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NGX ASI Surpasses 68,000 Mark With 33% Y-T-D Return

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In a remarkable turn of events, the Nigerian Exchange Limited (NGX) achieved a significant milestone as its All-Share Index (ASI) surged to an unprecedented level of 68,279.14, marking a 1.11 percentage increase.

Biztellers reports that this achievement surpasses the previous record of 66,371.20 points set on March 5, 2008, following a prior all-time high of 66,490.34 points.

A look at the performance of listed stocks shows that the performance was primarily attributed to the remarkable surge in banking stocks, with leading financial institutions such as Zenith Bank and GTCO leading the charge.

Investors strategically positioned themselves to capitalise on the recent impressive earnings reports released by select banks over the weekend. Additionally, the demand for shares in BUA Foods contributed to this positive market sentiment.

As a result of this surge, the market capitalization experienced a notable increase of N411 billion, closing at N37.369 trillion compared to the previous figure of N36.958 trillion.

This remarkable performance pushed the year-to-date (YTD) return to an impressive 33.22 percent.

Despite this overall positive trend, sectoral performance within the market was mixed.

The Banking Index, boasting a significant gain of 5.65 percent, was at the forefront, driven by strong performances from Zenith Bank and GTCO.

Next was the Consumer Goods Index, which posted gains at 1.57 percent, while the Insurance (-2.81 percent) and Industrial Index (-0.14 percent) faced losses.

Meanwhile, the NGX Oil and Gas Index remained stable.

Market activity witnessed a substantial uptick, with trading volume surging by 67.88 percent to 845.680 million units, and the value of stocks traded increased by 88.56 percent to reach N13.03 billion.

This was evident in 11,934 deals, compared to the previous session’s 503.74 million units, N6.91 billion in value, and 7,606 deals.

Notably, Zenith Bank led the activity chart with 75.411 million shares sold, valued at N2.79 billion. GTCO followed closely with the sale of 54.80 million shares worth N2.20 billion, while Dangote Sugar transacted 20.85 million shares valued at N1.38 billion.

Market breadth ended on a positive note, with 38 stocks experiencing gains in value, while 19 stocks saw a decline. Dangote Sugar emerged as the top gainer with an impressive 10 percent increase in stock value.

Conversely, Chip Plc led the group of declining securities, with a 9.57 percent decrease in stock value.

In reaction, financial analysts attribute the strong market performance to recent corporate actions.

They anticipate that investors will continue to selectively invest in fundamentally strong stocks. However, they also acknowledge the possibility of profit-taking activities on stocks that have seen notable appreciation in recent weeks.

Despite these considerations, analysts recommend that investors seek trading opportunities in fundamentally sound stocks, given the ongoing challenges posed by the weak macroeconomic environment on corporate earnings.

NEWS

Moghalu Prescribes Good Governance As Panacea To Ethnic Agitation

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The President of the African School of Governance, Kingsley Chiedu Moghalu has admonished state actors against resorting to brutal force in the bid to muscle out separatist agitators.

In the aftermath of Mazi Simon Ekpa, the Finland based Biafran nationalist agitator being caught in legal web and the Nigerian government moving swiftly to seek his repatriation, the former deputy governor of the Central Bank of Nigeria (CBN) has cautioned that ‘We either fix our problems, or our problems will eventually “fix” us. No alternative to a renegotiated union.’

ALSO READ: Finnish Police Arrest Simon Ekpa Over Terror-Related Allegations

The political economist, while expressing his hope in Nigeria, made it clear that “hope is not a strategy”.

He bared his mind in a series of posts on his verified handle on micro-blogging site, X on Friday.

Moghalu wrote, “Despite sustained contemporary difficulties, I am hopeful about Nigeria. But hope is not a strategy. We need to improve state capacity for effective governance.

“We either fix our problems, or our problems will eventually “fix” us. No alternative to a renegotiated union.

“We must learn to be honest with ourselves and address the root causes of our problems. Why ignore them, when the problem is actually quite solvable? The problem with continuing with this approach is that when the danger crystallizes, those who thought they were benefiting from

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NEWS

N1.7trn Loan: Atiku Blames NASS For Worsening Nigeria’s Debt Burden

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Former Vice President, Atiku Abubakar has criticized the federal government’s plan to secure an additional N1.7 trillion loan through Eurobonds to cover a shortfall in the 2024 budget, describing the borrowing as unsustainable and harmful to Nigeria’s economy.

In a statement shared on Thursday via his X (formerly Twitter) handle, Atiku accused the Bola Tinubu-led administration of burdening Nigerians with debt while failing to provide clear answers about the country’s fiscal challenges.

READ ALSO: CSR: Dangote Cement Fuels Education With Support Projects At Lagos Schools

He also faulted the National Assembly for enabling what he called a “voracious appetite” for loans.

The former Peoples Democratic Party (PDP) presidential candidate expressed alarm over a recent World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA), calling the development troubling.

“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” Atiku stated.

He raised further concerns about the government’s decision to benchmark the proposed loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate being over N1,600.

“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD,” he said.

Atiku questioned the need for additional borrowing, given the government’s earlier claims of record-high revenue collection.

“In July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the budget. Why are they still borrowing?” he said

He accused the government of a lack of transparency, describing the borrowing spree as detrimental to Nigerians already struggling under economic hardship.

“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”

Atiku also referenced a report by BudgIT, a budget monitoring group, which criticized the 2024 budget for its inefficiencies.

He alleged that corruption, rather than infrastructure or development needs, was driving the government’s borrowing decisions.

“These loans are powered by corruption and not for infrastructure and development needs. This voracious appetite for humongous loans is deeply concerning,” he said.

Reflecting on Nigeria’s financial history, Atiku lamented the return to significant foreign indebtedness just years after former President Olusegun Obasanjo’s administration cleared the country’s debt.

“It is agonizing to see that just a few years after the Obasanjo administration took us out of foreign indebtedness, we are today back at the top spot in the same conundrum,” he stated.

He called for a more cautious approach to borrowing, urging the government to prioritize fiscal responsibility and transparency to avoid worsening Nigeria’s economic challenges.

 

 

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International News

ICC Issues Arrest Warrants For Israeli Prime Minister Netanyahu, Others

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The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.

The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.

In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”

READ MORE: Osun Govt Decries Attempted Murder Of Park Mgt  Chairman By Police

The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.

Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.

The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.

With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.

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