Business
Investors gain N138bn as NGX opens on positive note
The Nigerian stock market opened the first trading session of the month on a positive note on Monday, gaining N138 billion in market capitalisation.
Demand for Tier-One banking stocks, including Zenith Bank, United Bank for Africa (UBA) and Access Corporation, alongside equities such as Transnational Corporation and PZ, drove the market’s rebound from the previous session’s losses.
The Nigerian Exchange Ltd. (NGX) market capitalisation increased by N138 billion, or 0.23 per cent, closing at N59.245 trillion from an opening value of N59.107 trillion.
Similarly, the All-Share Index (ASI) rose by 0.23 per cent, or 227 points, to close at 97,733.86, up from 97,506.87 recorded on Friday.
The Year-To-Date (YTD) return also improved to 30.71 per cent.
Market breadth closed on a positive note, with 36 gainers compared to 25 losers.
On the gainers’ table, Abbey Mortgage Bank, Africa Prudential, WAPCO led by 10 per cent each to close at N2.64, N9.90 and 63.80 per share respectively.
VFD Group also rose by 9.88 per cent to close at N44.50,while Sovereign Trust Insurance gained 9.59 per cent to close at 80k per share.
On the other side, E-Tranzact led the losers table by 10 per cent to close at N6.75,NCR Nigeria trailed by 9.92 per cent to close at N4.27 per share.
FTN Cocoa Processor also lost 8.29 per cent to close at N1.77, Honeywell Flour shed 5.92 per cent to close at N4.45, while NPF Microfinance Bank dropped 4.46 per cent to close at N1.50 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 32.70 per cent.
A total of 451.17 million shares valued at N10.15 billion were exchanged in 9,329 deals, compared with 515.49 million shares worth N15.08 billion traded in 7,554 deals, posted in the previous session.
Japaul Gold led the activity chart in volume with 72.0 million shares, while UBA led in value of deals worth N2.23 billion.
In a market performance prediction ahead of the week, analysts at Cowry Asset Management Ltd., said that they expected a mixed sentiment as the year draws to a close.
According to the analysts, this is with the prospect of a Santa rally, a seasonal uptick driven by increased liquidity and end-of-year optimism, lingering in the minds of market participants.
The analysts, however, noted that the technical picture of the market remained clouded.
They added that failed bullish hammer candlestick formation highlighted lingering market weakness, while momentum indicators suggested a tentative recovery amidst persistent selling pressure.
“We think investors will likely navigate these conflicting signals, balancing opportunities for bargain hunting against broader macroeconomic concerns.(NAN)
Sterling Bank has announced the removal of transfer fees on all local online transactions.
The move was confirmed by the bank on Tuesday in a press release.
The development makes it the first major Nigerian bank to eliminate the contentious charges for digital banking.
The statement noted that the bank reaffirmed its commitment to customer-centric banking, declaring that the zero-transfer-fee policy is real and effective immediately.
The initiative is expected to bring significant relief to individuals and small business owners who conduct frequent transactions.
The bank’s Growth Executive in charge of Consumer and Business Banking, Obinna Ukachukwu, described the decision as a values-driven approach aimed at ensuring fair and inclusive banking.
“We believe access to your own money shouldn’t come with a penalty.
“This is more than a financial decision—it’s about redefining banking to put customers first,” he stated.
Under the new policy, Sterling customers will not be charged for local transfers conducted via the bank’s mobile app.
Ukachukwu emphasised that the bank’s decision is about more than just competitive strategy.
He said, “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.
Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.
The Central Bank of Nigeria dismissed a report claiming it had introduced N5,000 and N10,000 banknotes to facilitate cash transactions as false.
In a statement posted on its official X handle on Wednesday, the apex bank described the report as fake and urged Nigerians to disregard it.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the statement read.
A statement from the CBN’s communications department further clarified, “The only official sources for releasing statements to the media are our website or statements from our department. There is also no Deputy Governor by such name. We are investigating the source of this fake content.”
The report quoted one Deputy CBN Governor, Ibrahim Tahir Jr., the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.
“The introduction of these new high-value denominations aligns with global best practices and will enhance economic activities while reducing the stress associated with carrying large amounts of cash,” the Governor stated. The CBN said there is no such name in its leadership.
“The new N5,000 note will feature the portrait of Chief Obafemi Awolowo, while the N10,000 note will showcase Dr. Nnamdi Azikiwe, both in recognition of their contributions to Nigeria’s development.
“Additionally, the new notes will incorporate enhanced security features, including color-changing ink, holograms, and anti-counterfeiting technology, making them impossible to replicate,” the fake report stated.
The fake report also said the nationwide rollout would begin on May 1, 2025, with commercial banks instructed to start issuing the new notes via ATMs and over-the-counter transactions.
Mixed reactions have trailed changes in the management of the Nigerian National Petroleum Company Limited (NNPC Ltd.) and its board by President Bola Tinubu.
The President had on Wednesday reconstituted the board of the NNPC Ltd., removing the Chairman, Chief Pius Akinyelure and the Group Chief Executive Officer (GCEO), Malam Mele Kyari.
Tinubu removed all the board members appointed with Akinyelure and Kyari in November 2023.
The new 11-man board has Mr Bayo Ojulari as thevGroup Chief Executive Officer (GCEO) and Ahmadu Kida as Non-Executive Chairman.
Some experts have reacted to the development in an interview with the News Agency of Nigeria (NAN)non Wednesday in Abuja.
Mr Olabode Sowunmi, an Oil and Gas Expert described the development as a calculated effort to put some life and energy into the oil and gas industry.
Sowunmi, CEO, Cabtree, described it as a welcome development.
He said that the NNPC Ltd. was a limited liability company with the
Federal Government as its major shareholder.
“It is a calculated effort to put some life and energy into the industry.
“It is expected that this will mean new thinking, new focus and more results,” he said.
According to Sowunmi, even the proposed Initial Public Offer (IPO) which is targeted at listing NNPC in the stock market, will not have prevented Kyari’s removal, as he is a government appointee.
“The government can remove any government appointee at anytime,” he said.
Yushau Aliyu, an economic expert said the changes were timely, especially when the IPO was underway.
“However, the IPO must be professionally determined by relating to the development in the oil market as well as the willingness of the general public.
“Investment potential with the economic growth targets of Nigeria 2030 should also be considered,” he said.
He said that the President was empowered by the Petroleum Industry Act (PIA 2021) to dissolve both the NNPC Ltd. board and the CEO.
Another expert, Dr Sand Mba-Kalu, said that Nigeria’s oil and gas sector needed stability and predictability, along with strict adherence to legal standards, to attract sustainable investment and encourage transformation.
According to him, the move represents a bold initiative within the larger framework of aiming to meet our national production and refining targets in the energy sector by 2027 and 2030.
Mr Lawrence Nze, an Economist said that most of the policies introduced under Kyari never solved the challenges in the oil sector.
Nze said that the Naira for crude policy appeared not to be working since it had not resulted to any serious reduction in price.
According to him, Dangote Refinery was gradually achieving that with its slight reduction in ex-depot price which usually affects pump price, but suddenly, authorities in the oil sector cancelled it.
“To me, it looks like a sabotage against the people. Why can we not stop importation? It means that there is a deal that someone or group of people are benefiting from.
“It is not rocket science to get the energy sector working. Nigerians want cheaper petroleum products, is that too much to ask for?
“Only President Tinubu knows why he sacked Kyari, and whatever be the reason, Nigerians should have access to cheaper petroleum products, especially fuel.
“I will advise the president to ensure that the Naira for crude policy works in the country to enable local refineries operate on a cheaper scale,” he said.