figures, domestic debt service gulped N6.23 trillion, exceeding its N5.39 trillion provision, while foreign debt service was N6.30 trillion versus the budget provision of N5.06 trillion.
According to the report, the figures indicated that 67.2 per cent of the federal government’s retained revenue of N18.63 trillion was spent on debt service in the first nine months of 2025. When the sinking fund is included, debt-related payments consumed about 67.8 per cent of revenue.
It was also observed that aggregate federal government revenue underperformed the budget by N12.03 trillion or 39.24 per cent, as actual revenue of N18.63 trillion fell short of the N30.67 trillion projected for the first three quarters.
In the third quarter alone, the government generated N7.70 trillion versus the quarterly target of N10.22 trillion as a result of persistent oil revenue shortfalls, despite stronger non-oil collections.
The debt burden also crowded out capital spending, as total capital expenditure was N3.10 trillion in the first nine months compared with the N17.58 trillion budgeted for the period, indicating that actual debt-related payments were more than four times capital expenditure.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a loss of 1.13 per cent on Thursday, June 4, shrinking the market capitalisation by N30.03 billion to N2.630 trillion from N2.660 trillion on Wednesday.
Similarly, this brought down the NASD Unlisted Security Index (NSI) by 50.19 points to 4,396.08 points from the 4,446.27 points recorded a day earlier.
The loss was influenced by the overpowering of the bulls by the bears, after the bourse closed with two price gainers and three price losers, led by FrieslandCampina Wamco Nigeria Plc, which slumped by N20.03 to sell at N190.38 per unit compared with midweek’s N210.41 per unit. Food Concepts Plc declined by 25 Kobo to trade at N2.50 per share versus the previous day’s N3.00 per share, and Acorn Petroleum Plc crumbled by 2 Kobo to end at N1.32 per unit, in contrast to the preceding session’s N1.34 per unit.
For the gainers, Central Securities Clearing System (CSCS) Plc added N2.93 to close at N78.34 per share compared with the previous price of N75.41 per share, and Afriland Properties Plc gained 80 Kobo to settle at N16.80 per unit versus N16.00 per unit.
There was a slip in the volume of transactions yesterday by 46.8 per cent to 280,714 units from 527,221 units, as the value of trades dropped 66.5 per cent to N21.8 million from the preceding session’s N64.2 million, and the number of deals fell by 8.7 per cent to 42 deals from 46 deals.
Great Nigeria Insurance (GNI) Plc ended the session as the most traded stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also finished the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn