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Stock Market Records First Gain in 12 Days



Nigerian Exchange Limited - Investors King
  • Stock Market Records First Gain in 12 Days

The nation’s stock market closed on a positive note at the end of trading on Monday after declining for 11 straight days.

The All-Share Index of the Nigerian Stock Exchange increased slightly by 0.36 per cent to 36,947.10 basis points from 36,816.29bps on Friday.

The market capitalisation of listed equities rose to N13.383tn on Monday from N13.335tn at the close of trading on Friday.

Twenty-one stocks recorded losses on Monday with Oando Plc leading the pack as its share price fell by 8.96 per cent to close at N6.10. It was followed by Cadbury Nigeria Plc, which declined by eight per cent to N11.50 per share.

Presco Plc shed five per cent to close at N71.25 per share; PZ Cussons Nigeria Plc dipped by 4.81 per cent to N20.80, and Sterling Bank Plc dropped by 4.69 per cent to N1.22 per share.

The price appreciation recorded by 21 stocks helped to end an 11-day losing streak, with Japaul Oil & Maritime Services Plc, Custodian and Allied Insurance Plc, Eterna Plc, Guaranty Trust Bank Plc and AIICO Insurance Plc emerging top gainers.

Japaul Oil & Maritime Services gained 9.09 per cent to close at N0.24 per share, while Custodian and Allied Insurance increased by 4.92 per cent to close at N5.12 per share.

Eterna, GTB and AIICO appreciated by 4.90, 4.53 and 3.45 per cent to close at N6.64, N40.40 and N0.60 per share respectively.

The stock market took a serious beating last week, as the market capitalisation fell by N909bn as bears held sway.

The NSE All-Share Index and market capitalisation dropped by 6.38 per cent to close the week at 36,816.29 and N13.336tn respectively.

Similarly, all other indices finished lower with the exception of the NSE ASeM Index that closed flat.

Twenty-eight stocks led by International Breweries Plc recorded losses on Friday, dragging the NSE ASI lower by 3.38 per cent.

The market capitalisation, which peaked at N16.154tn on January 18, 2018, plunged by N467bn on Friday from N13.802tn on Thursday.

Analysts at Vetiva Capital Management Limited noted that the Nigerian equity market shed eight per cent in May as it slumped into negative territory for the year, with a year-to-date return of -0.4 per cent amid a 12 per cent month-on-month dip in market turnover to N4.7bn.

They said, “There was widespread bearish sentiment in the market through the month as foreign investors applied sell pressure even as domestic institutional players remain cautious.

“With no signs of losses abating, we believe negative sentiment will filter into the market at week open.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

Banking Sector

Unity Bank MD Advocates Policy Actions to Stem Gender-Based Violence in Nigeria



The Managing Director of Unity Bank Plc, Mrs. Tomi Somefun has called for comprehensive policy actions that will dismantle the structures that enable gender-based violence in Nigeria.

At the Ebony Life Cinema, the venue of the film screening in Lagos, Unity Bank supported the BECKMA movie premiere by ARDA Development Commuications Inc. which was held to highlight issues of Gender-Based violence and driving positive change in society.

Making the call, Somefun stated that the Bank committed to partnering with the movie premiere and putting the power of the brand behind BECKMA as the event brings sustainability and gender equality to the front burner.

Represented by Unity Bank’s Group Head of Compliance, Mrs. Patricia Ahunanya, Somefun noted that “9 percent of women aged 15 to 49 had suffered sexual assault at least once in their lifetime and 31% had experienced physical violence,” citing a recent study by UNDP in Nigeria.

Speaking further, Somefun said “Gender-based violence is not just a women’s issue, but a societal ill that demands our collective attention. It is high time for us to step forward and advocate for comprehensive policy actions that will dismantle the structures allowing such atrocities to persist”.

She added, “I urge policymakers to enact stringent laws against gender-based violence, ensuring swift and severe consequences for perpetrators. Our homes and various organisations must also be a catalyst for change, inspiring others to follow suit.”

While commending the ARDA Development Communications Inc. for their initiatives to promote gender equality and empowerment in line with SDG5, Somefun assured of the Bank’s commitment to sustainable initiatives and further collaborative initiatives and advocacy programmes for the elimination of gender-based violence.

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Banking Sector

Nigeria’s NIBSS Directs Banks to Disconnect Non-Deposit Financial Institutions from NIP System



Central Bank headquarters

Banks in Nigeria have received a directive from the Nigeria Inter-Bank Settlement System (NIBSS) to disconnect Switches, Payment Solution Service Providers (PSSPs), and Super Agents from the NIBSS Instant Payment Outwards System.

The circular, dated December 5, 2023, highlighted that including these non-deposit-taking financial institutions as beneficiaries on the NIP funds transfer channels violates the Central Bank of Nigeria (CBN) guideline on electronic payments.

The NIBSS emphasized that while Switches, PSSPs, and Super Agents might process outward transfers as inflows to banks, their licenses do not permit them to hold customers’ funds.

The circular referred to the CBN’s guidelines on electronic payment of salaries, pensions, suppliers, and taxes, dated February 2014, as the basis for this regulatory stance.

The directive also pointed to a circular dated May 11, 2018, titled “Permissible Services and Products of PSSP Operation in Nigeria,” reinforcing the need for compliance.

As a result, banks were urged to delist all Switches, PSSPs, and Super Agents from the NIP Outward Transfer channels while allowing their participation in inward transfers.

In Nigeria’s payment ecosystem, operators are required to obtain licenses such as Switching and Processing, Mobile Money Operations, Payment Solution Services, or Regulatory Sandbox from the CBN.

Only Mobile Money Operators (MMOs) have the authority to hold customer funds, according to the CBN’s regulatory framework.

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Falcon Corporation Secures N19.41bn Debt Facility for State-of-the-Art LPG Facility in Port Harcourt



BOC Gases Nigeria Plc - Investors King

Falcon Corporation Limited, a prominent player in Nigeria’s energy sector, has successfully secured a N19.41 billion debt facility from the Chapel Hill Denham Nigeria-managed Infrastructure Debt Fund (NIDF).

The financing will be used for the development of a cutting-edge 15,000 metric ton Liquefied Petroleum Gas (LPG) storage facility and a dedicated jetty in Rumuolumeni, Saipem/Aker Base Road, Port Harcourt, Rivers State.

The Managing Director of Falcon Corporation, Prof. Joe Ezigbo, emphasized the company’s commitment to national service through investments in the gas industry.

He highlighted the strategic positioning of the LPG facility in proximity to major gas sources and navigable water routes, anticipating economic gains, job creation, income growth, health improvements, and environmental sustainability.

“We positioned our LPG facility strategically in proximity to major Gas sources and navigable water routes. The Project is set to facilitate and enhance more direct procurement and distribution of LPG, which will dramatically lower conventional delivery and storage costs,” said Prof. Joe Ezigbo.

The project has achieved significant milestones, reaching a completion rate of 65% as of October 2023. Various phases of development, including the completion of the jetty, shoreline protection, and engineering activities, have contributed to this progress.

The entire project is expected to be completed and commissioned by Q4 2024.

Falcon’s General Manager, Finance, Nelson Walter, expressed satisfaction with the partnership with NIDF, highlighting their reputation for providing reasonable terms for impactful infrastructure projects.

The flexible long-term loan repayment structure aligns with Falcon’s goals, making the collaboration instrumental in realizing this groundbreaking project.

Financial advisers Vetiva Capital Management Limited and Chapel Hill Denham Advisory, along with legal counsel Detail Commercial Solicitors, played crucial roles in facilitating this strategic debt facility for Falcon Corporation’s ambitious LPG infrastructure development in Rivers State.

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