Business
Weekly report: NGX records equity turnover worth N36.5bn in 42,546 deals
The financial services industry during the week led activities on the equity market of the Nigerian Exchange Ltd. (NGX) as investors traded a total turnover of 1.6 billion shares worth N36.50 billion in 42,546 deals this week.
The NGX weekly market report revealed that this was in contrast to a total of 2.478 billion shares valued at N47.856 billion that exchanged hands last week in 54,982 deals.
According to the report, the financial services industry measured by volume led the activity chart with 1.127 billion shares valued at N18.908 billion traded in 19,424 deals.
The industry, thus contributed 72.27 per cent and 51.81 per cent to the total equity turnover volume and value respectively.
The conglomerates industry followed with 117.400 million shares worth N1.508 billion in 2,775 deals.
The third place was the consumer goods, with a turnover of 98.422 million shares worth N4.008 billion in 6,322 deals.
Trading in the top three equities namely; United Bank for Africa(UBA), FBN Holdings Plc and Guaranty Trust Holding Company Plc(GTCO) measured in volume accounted for 389.286 million shares worth N11.757 billion in 5,372 deals.
This contributed 24.96 per cent and 32.21 per cent to the total equity turnover in volume and value respectively.
Meanwhile, in Exchange Traded Products(ETP’s), investors transacted a total of 27,394 units valued at N16.787 million this week in 239 deals, compared with a total of 3.144 million units valued at N108.299 million traded last week
in 659 deals.
In bond, the market traded a total of 639,482 units valued at N638.502 million this week in 24 deals, compared with a total of 69,544 units valued at N67.744 million transacted last week in 35 deals.
Consequently, the NGX All-Share Index and market capitalisation rose by 3.79 per cent to close the week at 105,722.78 and N57.850 trillion respectively.
Also, 35 equities appreciated in price during the week higher than 20 equities in the previous week.
51 equities depreciated in price lower than 68 in the previous week, 68 equities remained unchanged, higher than 66 recorded in the previous week.(NAN
Nigeria’s public debt rose by 48.5 per cent year-on-year (YoY) to N144.67 trillion ($94.23 billion) in 2024 from N97.34 trillion ($108.23 billion) in 2023.
The Debt Management Office (DMO) disclosed this in its latest public debt profile report.
The debt stock consists of external debt of N70.29 trillion ($45.78 billion) serviced with $4.66 million and domestic debt of N74.38 trillion ($48.44 billion).
The report showed that the country’s external debt increased by 83.89 per cent YoY from N38.22 trillion ($42.5 billion) in 2023.
Domestic debt also grew by 25.7 per cent YoY from N59.12 trillion ($65.73 billion) in 2023.
The report further indicated that the Federal Government’s domestic debt component rose by 32 per cent YoY to N70.41 trillion from N53.26 trillion in 2023.
But the domestic debt of states and the Federal Capital Territory declined YoY by 32 per cent to N3.97 trillion in 2024 from N5.86 trillion in 2023.
The rise in public debt can be attributed to fluctuating trends in exchange rates amidst changes in global economic conditions.
The sharp increase, particularly in external debt, highlights the nation’s vulnerability to exchange rate volatility and changes in global economic conditions.
With the continued depreciation of the naira, the cost of servicing foreign debt could escalate, adding pressure on the country’s financial resources.
The Nigerian National Petroleum Company Limited (NNPCL) has announced the appointment of a new eight -man Senior Management Team.
The appointment followed the recent announcement followed the appointment of the Group Chief Executive Officer (GCEO) and Board of Directors.
Disclosing this in a statement on Friday, NNPCL Chief Corporate Communications Officer, Olufemi Soneye, said the appointments all take immediate effect.
“Following the appointment of the Group Chief Executive Officer and Board of Directors, the Nigerian National Petroleum Company Limited (NNPC Ltd) has announced the appointment of a new 8-man Senior Management Team on Friday,” he stated.
“The team which will be headed by the GCEO, Mr Bashir Bayo Ojulari, has Rowland Ewubare as Group Chief Operating Officer; Adedapo Segun as Group Chief Financial Officer; and Olalekan Ogunleye as Executive Vice President Gas, Power & New Energy.
“Other members of the team are: Udy Ntia as Executive Vice President Upstream; Mumuni Dangazau as Executive Vice President Downstream; Sophia Mbakwe as Executive Vice President Business Services; and Adesua Dozie, as Company Secretary & Chief Legal Officer. All appointments are with immediate effect.”
Ngozi Okonjo-Iweala, the director-generaI of the World Trade Organisation (WTO), says the recent tariffs announced by the United States (US) will have significant implications for global trade and economic growth prospects.
On April 2, President Donald Trump announced sweeping global tariffs on all imports into the US, imposing 14 percent on Nigeria.
In a statement on Thursday, Okonjo-Iweala said the WTO secretariat is closely monitoring and analysing the measures announced by the nation.
The WTO DG said many members have “reached out to us”, adding that the secretariat is actively engaging with them in response to their questions about the potential effect on their economies and the global trading system.
“The recent announcements will have substantial implications for global trade and economic growth prospects,” the economist said.
“While the situation is rapidly evolving, our initial estimates suggest that these measures, coupled with those introduced since the beginning of the year, could lead to an overall contraction of around 1% in global merchandise trade volumes this year, representing a downward revision of nearly four percentage points from previous projections.”
Okonjo-Iweala expressed concern over the decline and the potential for escalation into a tariff war with a cycle of retaliatory measures that could lead to further declines in trade.
“It is important to remember that, despite these new measures, the vast majority of global trade still flows under the WTO’s Most-Favored-Nation (MFN) terms,” she said.
“Our estimates now indicate that this share currently stands at 74%, down from around 80% at the beginning of the year. WTO members must stand together to safeguard these gains.”
According to the WTO DG, trade measures of this size have the potential to create significant trade diversion effects.
Therefore, she called on members to “manage the resulting pressures responsibly to prevent trade tensions from proliferating”.
“The WTO was established to serve precisely in moments like this — as a platform for dialogue, to prevent trade conflicts from escalating, and to support an open and predictable trading environment,” Okonjo-Iweala said.
She encouraged members to utilise the forum to engage constructively and seek cooperative solutions.