CAPITALDIGEST DAILY NEWS, 14/07/2025

MARKETERS DROP PETROL BELOW N900/LITRE AFTER DANGOTE’S PRICE CUT

Many filling stations have dropped petrol prices below N900 per litre days after the Dangote Petroleum Refinery slashed the price by N40, The PUNCH reports. Findings showed that many filling stations in Ogun and Lagos States now sell petrol at rates ranging from N875 to N890 a litre. Though some filling stations still sold the product at N900 or above on Sunday, the majority have adjusted to the new price regime. MRS Oil, a major distributor of Dangote petroleum products, dropped the pump price of PMS to N885 in Lagos from N925 last week. In the South-West, the price would be N895; N905 in the North-West and North-Central; N915 in the South-South, South-East and North-East. The PUNCH recalls that the Dangote refinery had reduced the ex-depot petrol price from N880 to N840 per litre last Monday. The spokesman of the Dangote Group, Anthony Chiejina, who confirmed this to our correspondent, stated that the price reduction took effect on June 30. The refinery raised the price of petrol to N880 from N825 when tension escalated during the 12-day conflict between Israel and Iran, raising the price of crude oil to almost $80 per barrel. As peace relatively returned to the Middle East, crude prices crashed again, and the Dangote refinery dropped petrol prices. However, despite the reduction, marketers had earlier refused to slash their pump prices last week, retaining petrol at prices around N925 to N960, depending on the location. Throughout the week, Dangote partners, the Nigerian National Petroleum Company retail outlets and other filling stations owned by marketers sold petrol at higher prices. As of Sunday, it was observed that depots have also reduced their gantry prices, some even below Dangote’s price. From N920, most of the depots dropped their ex-depot prices to an average of N840 a litre. According to Petroleumprice.ng, RainOil, Pinnacle, Matrix, Emadeb, Swift and Wosbab were selling petrol at N840 in Lagos on Sunday. First Royal, Menj, and Aipec dropped prices to N838; Aiteo, N837; A&E, N858; NIPCO, N844; MAO, N839; and Integrated, N839. While experts said last week that the pump price of PMS should shrink to N890 or less, considering Dangote’s N840 gantry price, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, said prices did not go down last week in the international market. The pump prices of petrol hovered between N915 and N955 at the pumps, depending on the location. It was below N900 before the sudden hike. There were reports that the product was sold at N960 and N980 in the far north because of the distance. However, as crude prices fell below $70 last week, the pump prices of PMS also declined. Crude prices had crashed because Israel and Iran stopped bombing each other, alleviating fears of a supply disruption in the Middle East.

EQUITIES MARKET OPENS WEEK WITH N193BN GAIN

The Nigerian Exchange Limited opened the week on a bullish note, as the All-Share Index gained 0.31 per cent on Monday, adding N193bn to investors’ wealth. At the close of trading, the ASI rose by 372.21 points to 121,361.87, compared to 120,989.66 in the previous session. Market capitalisation increased to N76.5tn from N76.3tn, reflecting renewed investor interest. The positive performance was driven by price appreciation in large- and mid-cap stocks, particularly in consumer goods, banking, and insurance sectors. Investor sentiment remained upbeat ahead of the half-year earnings season. A total of 824.1 million shares worth N14.44bn were traded in 24,042 deals. Compared to Friday, July 4, 2025, volume dropped by 11 per cent, and deals declined by six per cent, but turnover rose by 31 per cent, indicating higher-value transactions. Market breadth closed positive with 53 gainers against 24 losers out of 125 equities traded. Cadbury Nigeria Plc led gainers with a 10 per cent increase to N53.35. Ellah Lakes, UPDC REIT, and Tripple Gee also gained 10 per cent each, closing at N8.91, N7.15, and N2.97, respectively. Other top gainers included Red Star Express (9.92%) and NGX Group (9.91%). Sunu Assurances led the losers, dropping 10 per cent to N4.50. RT Briscoe fell 9.59 per cent to N3.30, and Prestige Assurance lost 9.09 per cent to N1.20. In volume terms, Universal Insurance led with 71.9 million shares. FCMB (61.4m), Japaul Gold (53.3m), Access Holdings (42m), and AIICO Insurance (40.1m) followed. In value, Nigerian Breweries topped with N2.39bn, followed by Zenith Bank (N1.42bn), Nestlé Nigeria (N1.23bn), GTCO (N1.02bn), and Access Holdings (N942.8m). Most sector indices closed positive. The NGX Banking Index rose 0.94 per cent, Consumer Goods gained 0.75 per cent, Insurance advanced 0.39 per cent, the Pension Index was up 0.38 per cent, the Premium Index rose 0.34 per cent, and Top 30 gained 0.17 per cent. Week-on-week, the ASI posted a 1.15 per cent gain, with a four-week gain of 7.61 per cent and a year-to-date return of 17.91 per cent.

NAIRA WEAKENS TO 1,529/$ AT OFFICIAL MARKET

The naira closed trading at 1,529.22/$ at the official Nigerian Foreign Exchange Market window on Tuesday. According to data on the Central Bank of Nigeria’s website, Tuesday’s closing was weaker than 1,528.33/$ from Monday. This marginal weakness comes on the heels of the resumption of international transactions on their naira cards. Days ago, some banks, including United Bank of Africa, Wema Bank, GTBank and FirstBank announced the resumption of the service with limits ranging from $1,000 per quarter to $500 every month. The move had been expected to increase demand for forex in a market that has been largely stable. At the parallel market, CardinalStone reported that the naira remained unchanged at N1,540/$. In its mid-year review, the CardinalStone analysts projected the naira to “remain largely range-bound in H2’25 at N1,550.00 — N1,635.00/$.” In the first half of the year, the analysts said that Naira stability was threatened due to elevated global risk-off sentiments triggered by US trade policies and heightened geopolitical tensions. “These external shocks led to FX outflows of $22.83bn, as some investors shifted capital to US Treasuries and Gold. In response, the CBN was active in the FX market, selling $4.72bn in the period,” they said. Dismissing concerns about the interventions, CardinalStone said, “We do not believe these interventions signalled a return to a fixed exchange rate regime or reflect an attempt to target a specific level for the naira. Rather, the current FX framework allows for discretionary interventions in the presence of perceived market distortions. “Moreover, it is clear that the distortions witnessed in H1’25 largely stemmed from global factors and not idiosyncratic factors, as the CBN has taken steps to improve transparency. “

NGX RALLY CONTINUES WITH N76.76BN GAIN

The Nigerian Exchange extended its bullish streak on Tuesday, as investors gained N76.76bn in market capitalisation, driven by renewed buying interest in key sectors of the market. At the close of trading, the overall market capitalisation increased to N76.76tn, from N76.53tn recorded in the previous session. Likewise, the All-Share Index rose by 358.60 points, representing a 0.30 per cent increase, to close at 121,653.93 basis points. With the latest performance, the Nigerian Exchange has now posted a one-week gain of 1.6 per cent, a four-week gain of 6.14 per cent, and a year-to-date return of 18.2 per cent. The day’s trading ended with 126 listed equities participating, out of which 57 recorded price gains while 21 posted losses, indicating strong market breadth in favour of the bulls. Nigerian Exchange Group Plc led the gainers chart with a 10.00 per cent increase to close at N56.10 per share. It was followed by Champion Breweries Plc, which also appreciated by 10.00 per cent to close at N14.96. C and I Leasing Plc gained 10.00 per cent to close at N6.60, while Omatek Ventures Plc rose by 10.00 per cent to settle at N1.10 per share. Neimeth International Pharmaceuticals Plc advanced by 9.95 per cent to close at N9.50, while Meyer Plc increased by 9.94 per cent to close at N17.70 per share. Conversely, E-Tranzact International Plc led the losers’ table with a decline of 10.45 per cent, closing at N9.00 per share. Deap Capital Management and Trust Plc followed with a loss of 10.00 per cent to close at N1.17. Northern Nigeria Flour Mills Plc depreciated by 9.17 per cent to close at N98.10, while Cornerstone Insurance Company Plc dropped by 6.67 per cent to close at N4.20. SUNU Assurances Nigeria Plc declined by 6.22 per cent to close at N4.22, and VFD Group Plc lost 6.16 per cent to settle at N13.70 per share. Trading activity was upbeat, as a total of 1.01 billion shares were exchanged in 24,770 deals, corresponding to a market value of N18.68bn. This marked a 22 per cent improvement in volume, 29 per cent growth in turnover, and a three per cent increase in the number of deals when compared to the previous trading session. Access Holdings Plc led in terms of volume and value, trading 124.25 million shares worth N2.74bn. Japaul Gold and Ventures Plc followed with 123.08 million shares valued at N340.91m, while Mutual Benefits Assurance Plc exchanged 55.56 million shares worth N77.75m. Universal Insurance Company Plc traded 54.60 million shares valued at N38.27m, and AIICO Insurance Plc recorded 40.44 million shares worth N70.83m. On the value chart, Guaranty Trust Holding Company Plc led with trades worth N2.86 bn. Access Holdings Plc followed with N2.74bn, MTN Nigeria Communications Plc recorded N2.67bn, Zenith Bank Plc posted N983.69m, while Okomu Oil Palm Company Plc saw trades worth N572.32m. Sectoral performance also reflected market strength, as the Insurance Index rose by 2.54 per cent, the Banking Index appreciated by 1.14 per cent, and the Consumer Goods Index gained 0.63 per cent. The Pension Index recorded a 0.56 per cent increase, while the Main Board Index rose by 0.37 per cent. The Top 30 Index also advanced by 0.22 per cent. 

EQUITIES MARKET EXTENDS BULLISH RUN WITH N212BN GAIN

The Nigerian Exchange Limited extended its bullish run on Wednesday, as investors recorded a gain of N212bn, following renewed buy interest in highly capitalised stocks across key sectors of the market. At the close of trading, the market capitalisation increased from N76.788tn on Tuesday to N77tn, while the All-Share Index rose by 335.74 points, representing a 0.28 per cent appreciation, to close at 121,989.67 points. This marks a one-week gain of 1.37 per cent, a four-week gain of 6.99 per cent, and a year-to-date gain of 18.52 per cent, reflecting a sustained positive sentiment in the local equities market. Despite the overall market growth, trading activity declined. A total of 888,703,271 shares valued at N15.609bn were exchanged in 24,303 deals, representing a 12 per cent drop in volume, a 16 per cent decline in turnover, and a two per cent reduction in the number of deals compared to the previous trading day. In terms of performance, a total of 128 listed equities participated in the trading session, out of which 59 advanced, 21 declined, and 48 closed flats. Nigerian Enamelware Plc led the gainers’ table with a 10.00 per cent increase in share price to close at N20.35 per share. It was followed by Red Star Express Plc, which gained 10.00 per cent to close at N11.11 per share. Ellah Lakes Plc rose by 10.00 per cent to close at N10.45, C and I Leasing Plc advanced by 10.00 per cent to N7.26, RT Briscoe Plc appreciated by 10.00 per cent to N3.85, while Chams Plc also gained 10.00 per cent to close at N2.75 per share. n the losers’ chart, Legend Internet Technology Plc declined by 8.05 per cent to close at N8.00 per share, making it the worst-performing stock for the day. Guinea Insurance Plc shed 7.14 per cent to close at N1.04, Eterna Plc lost 4.65 per cent to close at N41.00, E-Tranzact International Plc declined by 4.44 per cent to N8.60, Regency Alliance Insurance Plc dropped by 4.35 per cent to N0.88, while International Breweries Plc fell by 4.14 per cent to close at N15.05 per share. Japaul Gold and Ventures Plc led in terms of volume traded, with 137 million shares changing hands. Access Holdings Plc followed with 83 million shares, AIICO Insurance Plc recorded 50 million shares, Universal Insurance Plc traded 41.9 million shares, while Ellah Lakes Plc posted a total volume of 31.9 million shares. On the value chart, Access Holdings Plc also led with trades worth N1.84 bn, followed by Guaranty Trust Holding Company Plc with N1.6 bn, Aradel Holdings Plc with N1.55 bn, Zenith Bank Plc with N1.34 bn, and Nigerian Exchange Group Plc with N1.02 bn. The sectoral performance showed widespread gains. The Index recorded the highest increase of 2.48 per cent. It was followed by the Industrial Index, which gained 0.97 per cent, the Pension Index rose by 0.6 per cent, while the Banking Index added 0.45 per cent. The Premium Index and Top 30 Index appreciated by 0.3 per cent and 0.25 per cent respectively.