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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

IPMAN Kicks as Importers Hike Prices

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Critical stakeholders are lamenting that fuel importers, licensed by the Nigerian government, are selling imported premium motor spirit (PMS) also known as petrol around N200 per litre, above what local refiner, the Dangote Petroleum Refinery and Petrochemicals (DPRP) is selling.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) noted that the importers including Matrix, AA Rano, Hayden among others have started pricing imported petrol significantly above the rates offered by the DPRP, raising concerns over the effectiveness of the government’s import licensing policy.

IPMAN’s National Publicity Secretary, Chinedu Ukadike, said independent marketers had expected the import licences to serve as a check on domestic fuel pricing but are now shocked to find out that the policy had failed to deliver the desired outcome.

“The independent marketers of Nigeria have looked at the price volatility, the issue of the import license, the issue of sales of petroleum products and dollar, and holistically I will want to use the opportunity to urge the federal government to look into this thing transparently through NMDPRA, who is the authority of the industry,” he said.

ALSO READ: Dangote Granite Mines Boosts Access to Education with Bursary Awards for Ogun Host Community Students

According to him, the recent import licences issued to marketers have not helped reduce fuel prices as anticipated.

“The recent import licenses, which are termed to be used as a guiding principle or a check to domestic petroleum products being refined here in Nigeria, is not yielding the results as was expected by the independent marketers,” he stated.

Ukadike expressed surprise that some importers were reportedly selling imported petrol at about N1,350 per litre, despite lower prices from the DPRP.

“We were shocked, even as I am talking to you now, that the licenses that have been given to AA Rano, Matrix and all the rest of them to be able to import petroleum products are trying to peg the price of petroleum products at N1,350, which is far, far distant from what Dangote has been selling to us,” he said.

He further questioned the quality and pricing of imported products, insisting that the policy was undermining the purpose for which the licences were granted.

“The essence of NNPC or NMDPRA or the federal government opening up this import license is also to checkmate the domestic price of petroleum products, whereas where we find out that these products are being brought into this country, one, their qualities are questionable, two, their prices are higher,” Ukadike added.

The IPMAN spokesman also warned that continued fuel importation at higher prices was increasing pressure on Nigeria’s foreign exchange market, with the naira approaching N1,400 to the US dollar.

He argued that imported petroleum products priced using the international PLATTS benchmark were about 20 percent more expensive than products supplied by the DPRP, making imports less competitive.

Ukadike urged the Federal Government to sustain the sale of crude oil to the Dangote refinery in naira, saying the arrangement would help stabilise domestic fuel prices, reduce demand for foreign exchange and ease pressure on the local currency.

He also cautioned against what he described as the indiscriminate issuance of import licences, warning that such a policy could ultimately lead to higher pump prices for consumers instead of promoting competition.

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NEWS

Sahara Opens Kaduna, Jigawa Recycling Hubs

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AOW 2021: Sahara Group advocates measured transition in Africa’s upstream sector

The Sahara Group Foundation (SGF) has expanded its waste management network and recycling infrastructure in Northern Nigeria with the commissioning of two Sahara Go Recycling hubs in Jigawa and Kaduna States.

This was detailed in a statement from the Foundation on Sunday, which had it that the hubs, located at Gidan Hakimi in Shuwarin Local Government Area of Jigawa State and Asharami Retail Station, Badiko, Kaduna South Local Government Area of Kaduna State, are the Foundation’s 21st and 22nd recycling hubs nationwide and its second and third in Northern Nigeria.

According to a statement, the Jigawa hub was delivered with the support of the King’s Council, Shuwarin, while the Kaduna hub was established in collaboration with Asharami Synergy.

The Foundation said the initiative is designed to convert waste into income-generating opportunities for households. The Director of Sahara Group Foundation, Chidilim Menakaya, said the hubs demonstrate the organisation’s approach to expanding practical sustainability initiatives through partnerships.

“By partnering with institutions and sister companies that understand local needs and realities, we are building a recycling ecosystem that communities can own, sustain, and benefit from over the long term,” she said.

ALSO READ: NCDMB, Renaissance Build Oil, Gas Capacity for 300 Graduates

The commissioning ceremonies were attended by members of the King’s Council, the Jigawa State Commissioner for Environment, Dr Nura Doka, the Chairman of Shuwarin Local Government Area, Abdulhamid Balago, the vice chairman, community leaders and residents in Jigawa, as well as Asharami Synergy’s leadership and the Filling Station Manager in Kaduna.

Speaking at the Jigawa event, Alhaji Bashir Abdullahi, Sarkin Gabas and Hakimin Shuwarin, said the facility addresses a longstanding waste management challenge in the community.

“For years, our people have had no organised way to deal with waste beyond burning or dumping it by the roadside,” he said. “This hub gives our young people and our women a way to earn from something that used to just pollute our surroundings.”

At the Kaduna event, the Filling Station Manager of Asharami Retail Station, Badiko, Aliyu Abdullahi Mabai, said the recycling hub complements the station’s operations.

“We are glad to host this recycling hub on our premises,” he said. “It gives our customers and neighbours a simple way to recycle, and fits with what Asharami Synergy stands for as a responsible business.”

The Foundation also disclosed plans to commission another recycling hub in Kano State in the coming weeks following a recent engagement with the Emir of Kano, Muhammadu Sanusi II, who expressed interest in the initiative.

According to the Foundation, Sahara Go Recycling has supported the recycling of more than 1,000 tonnes of materials since its launch and has directly or indirectly impacted more than 2,000 livelihoods nationwide.

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International News

Andy Burnham Sworn In as UK Prime Minister After King Charles Meeting Writing

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Andy Burnham has officially been sworn in as the Prime Minister of the United Kingdom after meeting King Charles III at Buckingham Palace, marking the beginning of a new chapter in British politics.

Burnham assumed office on Monday after outgoing Prime Minister Keir Starmer formally resigned during an audience with the King. Following Starmer’s departure, King Charles III invited Burnham to form a new government, which he accepted.

SEE MORE: UK PM Keir Starmer Resigns

The 56-year-old becomes Britain’s sixth prime minister in the past 10 years, taking office amid mounting economic pressures, political uncertainty and a lingering cost-of-living crisis.

In his farewell speech outside 10 Downing Street, Starmer reflected on his two years in office, insisting his government had left Britain in a stronger position.

“I am confident that Britain is now stronger and fairer than it was two years ago,” Starmer said.

“I go with good grace, I go with a smile, and I go proud of everything that we have achieved,” he added.

Burnham is expected to use his first address as prime minister to outline his vision for restoring public confidence in government while prioritising economic growth, easing the cost-of-living crisis and devolving more powers to regional communities.

Speaking in an interview with The Times before taking office, Burnham signalled a break from recent policies.

“What we’ve been doing hasn’t been working. That’s the way I see it,” he said.
“I am going to try and do things in a different way.”

The new prime minister inherits a series of pressing challenges, including slow economic growth, rising government borrowing costs, a growing welfare bill and continued irregular migration across the English Channel.

He has also pledged a different approach to public spending, promising greater investment in prevention and long-term economic development.

“A different approach to public spending and to running the economy — more focused on early investment, early intervention, setting people up for success and much less paying for failure,” Burnham said.

As one of his first policy decisions, Burnham scrapped the nationwide digital ID scheme introduced under Starmer’s administration, saying the estimated £1.8 billion earmarked for the project would instead be redirected toward helping families cope with the rising cost of living.

A former Greater Manchester mayor, Burnham previously served as a Member of Parliament from 2001 to 2017 and held ministerial roles under former prime ministers Tony Blair and Gordon Brown.

He returned to Parliament only weeks ago before emerging as Labour’s new leader following Starmer’s resignation.

Burnham now has less than three years to deliver on his promises before the next general election, expected in 2029, as Labour seeks to fend off growing support for Nigel Farage’s Reform UK party.

Addressing supporters after securing the Labour leadership, Burnham described the moment as Labour’s “last chance” to regain the confidence of British voters, insisting that his government has a clear plan to steer the country in a new direction.

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