Nigeria: Equities market opens week strong as ASI adds 0.6%
Equities trading at the Nigerian Exchange (NGX) opened the trading week on a strong note, as the All-Share Index rose by 0.62 percent to close at 106,698.50 basis points.
Market capitalization followed suit, increasing by 0.62 percent to N67.06 trillion, thereby adding approximately N412.3 billion to investors' wealth.
Market breadth was positive, with 35 gainers outpacing 29 decliners.
On the performance board, top gainers included Beta Glass, The Initiates, Cadbury Nigeria, Caverton Offshore Support Group, and Multiverse, after their respective share prices appreciated by 9.97 percent, 9.90 percent, 9.87 percent, 9.77 percent, and 9.45 percent.
Conversely, Ecobank Transnational Incorporated, Meyer, Custodian Insurance, Mutual Benefits Assurance, and Access Holdings led the losers' chart, as their share prices declined by 9.62 percent, 6.70 percent, 4.72 percent, 4.49 percent, and 3.88 percent, respectively.
Sectoral performance was largely positive: the Insurance, Consumer Goods, Oil & Gas, Industrial Goods, and Commodity sectors advanced by 2.69 percent, 2.90 percent, 2.58 percent, 0.07 percent, and 1.59 percent, respectively, while the Banking sector declined by 1.62 percent.
Trading activity remained robust, with the number of deals, volume, and value traded rising by 1.33 percent, 0.66 percent, and 26.61 percent, respectively.
Overall, transactions worth N18.93 billion were recorded across 18,612 deals involving 569.04 million units.
On Monday, FBN Holdings was the toast of investors, as its shares topped the activity chart with 106 million units traded. Guaranty Trust Holding Company led in terms of value, with N5.6 billion worth of shares exchanged.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
7 hours ago
- Zawya
Renaissance Africa Energy Chief Executive Officer (CEO) to Speak at African Energy Week (AEW) 2025 Amid $15B Investment Drive in Nigeria
Tony Attah, CEO of Renaissance Africa Energy – a consortium of independent oil and gas companies -, has been confirmed to speak at this year's African Energy Week (AEW): Invest in African Energies 2025 conference, taking place from September 29 to October 3 in Cape Town. His participation comes at a pivotal moment as Renaissance Africa Energy spearheads one of Nigeria's most ambitious upstream investment campaigns following the company's landmark acquisition of energy major Shell's Nigerian subsidiary Shell Petroleum Development Company of Nigeria's (SPDC). Attah's participation at AEW: Invest in African Energies 2025 is set to highlight Renaissance Africa Energy's transformative role in reshaping Nigeria's upstream sector. With a $15 billion investment plan targeting 32 oil and gas projects over the next five years, Renaissance Africa Energy is rapidly positioning itself as a key driver of indigenous oil and gas development in the Niger Delta region. The company's immediate operational success – exceeding its oil production target by 40% in its first month – underscores its commitment to growth, efficiency and stakeholder collaboration. At AEW: Invest in African Energies 2025, Attah is expected to share insight into this investment strategy. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. Renaissance Africa Energy, a consortium comprising ND Western Ltd. Aradel Holdings Plc, FIRST E&P, Waltersmith Group and Petrolin, completed the $1.3 billion acquisition of SPDC's assets in December 2024. The move marked a turning point for local participation in Nigeria's oil industry and reflected the Nigerian government's commitment to empowering indigenous operators through the implementation of the country's Petroleum Industry Act, which improves the sector's fiscal framework, governance and regulatory procedures. The state-owned Nigerian National Petroleum Company Ltd. – which retains a 55% stake in the SPDC joint venture with Renaissance Africa Energy – has publicly acknowledged the company's swift progress. The joint venture is expected to play a pivotal role in helping Nigeria meet its national production goals – targeting over two million barrels per day (bpd) by 2025 and three million bpd by 2030. With deep expertise across upstream, midstream and downstream operations, these partners bring a proven track record of performance, community engagement and innovation. Meanwhile, a combined asset base of $3 billion and production rate of 100,000 bpd positions Renaissance Africa Energy to deliver high-impact energy solutions across Nigeria and the continent. Under Attah's leadership, Renaissance Africa Energy operates under four strategic areas of focus: boosting oil production through drilling and rig operations; expanding pipeline and fabrication capacity; growing domestic gas supply; and enhancing gas exports through 22 dedicated projects. Under these pillars, one of the company's core objectives is to double gas output from 150 million to 300 million standard cubic feet per day, which will see support from critical infrastructure such as the Ajaokuta-Kaduna-Kano gas pipeline. 'Tony Attah's leadership at Renaissance Africa Energy is emblematic of the next phase of African energy: bold, locally-led and investment driven. Within weeks of assuming operations, the company exceeded production targets by 40%. This is the kind of leadership and execution Africa's energy future needs,' stated Tomás Gerbasio, VP Commercial and Strategic Engagement, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
9 hours ago
- Zawya
Africa-Paris Declaration: Financing Africa's Energy Future
Following the Invest in African Energy Forum in Paris this month, the African Energy Chamber (AEC) ( reaffirms its position that Africa's energy future must be defined by pragmatism, partnership and progress. With 600 million Africans lacking access to electricity and 900 million without clean cooking fuel, the development imperative is clear: without investment there can be no progress. The Forum highlighted bold investments underway across the continent — from ExxonMobil's $10 billion plans in Nigeria, to TotalEnergies' multibillion-dollar ventures in Mozambique and Namibia, and Eni's gas monetization projects in Libya and the Republic of Congo. These initiatives reflect growing confidence in Africa's energy potential. But to replicate and scale these endeavors, barriers to investment must be addressed head-on. Many energy projects remain stranded due to delayed approvals, opaque regulatory processes and high above-ground risk. Yet several countries are making strides: Nigeria's Petroleum Industry Act has improved clarity for investors; Angola's new local content regulations strike a better balance between incentives and domestic value creation; and Ghana's tax amendments are making upstream projects more attractive. Still, finance remains the sector's greatest bottleneck. Rising global interest rates, tightening lending conditions and restrictive green finance taxonomies are making it harder for African governments and companies to access affordable capital. The Declaration calls for a rethinking of what qualifies as sustainable investment — one that includes natural gas as a viable transition fuel and recognizes the social dividends of energy access. Mobilizing finance will require a coordinated effort. African governments must lead by improving credit profiles, ensuring policy consistency and creating bankable project environments. Private-sector-led energy systems — driven by independent producers and not solely dependent on sovereign guarantees — offer a more resilient path to investment. Innovative financial instruments and local capital markets must also play a greater role. Ultimately, energy is not a privilege. It is a foundation for health, education, economic participation and human dignity. As the global energy conversation continues, Africa's development cannot be dictated by external climate agendas. The AEC's Declaration makes clear: Africa must lead its own energy transition, and that transition must be financed on its own terms. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
11 hours ago
- Zawya
Buyer beware! Crypto fraud keeps Nigerian agencies on toes
Nigerian authorities have continued to raise the red flag on digital fraud through Ponzi-style schemes, even as they track down, arrest and recover funds from the digital investment platform Crypto Bridge Exchange (CBEX), which collapsed in April after carting away more than $980 million from local investors. The anti-graft agency, Economic and Financial Crimes Commission (EFCC), confirmed that it had arrested some persons connected to the massive fraud and recovered some of the money. Ola Olukoyede, EFCC chairman, said the commission had made 'significant progress' in its investigation into the Ponzi scheme, which scammed thousands of Nigerians.'We have gone far with CBEX. We have been able to recover a reasonable amount of money,' Mr Olukoyede said. The stolen funds are in cryptocurrency. In the meantime, the Securities and Exchange Commission has issued a warning about unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Ltd.'The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Ltd is not registered to operate in any capacity in the Nigerian Capital Market,' it said in a circular issued on May 28, 2025.'The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission's dedicated portal before transacting with them.'On the CBEX case, authorities admit the investigation has been challenging due to the use of non-custodial wallets by the fraudsters -- crypto wallets not tied to any verifiable identity.'So, from the noncustodial wallet, they moved it to some wallets in Europe, eastern Europe, Cambodia…and from there, they disbursed the money. We have been able to block some of these wallets where money has not been disbursed,' Mr Olukoyede said. Two suspects have been arrested, while others, including four Kenyans, remain at large.'We are after quite a number of people declared wanted,' he said. Foreign collaboratorsMeanwhile, last week the Federal High Court in Abuja ordered the arrest and remand of six CBEX promoters over the scam. Justice Emeka Nwite, granted the EFCC's ex-parte motion seeking warrants for the suspects' arrest and detention. The suspects are Adefowora Abiodun Olanipekun, Emmanuel Oku, and four others who have not been named. According to the complaint by EFCC, the suspects used a front company, ST Technologies International Ltd, to lure Nigerians into investing in CBEX with promises of 100 percent returns in 30 days. The court heard that the scheme had foreign collaborators and required urgent action to prevent suspects from fleeing. The judge ordered that the accused be held in EFCC custody pending further investigation and potential prosecution. According to the EFCC, ST Technologies was registered with the Corporate Affairs Commission but lacked a licence from the Securities and Exchange Commission (SEC). The commission clarified that ST's SCUML certificate does not permit it to operate as an investment firm. CBEX collapseCBEX collapsed in April, leaving investors unable to access their funds after the platform began restricting withdrawals. Users were asked to pay additional verification fees—$100 or $200 depending on account size—just before the platform shut down. Despite its collapse, the platform reportedly resumed limited operations, allowing new registrations and withdrawals in what experts described as a tactic to restore investor confidence and continue the fraud. The SEC had warned Nigerians against investing in unregistered platforms. SEC director-general Emomotimi Agama said the commission was unaware of CBEX's operations prior to its collapse.'It is an offence in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services,' the agency said. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
