Business
Nigerian Stock Market Inches Up Amid Selective Trading
The Nigerian stock market rose modestly as investors targeted large-cap and banking stocks, with mixed performance across gainers and losers
The Nigerian stock market closed Wednesday on a mildly positive note, extending its pattern of subdued price movement.
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The All-Share Index (ASI) rose 10.8 points to settle at 166,267.6, marking the fourth consecutive session of limited gains.
Market activity showed signs of improvement, with trading volume rising to 822 million shares across 43,548 deals, up from 795 million shares in the previous session.
Despite the uptick in activity, overall market capitalisation remained steady at N106.4 trillion.
Stanbic IBTC and Zenith Bank led in value, each recording approximately N2.7 billion in trades, reflecting sustained interest in large-cap banking stocks.
Top gainers included McNichols, RT Briscoe, and NCR, each posting maximum daily increases of 10%, while UPDC REIT and Champion led the losers with declines of 9.68% and 9.31%, respectively.
Volume was driven by ZICHIS Agro Allied with 69.2 million shares traded, followed by NSLTECH (54.7 million) and Access Holdings (40.1 million).
Nigerian Breweries, GTCO, and Aradel also featured prominently in transaction value rankings.
Performance among heavyweight stocks was mixed.
International Breweries and Lafarge advanced modestly, while Aradel and Nigerian Breweries slipped.
Among major banking stocks, Zenith Bank and First HoldCo closed flat, Access Holdings gained slightly, and UBA and GTCO posted minor declines.
Analysts said the session highlights cautious investor behaviour, with selective accumulation in perceived value stocks and profit-taking in others.
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The ASI’s limited movement indicates investors are reassessing entry points amid stretched valuations, though support from large-cap names could sustain moderate rallies in the near term.
President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.
Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.
The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.
“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”
The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.
The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.
Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.
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