Economy
Zichis Gains 39.62% in One Week, Now Sells N21.78 Per Share
By Dipo Olowookere
Zichis Agro-Allied Industries Plc continued its upward movement on the Nigerian Exchange (NGX) Limited last week, emerging as the best-performing stock after chalking up 39.62 per cent to trade at N21.78 per share.
The company’s stock has shown no signs of slowing down despite a downward price adjustment it suffered a week ago after an investigation into its price movement.
Zichis joined the local bourse in January 2026 at a unit price of N1.81, but within a month, its share price rose to N17.36 per unit, indicating an 859.12 per cent surge.
After a look into its rise in value, its price was trimmed to N8.58 per unit after the NGX Regulation lifted a suspension on trading on its shares on March 23, 2026.
Last week, which had four trading sessions, Zichis led the price gainers’ chart of 52 equities versus 46 equities of the previous week. Fifty-three shares depreciated versus 53 shares of the preceding week, and 41 stocks closed flat versus 47 stocks recorded a week earlier.
Trailing Zichis on the gainers’ table was The Initiates, which appreciated by 33.04 per cent to N30.60, UAC Nigeria expanded by 27.82 per cent to N181.50, BUA Cement solidified by 24.78 per cent to N408.00, and CAP grew by 22.53 per cent to M145.20.
On the flip side, UBA slumped by 22.27 per cent to N42.75, Royal Exchange shrank by 20.00 per cent to N1.36, Trans-Nationwide Express depleted by 18.99 per cent to N6.40, Deap Capital went down by 14.49 per cent to N4.19, and First Holdco slipped by 13.80 per cent to N64.65.
In the week, the All-Share Index (ASI) and the market capitalisation soared by 7.33 per cent each to 242,277.81 points and N155.994 trillion, respectively.
Also, all other indices finished higher except CG, banking, insurance, AFR Bank Value, MERI Value and sovereign bond indices, which lost 0.80 per cent, 5.52 per cent, 1.13 per cent, 5.80 per cent, 3.31 per cent and 0.26 per cent, respectively
Business Post reports that a total of 4.842 billion shares worth N287.756 billion exchanged hands in 332,453 deals last week compared with the 3.805 billion shares valued at N213.955 billion traded in 297,202 deals a week earlier.
The financial services industry led the activity chart with 3.755 billion units worth N124.398 billion in 146,938 deals, contributing 77.56 per cent and 43.23 per cent to the total trading volume and value, respectively.
The consumer goods sector transacted 177.009 million units worth N30.853 billion in 36,609 deals, and the third place was the services industry with a turnover of 176.809 million units worth N4.387 billion in 15,310 deals.
Access Holdings, UBA, and Wema Bank led the activity chart with 2.026 billion equities worth N60.036 billion in 39,925 deals, contributing 41.85 per cent and 20.86 per cent to the total equity turnover volume and value, respectively.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited tumbled by 1.12 per cent on Wednesday as a result of selling pressure in three of the five key sectors of the bourse.
Yesterday, the insurance space rose by 0.71 per cent and the energy counter appreciated by 0.02 per cent. But these gains were erased by the three other sectors, with the consumer goods index down by 4.93 per cent, the industrial goods sector down by 0.42 per cent, and the banking segment down by 0.30 per cent.
Consequently, the All-Share Index (ASI) receded by 2,756.48 points to 243,967.09 points from 246,723.57 points, and the market capitalisation dropped by N1.762 trillion to close at N157.494 trillion compared with Tuesday’s N159.256 trillion.
The worst-performing stock for the day was BUA Foods, which lost 10.00 per cent to trade at N760.60. Unilever Nigeria shed 9.97 per cent to close at N131.40, John Holt depreciated by 9.90 per cent to N9.10, AVA Capital declined by 9.50 per cent to N8.10, and Austin Laz crashed by 8.81 per cent to N2.90.
The best-performing stock for the session was International Energy Insurance, which chalked up 10.00 per cent to quote at N4.40. Ecobank gained 9.93 per cent to settle at N71.40, Trans-Nationwide Express expanded by 9.77 per cent to N2.36, CWG grew by 9.74 per cent to N21.40, and Cornerstone Insurance improved by 6.80 per cent to N5.50.
Yesterday, 1.5 billion shares were sold for N20.9 billion in 39,085 deals compared with the 3.9 billion shares worth N32.4 billion exchanged in 45,608 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 61.54 per cent, 35.49 per cent, and 14.30 per cent, respectively.
On top of the activity chart was Fortis Global Insurance, with a turnover of 853.2 million units sold for N2.6 billion. Universal Insurance exchanged 251.8 million units worth N214.1 million, Chams transacted 40.0 million units valued at N181.0 million, First Holdco traded 28.3 million units worth N3.9 billion, and Access Holdings sold 25.4 million units valued at N702.4 million.
By Aduragbemi Omiyale
As part of the implementation of the T+1 settlement cycle in the Nigerian capital market, the Securities and Exchange Commission (SEC) has fixed 5:00 pm on the first business day after a transaction (T+1) as the settlement deadline for equities and commodities traded and settled through the Central Securities Clearing System (CSCS).
In a circular on Wednesday to capital market operators and other market participants, the capital market regulator noted that all transactions in the affected securities must be fully paid by 5:00 pm T+1 to ensure compliance with the standard Delivery versus Payment (DvP) settlement procedure.
It warned that where a broker/dealer’s trading account is not adequately funded to meet its settlement obligation within the prescribed period, the default would be managed in line with the CSCS Default Management Procedure and the applicable transaction settlement guidelines of the relevant exchange.
The commission also clarified that foreign portfolio investors are not required to prefund their accounts for trades in the Nigerian capital market.
However, it said capital market operators facilitating transactions on behalf of foreign portfolio investors must establish and maintain appropriate controls and processes to ensure timely funding and completion of settlements within the prescribed timeframe.
The clarification follows earlier SEC circulars on the implementation of the T+2 settlement cycle for equities transactions, issued on June 3, 2025, and the transition to the T+1 settlement cycle, issued on May 15, 2026.
The T+1 cycle means that eligible securities transactions are settled one business day after the trade date, reducing the period between execution and final settlement.
The SEC said the transition represents a significant milestone in its efforts to build a more efficient, resilient and internationally aligned trading and post-trade environment, adding that the shorter settlement cycle would improve settlement efficiency, reduce counterparty risk, enhance liquidity and strengthen the competitiveness of the Nigerian capital market.
According to the agency, the reforms would ultimately improve the attractiveness of the Nigerian market to both domestic and international investors.
By Adedapo Adesanya
Oil prices slightly rose on Wednesday as attacks on ships in the Middle East continued and talks to end the Iran war hit an impasse.
Brent futures gained 7 cents to trade at $88.98 a barrel, while the US West Texas Intermediate (WTI) crude increased by 7 cents to $83.27 per barrel.
The US and Yemen’s Iran-aligned Houthis reported separate attacks on shipping in the Strait of Hormuz and the Bab el-Mandeb Strait on Tuesday, two crucial export routes for Middle Eastern oil and gas in addition to the Suez Canal.
Reuters reported that there continued to be no discussions between Iran and the US to extend their ceasefire because, from Iran’s perspective, the deal had no start date and so there was nothing to extend.
Shipping data showed the number of vessels transiting the Strait of Hormuz fell to a one-week low of eight on Tuesday. Before the war, 125 to 140 vessels passed through the crucial waterway each day.
The US military, meanwhile, said an American Navy MH-60 helicopter fired two Hellfire missiles to disable the steering gear of a Panama-flagged cargo ship.
The ship ignored repeated warnings to stop violating a naval blockade on Iranian ports, the US Central Command said.
Forecasters including the Organisation of the Petroleum Exporting Countries (OPEC) and the International Energy Administration (IEA) revised down their oil demand outlooks as US-Iran talks stall.
OPEC lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day, it said in its monthly oil market report.
The International Energy Agency cut its 2026 demand projections and now expects a 1.6 million barrels per day contraction this year. However, the Paris-based agency is also predicting a 4.3 million barrels per day drop in supply this year, and an overall 2026 deficit of around 1.27 million barrels per day.
According to the IEA, Middle East oil flows briefly returned to pre-war levels in early July, with loadings reaching 20 million bpd, before falling to 12 million bpd later in the month. Middle East production remained 8.3 million barrels per day below pre-war levels in July.
The IEA cited the Hormuz shutdown, the US blockade of Iranian exports, attacks in the Bab el-Mandeb Strait and reduced Kazakh CPC Blend exports among the forces keeping global supply below demand.
