Business

Stock Market Resumes After Christmas Break With N238bn Loss

Published

4 years ago

December 29, 2021

The Nigerian stock market resumed trading on Wednesday after the Christmas holidays with a loss of N238 billion due to profit taking.

Specifically, the market capitalisation which opened at N22.060 trillion lost N238 billion or 1.08 per cent to close at N21.822 trillion.

Also, the All-Share Index inched lower by 455.75 points or 1.08 per cent to close at 41,807.10 against 42,262.85 achieved on Friday.

Accordingly, month-to-date loss increased to 3.3 per cent, while the year-to-date gain moderated to 3.8 per cent.

The market resumed trading activities after the public holidays on Dec. 27 and 28 declared by the federal government to mark Christmas and Boxing Day celebration.

The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are: BUA Cement, MTN Nigeria Communications (MTNN), PZ Cussons, May & Baker and Ecobank Transnational Incorporated.

Market sentiment was slightly positive with 17 gainers relative to 16 losers.

BUA Cement led the losers’ chart by 10 per cent to close at N67.05 per share.

May & Baker followed with a decline of 9.98 per cent to close at N4.06, while PZ Cussons lost 8.96 per cent to close at N6.10 per share.

Jaiz Bank declined 8.06 per cent to close at 57k, while UPDC Real Estate Investment Trust shed 6.25 per cent to close at N3.75 per share.

Conversely, Union Bank of Nigeria drove the gainers’ chart in percentage terms by 9.91 per cent to close at N6.10 per share.

Royal Exchange followed with 9.09 per cent to close at 84k, while Sovereign Trust Insurance rose by 7.69 per cent to close at 28k per share.

Livestock Feeds was up by 6.86 per cent to close at N2.18, while Caverton Offshore Support Group appreciated by 2.99 per cent to close at N1.72 per share.

However, the total volume traded increased by 61.10 per cent with an exchange of 180.182 million units valued at N1.48 billion exchanged in 3,828 deals.

This was in contrast with 111.84 million shares worth N911.92 million traded in 2,072 deals on Friday.

Transactions in the shares of Jaiz Bank topped the activity chart with 17.65 million shares valued at N10.53 million.

Union Bank followed with 16.80 million shares worth N101.83 million, while UACN traded 12.88 million shares valued at N123.52 million.

Transcorp sold 11.39 million shares worth N11.25 million, while Sovereign Trust Insurance transacted 9.99 million shares valued at N2.78 million.

(NAN)

Business

NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment

Published

1 week ago

August 14, 2025

Editor

The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.

It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.

This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.

The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.

“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.

This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.

The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

Business

Dangote Refinery Reduces Fuel Price

Published

2 weeks ago

August 12, 2025

Editor

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.

This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.

The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.

Business

Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US

Published

2 weeks ago

August 11, 2025

Editor

India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.

This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.

According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.

Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.

The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.

Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.

Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.

According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.

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Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.

On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.

In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.

“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.