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Investors gain N138bn as NGX opens on positive note

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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.

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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)

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Uba Sani: Least Paid Worker In Kaduna Earns N72,000

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Uba Sani, governor of Kaduna, says no worker in the state earns less than N70,000 as salary in compliance with the new minimum wage.

Sani spoke on Thursday at Murtala Square in Kaduna on occasion the Workers’ Day celebration.

The governor said the least paid worker in the state earns N72,000, noting that he believes in the dignity of labour, adding that the issue of incremental adjustment of salaries would be addressed soon.

“I have been involved in the struggle for labour rights, workers’ rights. That is my antecedent. Because of my background, I sat down with the leadership of the Nigerian Labour Congress (NLC),” Sani said.

“I made it clear to them that though we have met the minimum wage requirement but there is something called incremental adjustment which is discretionary.

“Because of my relationship with both NLC and TUC, I asked them that we should sit down and come up with a formular that will make every worker in Kaduna state happy, irrespective of his or her status and they came up with three different options.

“Today, I want to reaffirm to all of you here that by the grace of God, we will look at the incremental adjustment and ensure that even senior civil servants will benefit because we have to make our workers happy.’’

The governor added that his administration also prioritises improving the living conditions of pensioners.

He said the state government has released N3.8 billion to settle outstanding gratuities, death benefits, and accrued rights under the contributory pension scheme in April.

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“Since the inception of our administration, we have cumulatively paid the sum of N10.4 billion in gratuity, death benefits, and accrued rights in the Contributory Pension Scheme,” Sani said.

The governor said the payment of such a huge sum to pensioners is “unprecedented.”

Commenting on the ongoing industrial action by the Kaduna State University branch of the Academic Staff Union of Universities (ASUU), Sani said his administration has done everything to reposition the school.

According to him, more than 60 percent of the courses were not accredited when he assumed office, but his administration spent over N300 million to secure National Universities Commission (NUC) accreditation.

The governor said the striking lecturers’ demands had accumulated over 17 years, with about three of his predecessors unable to settle the liabilities, which now total between N5 billion and N6 billion.

“In spite of this, the lecturers want us to settle these liabilities now, and I said no. I said that we have to sit down and have a dialogue. I then asked them, where were their voices in the last 17 years?” he said.

He promised that the problem would be addressed owing to the importance of education, which he described as the “greatest leveller”.

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PETROAN Asks FG To Prioritise Welfare Of Oil, Gas Workers

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has asked the government to prioritise the welfare of oil workers, given the hazardous nature of their work.

In a statement on Thursday, Billy Gillis-Harry, PETROAN’s president, hailed oil and gas workers across the country on Workers’ Day.

According to Joseph Obele, PETROAN’s spokesperson, Gillis-Harry, while addressing journalists in Abuja, appealed to the government and stakeholders in the industry to improve welfare packages and expand health insurance for oil workers.

“Studies have shown that workers in areas where gas flaring is prevalent are at high risk of several health challenges, which can affect them physically, mentally and even increase cancer risks,” Gillis-Harry was quoted as saying.

The association said gas flaring remains a serious problem in Nigeria’s energy industry, exposing workers and nearby communities to harmful health and environmental effects.

The group said the impact of gas flaring highlights the urgent need for better health protection and general welfare for those working in the sector.

According to the statement, Gillis-Harry urged regulatory bodies to strictly enforce existing laws aimed at stopping gas flaring in the country.

“It’s imperative that we prioritise the health and well-being of our workers and protect the environment from the harmful effects of gas flaring,” the president said.

The spokesperson said PETROAN believes ending gas flaring would reduce its harmful impact on workers and host communities and help build a more responsible oil and gas industry.

Obele said PETROAN commended governors who have started paying the new minimum wage, especially those paying above the set rate.

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“Billy Gillis-Harry called on governors who are yet to comply to do so in the shortest possible time, emphasising the need for workers to receive fair compensation for their labour,” he said.

He said the association also reaffirmed its commitment to collaborating with stakeholders to support oil and gas workers and ensure safe and healthy working environments.

Obele said PETROAN is of the view that better welfare and an end to gas flaring would boost productivity, reduce accidents, and raise performance across the industry.

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MTN Nigeria posts N1trn revenue surge

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MTN Nigeria Communications Plc generated N1.0 trillion in service revenue in the first quarter of 2025.

This marks a 40.5 per cent increase from the N752.99 billion earned in Q1 2024.

The company confirmed this in a corporate filing with the Nigerian Exchange Ltd. on Tuesday.

Profit after tax dropped by 134 per cent, falling to N133.7 billion from N392.7 billion in the same period of 2024.

Its total subscriber base grew by 8.2 per cent to 84.1 million, with 3.2 million new additions in Q1 2025.

Active data users rose by 13 per cent to 50.3 million, following the addition of 2.6 million users.

EBITDA climbed 65.9 per cent to N492.7 billion, while EBITDA margin improved by 7.2 percentage points to 46.6 per cent.

The company recorded free cash flow of N209.9 billion and earnings per share stood at N6.38.

MTN Nigeria CEO, Karl Toriola, expressed satisfaction with the Q1 2025 results, citing strong strategic execution and resilient service demand.

He said momentum from Q4 2024 had helped put the firm on track to restore profitability and achieve a positive net asset position.

He added that regulatory approval for price adjustments was essential to sustain investment and maintain service quality.

This approval enabled N202.4 billion in capital expenditure, up 159 per cent, aimed at expanding capacity and enhancing user experience.

Toriola said the 40.5 per cent growth in service revenue underscored strong demand and commercial discipline.

He noted that Q1 results do not yet reflect the full impact of price changes made late in the quarter. (NAN)

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