CAPITALDIGEST DAILY NEWS, 30/06/2025

PETROL HITS N955/LITRE AS MARKETERS, NNPCL RAISE PRICES

Retail outlets under the nameplate of the Nigerian National Petroleum Company Limited effected an upward adjustment in the pump price of the Premium Motor Spirit, also known as petrol, to N945 per litre in the Federal Capital Territory on Monday. They also adjusted their petrol price to N915 per litre at several of their Lagos retail outlets, marking a fresh upward shift in the downstream retail market. The latest increase marks a fresh spike of N45 and N35 in Lagos and Abuja, respectively, up from the previous prices of N870 and N910 per litre. Also, independent marketers effected an increase of N60 from N895 per litre to N955 per litre in Abuja. In Lagos, the costs ranged from N915 to N950, depending on the station of the independent oil dealer. The PUNCH reports that as of Monday, petrol prices hovered between N915 and N950 in Lagos, Ogun and other parts of the South-West. Dangote’s partners, such as MRS, Heyden, AP and others, sold petrol at N925 per litre in Lagos and N935 in Ogun. One of our correspondents observed that the NNPC also jerked up its price on Monday, selling a litre of petrol at N915 in Lagos. Filling stations said they were wary of the price volatility, saying they had to raise prices, though the current stock was purchased before the price surge. The price adjustments come just days after the Dangote Petroleum Refinery increased its ex-depot price of petrol from N825 to N880 per litre, sparking an industry-wide response. Our correspondents observed that the new pricing was implemented across several NNPC-owned filling stations and independent marketers, intensifying the financial strain on consumers already grappling with high transportation and living costs. At the NNPC retail outlet in the Federal Housing area of Kubwa, Abuja, the new price of N945 per litre was boldly displayed, with similar adjustments noted at the state-owned mega station along Obasanjo Way. Along the popular airport road, The PUNCH observed that A.Y.M. Shafa, A. A Rano and NIPCO sold their petroleum products at a uniform price of N955 per litre. However, strategic partners with the Dangote refinery, such as Optima and MRS, offered their products at N945 per litre. In Lagos, stations located in Igando and along the Badagry Expressway reflected the revised N915 per litre rate. The ripple effect was also visible across private retail outlets. MRS filling stations, a strategic partner of the Dangote refinery, raised pump prices to N925 per litre in Lagos, up from N875. TotalEnergies followed suit with a new price of N910, while other marketers like Oluwafemi Arowolo Petroleum in Iba pushed rates to N920 per litre.

NGX STARTS WEEK WITH N279BN GAIN

The Nigerian Exchange Limited began the week on a bullish note, adding N279bn to its market capitalisation on Monday as investors showed renewed interest in key stocks across several sectors. At the close of trading, the market capitalisation rose from N74.55tn on Friday to N74.83tn, while the All-Share Index appreciated by 441.43 points, or 0.37 per cent, to close at 118,579.65. The positive sentiment in the market was driven by gains in large and mid-cap stocks, including Presco Plc, Beta Glass, Champion Breweries, and Neimeth International Pharmaceuticals, all of which recorded the maximum gain of 10 per cent. Presco Plc, Beta Glass, Champion Breweries, Neimeth International Pharmaceuticals and FTN Cocoa Processors all recorded the maximum gain of 10 per cent. They closed at N1,210, N303.60, N9.02, N4.07 and N3.08 per share, respectively. Legend Intercontinental also saw a strong gain, rising by 9.97 per cent to close at N8.71. On the losing end, Julius Berger Nigeria Plc led with a 7.48 per cent decline to close at N117.50. Chams Holdings Plc and Secure Electronic Technology Plc both dropped by 5 per cent to close at N2.05 and N0.57, respectively. Multiverse Mining & Exploration Plc declined by 4.66 per cent to N9.20, followed by Red Star Express Plc, which lost 3.85 per cent to close at N7.50, and ABC Transport Plc, which dipped 3.70 per cent to N2.60. The market activity saw improvement with a total of 653.66 million shares valued at N21.33bn exchanged in 22,206 deals, representing a 25 per cent increase in volume, an eight per cent increase in turnover, and a 25 per cent jump in deals compared to Friday’s session. However, the market also recorded 22 losers, led by Julius Berger, which declined by 7.48 per cent to close at N117.50, followed by Chams down by 5.09 per cent, Secure Electronic Technology down by five per cent, and Multiverse Mining down by 4.66 per cent. Fidelity Bank emerged as the most traded stock by volume with 142 million shares, trailed by Zenith Bank with 46.3 million, Nigerian Breweries with 38.1 million, and FTN Cocoa with 38 million. The sectoral performance showed strong gains across major indices. The Insurance Index rose by 1.9 per cent, the Consumer Goods Index added 0.73 per cent, the Banking Index advanced by 0.62 per cent, and the Oil and Gas Index gained 0.43 per cent. The latest rally pushed the NGX to a one-week gain of 2.88 per cent, a four-week gain of 8.17 per cent, and a year-to-date return of 15.21 per cent, indicating improving investor sentiment despite macroeconomic uncertainties. The PUNCH reported that the Nigerian Exchange recorded an upswing last week, as the market capitalisation appreciated by N1.875tn, driven by strong buying interest in key banking stocks, including Zenith Bank Plc, Access Holdings Plc, and Champion Breweries Plc.

NGX GAINS N1.18TN IN BULLISH TRADING

At the close of trading, the All-Share Index climbed by 1,466.87 points, representing a 1.22 per cent gain to close at 121,257.69. This marks a one-week gain of 3.83 per cent and year-to-date growth of 17.81 per cent, underscoring sustained investor confidence in the Nigerian capital market. The total market capitalisation surged to N76.5tn, reflecting increased demand for equities across various sectors. Market participants traded a total of 861.67m shares in 22,896 deals, amounting to a turnover value of N26.18bn. These figures represent an improvement of 14 per cent in volume, 12 per cent in turnover, and three per cent in the number of deals compared with the previous trading day. Oando Plc led the market rally with a 10 per cent increase in its share price, closing at N68.75 per share. This followed the company’s announcement of a profit after-tax increase of 90.5 per cent to N113bn for the first quarter ended March 31, 2025. Oando’s stellar performance significantly boosted investor sentiment and contributed largely to the market’s strong showing. Other notable gainers included Dangote Sugar Refinery, which also gained 10 per cent, and Champion Breweries and C&I Leasing, both advancing by 9.98 per cent. On the downside, University Press led the losers with a 6.25 per cent decline, closing at N6.00 per share, followed by RT Briscoe (-6.12 per cent), Multiverse Mining & Exploration (-4.89 per cent), and Meyer (-4.69 per cent). The banking sector showed robust activity, with Fidelity Bank recording the highest volume of traded shares at 83m, followed by Caverton Offshore Support Group (64.2m), Zenith Bank (60.6m), and Japaul Gold and Ventures (56.3m). This contributed to the NGX Banking Index’s strong performance, which rose by 2.38 per cent, posting an 8.86 per cent gain over the week and nearly 21 per cent year-to-date. Other sector indices performed well, including the Consumer Goods Index (+2.25 per cent), Industrial Index (+2.24 per cent), Insurance Index (+1.97 per cent), and Pension Index (+1.3 per cent). The consumer goods sector led with an impressive 52.96 per cent year-to-date gain, reflecting growing investor appetite for consumer stocks.

STOCK MARKET SHEDS N491BN IN WEEKLY LOSS

The Nigerian Stock Market ended the week bearish on Friday, with investors recording a loss of N491 billion. Market capitalisation declined by N491 billion or 0.64 per cent, closing at N75.962 trillion from N76.453 trillion on Thursday. Similarly, the All-Share Index dropped by 776.92 points or 0.64 per cent to 119,995.76 from 120,772.68 recorded previously. The negative performance was driven by selloffs in stocks such as Legend Internet, BUA Cement, FTN Cocoa Processor, Oando, and 28 others. The market breadth also closed negatively, with 32 stocks declining and 28 advancing. Legend Internet led the losers, falling 9.98 per cent to close at N8.03 per share. BUA Cement followed, dropping 9.92 per cent to close at N95.40 per share. FTN Cocoa Processor declined 9.76 per cent, settling at N3.33, while Oando lost 8.72 per cent to close at N56.50. McNichols also shed 8.44 per cent, finishing at N2.17 per share. On the gainers’ chart, Neimeth Pharmaceuticals rose 10 per cent to close at N5.94 per share. Learn Africa advanced by 9.91 per cent, ending the day at N5.10 per share. Mecure gained 9.91 per cent to settle at N12.20, while Academy rose 9.44 per cent to N5.10 per share. Smart Products Nigeria also increased by 9.09 per cent, closing at 60k per share. A total of 625.78 million shares valued at N12.78 billion were traded in 21,800 transactions. This contrasts with 892.97 million shares worth N18.23 billion traded in 25,375 transactions previously. Ja Paul Gold led trading activity with 88.26 million shares worth N192.04 million. It was followed by 80.04 million shares valued at N555.75 million in transactions. Access Corporation sold 56.02 million shares worth N1.25 billion in trades. Caverton recorded 53.98 million shares valued at N271.15 million. Zenith Bank traded 30.55 million shares worth N1.76 billion.

LOCAL INVESTORS DRIVE N9TN NGX TRADES

Local investors, particularly domestic institutional players, have continued to dominate Nigeria’s equity market, driving N7.15tn of the N9tn total transactions recorded on the Nigerian Exchange Limited between January 2024 and May 2025. According to NGX data, domestic participation accounted for about 80 per cent of total trades, with foreign investors contributing N1.85 tn. The surge in activity reflects increased confidence among local players, driven by pension fund investments and policy reforms. Domestic investors have continued to assert dominance in Nigeria’s equities market, driving a total of N9.0 tn worth of transactions between January 2024 and May 2025, according to data released by the Nigerian Exchange Limited. The breakdown of portfolio participation showed that of the total N9.0 tn traded during the 17-month period, domestic investors accounted for N7.15 tn, representing approximately 80 per cent of the entire market activity, while foreign investors contributed N1.85 tn, accounting for the remaining 20 per cent. According to the NGX’s monthly Domestic & Foreign Portfolio Investment Reports, the total domestic transactions recorded in 2024 stood at N4.735 tn, while foreign transactions were N852.03 bn. In the first five months of 2025, domestic transactions amounted to N2.418 tn, while foreign transactions stood at N996.03 bn, bringing the overall trading figure for the 17-month period to N9.0 tn. A comparative analysis of 2024 against the previous year shows a 32 per cent year-on-year increase, with total transactions rising from N3.58 tn in 2023 to N5.59 tn in 2024. This growth was driven by increased participation from both foreign and domestic investors but particularly significant growth in domestic institutional activity. In December 2024, the market experienced a notable spike in trading activity. Total transactions surged to N673.66bn, representing a 52.29 per cent increase from N442.34bn recorded in November 2024. Domestic investors were responsible for N606.91bn, or 90.09 per cent, of the December trades, while foreign investors accounted for N66.75bn, representing 9.91 per cent. Further analysis revealed that institutional investors played a dominant role in December, executing N406.04bn worth of trades, representing a 97.09 per cent increase from N206.02bn in the previous month. Retail investor participation rose marginally by 2.81 per cent to N200.87bn, up from N195.38bn in November 2024. The foreign portfolio side also witnessed increased activity in December 2024. Foreign inflows stood at N26.26bn, while outflows amounted to N40.49bn, bringing the total foreign transactions to N66.75bn. This represented a 63.04 per cent increase compared to the N40.94bn recorded in November 2024. By the end of 2024, foreign transactions made up 15.25 per cent of total market activity, while domestic transactions-maintained dominance with 84.75 per cent, consistent with the historical trend observed over the last decade. In May 2025, equity market activity remained elevated, with total transactions reaching N700.50bn, marking a 45.32 per cent increase from N482.04bn recorded in April 2025. A year-on-year comparison showed that May 2025 trades increased by 97.11 per cent from N355.38bn in May 2024. Domestic participation continued to lead in May 2025, accounting for N581.59bn or 83.02 per cent of total market activity. Foreign transactions for the month rose to N118.91bn, representing 16.98 per cent of the total volume. This marked an 88.54 per cent increase from N63.07bn recorded in April 2025. Within the domestic segment in May 2025, retail investors outperformed institutional investors, contributing N337.46bn, a significant jump of 86.12 per cent compared to N181.31bn in April. Institutional investor participation, however, increased marginally by 2.72 per cent, from N237.66bn in April to N244.13bn in May. Foreign inflows in May 2025 stood at N66.11bn, while outflows were N52.80bn, signalling a slightly positive net inflow trend for the period. This contrasts with March 2025, when foreign investor participation peaked at 62.74 per cent, recording inflows and outflows of N349.97bn and N349.92bn, respectively. Year-to-date, as of May 2025, total transactions on the NGX stood at N3.41tn, up from N2.25tn recorded within the same period in 2024. Domestic investors contributed N2.418 tn to the 2025 total, while foreign investors accounted for N996.03 bn, indicating a marked increase in foreign appetite for Nigerian equities compared to the same period the previous year.