Business
Local Equities Market Index Gains 0.02% Amid Sustained Bargain Hunting Activity
The domestic bourse resumed the week in positive territory as the index rose marginally by 0.02% to close at 38,220.01 points amid sustained bargain hunting activity; hence, the year-to-date loss of the NSE ASI fell to 5.09%.
Similarly, the Exchange printed more gainers (27) than losers (16) amid investors’ demand small and mid-cap stocks. Specifically, buying interest in symbols such as STANBIC, UPDCREIT, OANDO, NEM and ZENITH BANK resulted in rising in their respective share prices by 1.86%, 6.19%, 3.65%, 0.50% and 0.42%.
Of the five indices tracked, three closed in the green zone; the NSE Banking, NSE Insurance and the NSE Oil/Gas indices increased by 0.63%, 1.47% and 0.12% respectively.
On the flip side, the NSE Consumer Goods and the NSE Industrial indices fell by 0.39% and 0.06% respectively. Meanwhile, trading activity was positive as total deals and volume of stock traded rose by 47.78% and 35.10% to 4,788 deals and 0.28 billion units respectively.
Elsewhere, NIBOR fell for all tenor buckets amid financial liquidity ease; albeit, NITTY rose for most maturities tracked. In the OTC bonds market, the values of FGN bonds declined for most maturities tracked; also, the value of the FGN Eurobond fell for most maturities
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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