Economy
University Press, Cadbury, Guinness Rescue Market by 0.41%
By Dipo Olowookere
Transactions on the floor of the Nigerian Exchange (NGX) Limited closed bullish on Thursday with a 0.41 per cent growth after closing bearish a day earlier.
Buying interest across the major sectors of the market yesterday triggered the reversal of the loss, with the consumer goods sector emerging as the darling of investors with a 1.47 per cent rise.
The banking index appreciated by 0.67 per cent, the energy space grew by 0.19 per cent, the industrial goods counter improved by 0.10 per cent, while the insurance sector depreciated by 0.21 per cent.
At the close of trading activities, the All-Share Index (ASI) went up by 171.55 points to settle at 41,961.14 points as against the preceding day’s 41,789.59 points, while the market capitalisation by N89 billion to N21.898 trillion from N21.809 trillion.
Business Post reports that investors traded a total of 558.9 million shares worth N4.4 billion in 4,683 deals on Thursday compared with the 284.6 million shares worth N3.2 billion traded in 5,036 deals at the midweek session, implying that the trading volume and value increased by 96.38 per cent and 37.50 per cent respectively, while the number of deals declined by 7.01 per cent.
The interest in FBN Holdings shares continued yesterday, especially with the announcement of the appointment of Mr Nnamdi Okonkwo, the immediate past Managing Director of Fidelity Bank, as the incoming Group MD of FBN Holdings.
The stock was the most traded by investors at the equity market yesterday as a total of 162.6 units worth N1.9 billion were bought and sold, followed by Transcorp, which traded 115.7 million units valued at N123.9 million.
C & I Leasing transacted 63.4 million units worth N291.8 million, UBA exchanged 60.0 million units valued at N509.4 million, while Access Bank traded 29.0 million units valued at N273.3 million.
The market breadth closed positive with 13 price losers and 21 price gainers led by University Press, Cadbury Nigeria and Guinness Nigeria, which appreciated each by 10.00 per cent to settle at N1.98, N8.80 and N33.00 respectively, while AIICO Insurance gained 9.71 per cent to trade at N1.13, with Nigerian Breweries rising by 6.37 per cent to N54.25.
On the reverse side, Axa Mansard Insurance led the chart after it lost 6.02 per cent to sell for N2.34, followed by Japaul, which went down by 4.44 per cent to 43 kobo.
Courtville depreciated by 4.35 per cent to trade at 44 kobo, Mutual Benefits Assurance declined by 3.45 per cent to sell at 28 kobo, while Lasaco Assurance fell by 2.50 per cent to close at N1.17.
By Modupe Gbadeyanka
To unlock about $50 billion in deep offshore investment, President Bola Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, stressing that the aim is “to make Nigeria Africa’s regional hub for deep offshore project execution.”
In a statement personally signed by him on Wednesday, the Nigerian leader disclosed that he approved the executive order to create a clear and predictable framework for the sector.
According to him, the approval has already attracted approximately $10 billion for the Bonga South West project.
He stated that for projects accessing the supplementary incentives, the Order requires activities to be performed in Nigeria, subject to clearly defined exceptions and Nigerian content requirements.
The President noted that this part was included because “I want the work to come home to Nigeria. I want our engineers involved, our fabrication yards working, Nigerian marine and technical service companies securing contracts, and our young people acquiring world-class skills.”
“For me, the real measure of $50 billion will be what Nigerians see from it: good jobs, stronger Nigerian businesses, greater production, more revenue for the Federation and capabilities built here at home. Our natural resources must work harder for our people,” he added.
Mr Tinubu stated that this order is the tenth major policy directive of his administration targeted specifically at the oil and gas sector.
“We have been deliberate about removing the constraints holding back investment, production and value creation.
“For too long, some of our biggest offshore opportunities have remained stalled. We cannot afford to leave that opportunity beneath our waters for another decade. Capital moves, countries compete for it, and investors committing billions of dollars over many years need certainty,” he disclosed.
According to him, “We are providing that certainty, with a clear window for existing deep offshore leases to reach Final Investment Decision by 31 December 2029 and qualify for the full standard incentive.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the red territory for a second consecutive session on Tuesday, August 11, declining by 1.81 per cent.
This pulled back the market capitalisation by N8.94 billion to N2.748 trillion from N2.798 trillion, and the NASD Security Index (NSI) dropped 84.44 points to 4,578.74 points from 4,663.18 points.
The market breadth index was at equilibrium yesterday, as there were four price gainers and four price losers.
On the red side, Central Securities Clearing System (CSCS) Plc depreciated by N12.86 to N116.88 per share from N129.74 per share, Afriland Properties Plc declined by N1.95 per cent to N22.00 per unit from N23.95 per unit, Food Concepts Plc weakened by 25 Kobo to N2.50 per share from N2.75 per share, and Geo-Fluids Plc lost 22 Kobo to sell at N2.05 per unit versus Monday’s N2.27 per unit.
On the green side, FrieslandCampina Wamco Nigeria Plc gained N11.50 to finish at N156.50 per share compared with the previous day’s N145.00 per share, Nitrox Industrial Gases Plc expanded by N2.11 to N23.36 per unit from N21.15 per unit, NASD Plc advanced by N1.90 to N36.00 per share from N34.10 per share, and Nipco Plc surged by 50 Kobo to N457.00 per unit from N456.50 per unit.
During the session, the volume of securities rose by 31.2 per cent to 1.5 million units from 1.1 million units, the value of securities improved by 315.9 per cent to N42.3 million from N10.2 million, and the number of deals skyrocketed by 45.7 per cent to 51 deals from Monday’s 35 deals.
Great Nigeria Insurance (GNI) Plc ended as the most active stock by value (year-to-date), with 3.4 billion units valued at N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 77.0 million units transacted for N5.5 billion.
GNI Plc also closed as the most active stock by volume (year-to-date), with 3.4 billion units worth 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 traded for N415.7 million.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited tumbled by 0.73 per cent on Tuesday on the back of profit-taking by investors.
The consumer goods counter shed 0.96 per cent, and the banking space crashed by 0.46 per cent due to selling pressure. But the insurance index gained 0.24 per cent, and the energy segment improved by 0.03 per cent, while the industrial goods sector closed flat.
When the bourse closed for the session, the All-Share Index (ASI) gave up 1,806.18 points to 246,723.57 points from 248,529.75 points, and the market capitalisation depreciated by N1.166 trillion to N159.256 trillion from N160.422 trillion.
Thomas Wyatt lost 9.97 per cent to quote at N2.89, AVA Capital declined by 9.60 per cent to N8.95, International Energy Insurance dipped by 6.32 per cent to N4.00, International Breweries dropped 5.98 per cent to close at N11.00, and Guinea Insurance shed 5.13 per cent to 74 Kobo.
On the flip side, UPDC REIT gained 10.00 per cent to end at N14.85, FTN Cocoa appreciated by 9.88 per cent to N8.90, C&I Leasing surged by 8.26 per cent to N5.90, Sovereign Trust Insurance went up by 6.74 per cent to N1.90, and Regency Alliance climbed 6.33 per cent to 84 Kobo.
Yesterday, Fortis Global Insurance was the busiest equity, leading the activity chart with a turnover of 3.3 billion units worth N9.6 billion. Trans-Nationwide Express transacted 84.6 million units for N181.9 million, Access Holdings sold 66.1 million units valued at N1.9 billion, Consolidated Hallmark exchanged 54.3 million units worth N379.4 million, and Fidelity Bank traded 46.9 million units for N1.0 billion.
Investors bought and sold 3.9 billion units worth N32.4 billion in 45,608 deals compared with the 1.1 billion units valued at N27.0 billion traded in 59,185 deals a day earlier. This indicated that the number of deals retreated by 22.94 per cent, the trading volume increased by 254.55 per cent, and the trading value soared by 20.00 per cent.
