Author: Folasade Olugbade

Oando Plc’s market value tanked amid deteriorating investor sentiment, as the energy company failed to release its audited annual financial results on the Nigerian Exchange.

Naira Gains 4.42% in 4 Months as FX Reforms Hold The naira gains 4.42% in four months as FX reforms hold despite oil price volatility and declining external reserves. Nigeria’s gross external reserves had hit a 2009 high of $50.02 billion, but retreated due to significant outflows related to foreign investors’ exits and debt service costs. In April, the Nigerian foreign exchange market sustained its positive momentum, with the naira appreciating by 0.86% month-on-month at the official window to close at ₦1,374.94/$1, compared to ₦1,386.72/$1 at the end of March, Cowry Asset said in its latest report. Analysts said the…

MTN Nigeria Plc slumped by about 9% on the Nigerian Exchange amid a surge in transaction volume driven by sell-side actors. The share price declined, dragging MTN Nigeria’s market value back from the 52-week high reached after its Q1 2026 earnings.

The Nigerian Exchange (NGX) All-Share Index (ASI) declined by 58 basis points, or 0.58%, on Tuesday amid sell pressure across key sectors. Investors took profits in stocks that recently recorded significant uptrends.

In its weekly stock recommendation, equity analysts at Cowry Asset Limited confidently project a 36% upside for Fidelity Bank’s share price on the Nigerian Exchange.

Recapitalisation: No Licenced Insurer Will Be Left to Fail – NAICOM The National Insurance Commission (NAICOM) has reiterated its resolve to ensure that no licensed insurance company in Nigeria collapses, as part of ongoing efforts to strengthen the industry and safeguard policyholders. The Commissioner for Insurance and the Chief Executive Officer of NAICOM, Mr Olusegun Omosehin disclosed this at the 2026 Awards and Recognition Ceremony of the Nigerian Insurers Association (NIA) held in Lagos on Thursday. Omosehin said this as insurance companies are going through a recapitalisation process with the deadline set for July 31, 2026. Omosehin was represented by…

Banking Index Jumps as Investors Rotate Fund to ETI, FCMB The Nigerian Exchange (NGX) banking index spiked on Wednesday as investors rotated funds into Ecobank Transnational Incorporated (ETI), FCMB Group, GTCO, among others. The Nigerian equity market closed on a strong positive note, with the All-Share Index (ASI) advancing by 377bps, bringing year-to-date gains to 52.43%. Market breadth remained positive with 48 gainers against 42 losers, reflecting sustained buying interest across key counters. Top risers include ZICHIS, CAP, UACN, and AIRTELAFRI, all posting +10% gains, while CADBURY and JOHNHOLT topped the losers’ chart with -10% declines. Trading activity was largely…

NGX Tops N147trn as Bua, Aradel Rally, Investors Gain N3.3trn The Nigerian Exchange (NGX) soared on Tuesday, recovering from profit-taking activities as BUA Foods, Aradel Holdings, Dangote Cement, among others, rallied. The local bourse closed trading activities for today in positive territory, as key market performance indicators – the All-share index and market capitalisation) appreciated by 2.30%. Offsetting the losses recorded in the previous session, the market’s rebound was triggered by renewed positive sentiment, reflected in fresh buying interest in mid-cap and bellwether stocks, as strategic positioning continued. The Industrial goods and Oil & gas sectors posted gains of +4.86%…

U.S. citizens lost staggering $2.1 billion to social media scams in 2025, new data from the Federal Trade Commission (FTC) shows. In an update, FTC noted that nearly 30% of people who reported losing money to a scam said it started on social media, with reported losses reaching a staggering $2.1 billion.

Naira Sheds Weight Amidst Declining Foreign Reserves The naira depreciated by ₦14.80 to close at ₦1,358.44/$ in the official market, data published by the Central Bank revealed. The local currency weakened against the dollar as eligible FX used requests exceeded total FX supply, amid a slowdown in foreign reserves. Nigeria’s gross external reserves declined by $172.54 million to $48.45 billion at the close of the trading session on Friday in the absence of additional inflows and persistent FX intervention. A slew of economists attributes the sustained decline in external reserves to continued CBN interventions to support the currency, ongoing debt…