Economy
Sell-offs in MTN, TransPower, others Pull Equity Market Down by 0.11%
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The stock market on Tuesday declined further by 11 per cent, due to sell-offs in stocks of MTN Nigeria, Transnational Power(TransPower) Guaranty Trust Holding Company(GTCO), among others.
Other stocks that contributed to the market’s negative performance are: Unilever, Axa Mansard, Cornerstone Insurance, Royal Exchange Assurance, Nigeria Breweries, Fidelity Bank, Julius Berger, among others.
Specifically, the market capitalisation shed N62 billion or 0.
11 per cent to close at N59.115 trillion, as against 59.177 trillion recorded on Monday.Similarly, the All-Share Index, which opened at 104,663.34, also lost 0.11 per cent or 110.03 points to close at 104,553.
31.Consequently, the Year-To-Date (YTD) return declined to 39.83 per cent.
Analysis of the market activities showed trade turnover was lower than the previous session, with the value of transactions down by 29.69 per cent.
Meanwhile, on the loser’s log, Daar Communications led by 9.86 per cent to close at 64k per share,
Computer Warehouse Group(CWG) followed by 9.09 per cent to close at N5.50 per share.
Sovereign Trust Insurance also lost 8.51 per cent to close at 43k, while UPDC Real Estate Investment Trust trailed by 6.36 per cent to close at N5.15 per share.
Also, FIDSON Healthcare Plc dropped 6.25 per cent to close at N15 per share.
On the gainer’s log, International Energy Insurance led with 10 per cent to close at N1.32 per share.
International Breweries gained 9.89 per cent to close at N4.89 per share.
Juli Plc also rose by 9.85 per cent to close at N5.91, NEM Insurance appreciated by 9.59 per cent to close at N8, while FBN Holdings went up by 9.06 per cent to close at N43.95 per share.
Also, a total of 307.01 million shares valued at N7.59 billion were exchanged in 9,548 deals, compared to 287.45 million shares valued at N10.80 billion in 9,077 deals recorded on Monday.
FBNH led the activity log both the volume and value chart with 37.81 million shares traded in value of N1.57 billion, followed by United Bank of Africa(UBA) with 36.85 million shares worth N954.38 million.
Access Corporation sold 28.09 million shares worth N649.27 million, Transcorp traded 21.57 million shares valued at N322.62 million and Fidelity Bank transacted 19.81 million shares worth N200.46 million.
Reacting, Mr David Adonri, Vice Chairman, Highcap Securities Ltd., said that the downward performance of the market was due to little fatigue experienced after a prolonged rally.
Adonri, in an interview, noted that was propelled by demand pull.
He said that the selloffs were in high capitalisation stocks, noting, “hence, any decline on such stock is blown out of proportion.”
He mentioned that the share price of Tier-one banks, which appreciated over the weeks, was also witnessed relief by the declines.(NAN)
Economy
Naira Ends Week Stronger Against Dollar, Gaining N11.17
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The Naira further appreciated in the official market on Friday, trading at N1,474.
78 to the Dollar.Data from the FMDQ Securities Exchange official forex trading platform revealed that the Naira gained N11.17.
This represents a 0.7 per cent increase compared to the previous day’s trading figure on Thursday, when the local currency closed at N1,485.
95 to the Dollar.Trading in the Investors and Exporters (I&E) Forex window on Friday saw a high of N1,495.
01 and a low of N1,447.50.The Naira has remained stable against the US Dollar since December 2024, supported by sustained reforms from the Central Bank of Nigeria (CBN).
The reforms aimed at ensuring transparency in the foreign exchange (FX) market.
CBN Governor Olayemi Cardoso, speaking in Abuja on Thursday at the 2025 Monetary Policy Forum, stated that recent reforms in the FX segment had continued to attract foreign investments.
Cardoso reassured that the apex bank would sustain efforts to ensure continued inflows. (NAN)
Economy
CBN Approves Listing of CFA on NXP forms for Export Repatriation Proceed
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The Nigeria Export Promotion Council (NEPC) says that Central Bank of Nigeria (CBN) has approved CFA Franc to be captured on Nigeria Export Proceed (NXP) forms for the repatriation of export proceeds.
Mrs Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the year 2024, in Abuja on Friday.
Ayeni said that the council had engaged the CBN on the inclusion of the CFA Franc, adding that it was a dominant currency in cross border trading.
She said that the currency was one of the currencies to be received as export proceeds by the bankers.
“I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds.
“We will be working with CBN and the banks to ensure full implementation.
“I must say that this is a remarkable breakthrough for the council and further reaffirms the impact of the council’s current flagship programme,” she said.
Ayeni said that the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country.
She added that the council has also distributed sesame, Hibiscus and farm input in the north, cashew in the west and palm seedlings in the east.
She said that the effort was to enhance the capacity of farmers, and processors and increasing production capacity of the farmers.
The executive director said that the NEPC, under the “Go Global, Go for Certification” campaign, was determined to enhance the quality of Made-in-Nigeria products.
According to her, the council commenced the certification of 400 Small and Mediumsized Enterprise (SME) exporters.
“I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process.
“At the end of the exercise, a total of 855 SMEs will have benefited from the scheme between the year 2022 to year 2025.
She said that the scheme aimed to enable the SMEs to acquire international certification to access niche markets.
Ayeni also noted that through the council’s regional and state offices initiated the process of mainstreaming informal border trade.
She said that the effort would increase foreign exchange earnings and help to capture export data for the country.
“Interactive sessions were held with several trade associations operating within some borders”.
According to her, at the end of the exercise, no fewer than 1,116 operators in the informal sector were trained in formalising export trade.
“We will build on this,” she assured. (NAN)
Economy
Ecobank Promotes Savings Culture, Rewards N42m to Customers
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Ecobank Nigeria has reaffirmed its commitment to financial inclusion and savings culture by awarding N42 million to its customers.
Ms Adeola Ogunyemi, Head of Consumer Banking, Ecobank Nigeria, made this known at the grand finale of the bank’s Super Rewards ‘Millionaire Geng Promo’ on Friday in Lagos.
She said that the initiative is part of bank’s strategy to deepen financial inclusion for all classes of Nigerians and to reward customers’ loyalty.
“It is not just about winning cash prizes; it is about financial security and long-term stability,” Ogunyemi said.
Ogunyemi also noted the increasing awareness of savings amid economic challenges.
“With the fluctuating value of the Naira, we have encouraged our customers to save consistently, whether in Naira or foreign currency.
“This has led to a steady rise in deposits across the banking sector,” she said.
Ogunyemi advised Nigerians, especially the bank’s customers to ensure financial discipline.
“Many people don’t realise the importance of saving until they face emergencies. No matter how much you earn, it will never be enough if you don’t discipline yourself.
“This initiative is about showing our customers that every amount saved adds up over time,” she said.
Ogunyemi spoke further on the broader economic impact of savings, noting that it fuels long-term investments.
“A country’s economic growth is influenced by how much its citizens save. Over the last six months, we have seen tremendous growth in savings, with customers becoming more conscious of the need to save.
“Month after month, deposits have increased, which is very encouraging,” she added.
She further emphasised that savings, beyond just winning rewards, provide financial security.
Ogunyemi also addressed the evolving savings culture in Nigeria, particularly amid economic challenges.
“With the impact of foreign currency devaluation, we’ve advised customers to save in both Naira and foreign currencies.
“Across the banking industry and within Ecobank, savings deposits have consistently grown.
“We have been actively educating customers through awareness programmes, newsletters, and campaigns like Super Savers and Millionaire Geng,” she said.
She emphasised the transparency of the programme, highlighting that all draws were conducted under regulatory supervision and broadcast live.
Also, Mr Victor Yalokwu, Head of Consumer Segments and Products of the bank, emphasised the importance of consistent saving habits, highlighting how it played a crucial role in determining winners.
“It is important to note that what gave them the opportunity to win was their commitment to saving.
“We set clear criteria: customers needed to save for at least 30 days to qualify for the monthly draw, 90 days for the quarterly draw, and six months for the grand finale.
“The individuals who won two million Naira each did so because they saved consistently for six months,” Yalokwu noted.
He further encouraged customers to develop a culture of disciplined savings, noting that beyond the rewards, financial security and stability were key benefits of the habit.
“I advise our winners to spend wisely and continue saving. The goal is to build financial resilience while enjoying the benefits of the promo,” he added.
Under the reward initiative, the bank customers won a total of N42 million at the end of the grand finale.
A total of 520 customers won N50,000 monthly for six months while 16 won N500,000, quarterly, in September and December.
Similarly, four customers; Akpofabe Akeman, Odo Chinedu, Saibu Sakiru and Eyo Ekpenyong won two million Naira each from FCT & North, Lagos, Mid-West/ South-West and South-South/ South-East, respectively. (NAN)