Business
NGX opens positive with N16bn gain
The Nigerian Exchange Ltd. (NGX) started the week on a positive note as market capitalisation increased by N16 billion, representing a 0.03 per cent gain on Monday.
Specifically, the market capitalisation, which stood at N59.215 trillion at the opening, closed at N59.231 trillion.
Similarly, the All-Share Index (ASI) edged up by 25 points or 0.03 per cent, closing at 97,747.27, compared to 97,722.28 recorded on Friday.
This uptick pushed the Year-To-Date (YTD) return to 30.72 per cent, underlining sustained investor confidence.
The performance was driven by increased interest in top equities such as Zenith Bank, United Bank for Africa (UBA) and Oando Plc.
Market breadth closed on a positive note, with 28 gainers and 22 losers.
JohnHolt led the gainers table by 77k to close at N8.49, Eunisell followed with N1.19 to close at N13.18, Beta Glass gained N4.50 to close at N49.85 per share.
Wapco also increased by N4 to close at N46, while Tantalizers went up by 7k to close at 82k per share.
Conversely, Mecure led the losers’ table by N1.25 to close at N11.70, The Initiate Plc trailed by 23k to close at N2.30 per share.
Thomas Wyatt declined by 17k to close at N1.75, UPL shed 31k to close at N3.65 and Champion Breweries dropped 26k to close at N3.52 per share.
However, on the market activities, trade turnover settled lower relative to the previous session, with the value of transactions down by 21.15 per cent .
A total of 413.35 million shares valued at N5.34 billion were exchanged in 9,004 deals, compared with 295.19 million shares valued at N6.77 billion traded in 8,433 deals, posted in the previous session.
Japaul Gold led the activities chart in volume with 179.10 million shares, while Access Corporation led in value of deals worth N775.55 million.
Meanwhile, in a prediction of the market’s performance for the week, analysts at Cowry Asset Management said that continued tug-of-war between bulls and bears was expected, with the bulls likely to gain an edge.
According to analysts, opportunities persist for savvy investors in undervalued stocks amid ongoing market volatility.
They noted that the release of October’s Consumer Price Index (CPI) data by the National Bureau of Statistics might also have influenced sentiment, as inflationary pressures and naira volatility kept market players cautious.
“Investors are advised to prioritise fundamentally strong stocks, while staying vigilant about broader economic developments,” the analysts said.(NAN)
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.
By Abubakar Yunusa
The Association of Labour Veteran and Trade Union Assembly has voiced its support for President Bola Tinubu’s economic reforms, claiming that food prices have significantly decreased across the country.
In a statement issued on Thursday, the union’s interim president, Comrade Isa Tijjani, acknowledged the initial economic hardship faced by Nigerians at the beginning of Tinubu’s administration but insisted that government efforts had led to tangible improvements.
“At the start of this administration, the cost of food soared, and the nation was filled with cries of hunger and complaints. People were urged to be patient as the government worked towards solutions,” Tijjani said.
“Now, the President and his aides have worked tirelessly, and prices have come down drastically. However, I have yet to hear words of appreciation for their efforts. Recognising their achievements will encourage them to do even more for the nation.”
Tijjani, a former national vice-president of the Nigeria Labour Congress, urged Nigerians to differentiate between constructive criticism and unwarranted opposition.
He emphasised that engaging with the government in a respectful and solution-oriented manner would yield better results than resorting to hostility.
“The President of this country today is Alhaji Bola Ahmed Tinubu. Advising him in a humble and respectful manner will be more productive than adopting a confrontational stance. Constructive engagement achieves more than threats and name-calling,” he added.
Tijjani also condemned the recent act of violence in Edo State, describing it as a cowardly attempt to incite division and instability in Nigeria.
He welcomed the swift response of both the President and the Governor of Edo State in addressing the situation and called for the perpetrators to be brought to justice.
The labour leader further urged union members to participate in the upcoming General Executive Council meeting, where the union’s position on national issues will be formalised and disseminated at all levels of governance, from the state to the local and ward levels.
The Tinubu administration has faced criticism over the country’s economic challenges, including inflation and currency depreciation. However, government officials have maintained that their policies will yield long-term benefits for Nigeria’s economy.