The Nigerian stock market yesterday continued on a bullish trend with a gain of N1.045 trillion on the Nigerian Exchange Ltd.
Market capitalisation rose by N1.045 trillion or 1.56 per cent to close at N68.105 trillion, compared with N67.060 trillion posted on Monday.
Similarly, the All-Share Index (ASI) climbed by 1,662.60 points or 1.56 per cent, to settle at 108,361.10 from N106,698.50 earlier recorded.
The uptrend was driven by strong buying interest in medium and large capitalised stocks like: Access Corporation, Guaranty Trust Holding Company, United Bank for Africa and more.
Meanwhile, the market breadth closed positive with 42 gainers and 25 losers.
On the gainers’ chart, Ecobank Transnational Corporation grew by 10 per cent to close at N25.85 while Northern Nigeria Flour Mills also rose by 10 per cent, settling at N82.50 per share.
Nestlé Nigeria soared by 10 per cent, finishing at N1,210 and Beta Glass gained by 9.98 per cent, closing at N132.80 per share.
Similarly, Austinlaz increased by 9.94 per cent to close at N1.88 per share.
On the losers’ chart, Guinea Insurance declined by 8.70 per cent, ending the session at 63k while DAAR Communications fell by 6.78 per cent, settling at 55k per share.
VFD Group dropped by 6.59 per cent, closing at N17.00 and WAPIC Insurance decreased by 6.07 per cent, closing at N2.01 per share.
Also, Regalins shed by 4.69 per cent, to close at 61k per share.
A total of 475.46 million shares worth N13.899 billion were exchanged across 17,575 transactions.
This is compared to 569.041 million shares worth N18.934 billion that was exchanged across 18,612 deals earlier.
Transactions in the shares of Access Corporation topped the activity chart with 103.92 million shares worth N2.2 billion.
Guaranty Trust Holding Company followed with 37.99 million shares valued at N2.422 billion while United Bank for Africa sold 30.73 million worth N1.04 billion.
Sterling Bank Nigeria traded 27.176 million shares valued at N147.24 million and Zenith Bank transacted 26.18 million worth N1.234 billion. (NAN)
OTC participation earns Nigeria $8bn in oil & gas investments
The Petroleum Technology Association of Nigeria (PETAN) has said that its consistent presence at the Offshore Technology Conference (OTC) has spurred over eight billion dollars in investments for Nigeria’s oil and gas sector.
Its Chairman, Mr Wole Ogunsanya, disclosed this yesterday during the PETAN Luncheon and Panel Session held at the ongoing OTC in Houston, Texas.
The News Agency of Nigeria(NAN) reports that the theme of this year’s session is “Harnessing Nigeria’s Gas Potential for Domestic Utilisation and Global Export Market”.
He explained that the eight billion dollars in investments stemmed from equipment purchases, service partnerships, and project funding facilitated through relationships built at OTC.
“Just last year, we supported the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) with their roadshow, and all the oil fields they presented were fully subscribed,” he noted.
“This is why we are here annually, to connect with the global oil and gas community and bring value back to Nigeria.”
Ogunsanya further said that PETAN recently concluded a funding agreement for member companies to acquire equipment, adding that a new collaboration was initiated with Senegal, developing its offshore gas infrastructure.
“Senegal has invited countries like Canada, France, and Morocco for technical support, but they’ve also expressed a strong interest in collaboration with sub-Saharan Africa, specifically with Nigeria Gas Company (NGC).
“A government-to-government relationship is being explored for pipeline management,” he said.
Reflecting on PETAN’s journey over the past 30 years, Ogunsanya credited the foresight of the founding members for Nigeria’s current oil production capabilities.
“The future of Nigeria’s oil and gas industry is bright,” he said.
“There’s a shift underway with divestments from international oil companies to indigenous firms, and we see it as an opportunity, not a setback.”
He stressed the importance of increasing and sustaining national production, targeting 2.5 to three million barrels per day regardless of global oil prices.
He also highlighted current refining efforts, pointing to a projected refining capacity of 1.4 million barrels daily, including the BUA Group’s ongoing construction of a 350,000-barrel refinery.
“We cannot afford to be passive. PETAN is working tirelessly to support its members in acquiring critical equipment and raising funds,” Ogunsanya affirmed.
“The federal government, the National Oil Company, and Nigerian E&P companies are united in this mission.”
“Our goal is simple: to secure sustainable oil production and revenue generation to support national development.
“The era of halting production due to price fluctuations must end—we must be resilient, consistent, and forward-thinking.”
NAN also reports that over 200 Nigerians, investors, exhibitors and foreigners are in attendance.
Discover more from Keeping Them Honest
Subscribe to get the latest posts sent to your email.