The Nigerian Exchange Ltd. (NGX) rebounded yesterday, reversing two days of bearish trends, with a gain of N315 billion.
The NGX market capitalisation rose by N315 billion representing 0.46 per cent, closing at N68.357 trillion, up from N68.042 trillion on Monday.
Similarly, the All-Share Index (ASI) increased by 501.14 points or 0.46per cent, closing at 108,762.61, compared to 108,261.47 in the previous session.
The uptrend was as a result of bargain-hunting in some select stocks.
Meanwhile, the market breadth closed positive with 41 gainers and 24 losers.
On the advancers’ chart, Chellaram rose by 10 per cent, to close at N11.44 per share while Oando Plc also soared by 10 per cent, settling at N49.50 per share.
Transcorp gained by 9.99 per cent, ending the session at N46.25 and Beta Glass grew by 9.96 per cent, closing at N194.30 per share.
Also, Caverton Offshore Support Group increased by 9.85 per cent, finishing at N3.68 per share.
On the decliners’ chart, Haldane McCall Plc fell by 9.85 per cent, settling at N4.21 while Academy dropped by 7.33 per cent, closing at N4.30 per share.
UPDC Real Estate Investment decreased by 6.25 per cent, ending the session at N3.00 and ABC Transport shed by 6.13 per cent, to close at N2.91 per share.
Similarly, NPF Micro finance Bank lost by 5.14 per cent, finishing at N2.03 per share.
A total of 498.48 million shares worth N10.781 billion were exchanged across 14,916 transactions.
This is compared to 414.57 million shares worth N10.72 billion that was exchanged across 16,664 transactions earlier.
Transactions in the shares of Tantalizer topped the activity chart with 57.80 million shares valued at N131.32 million.
Access Corporation followed with 36.79 million shares worth N784.43 million while Guaranty Trust Holding Company sold 31.84 million shares valued at N2.19 billion.
Fidelity Bank traded 23.39 million shares worth N470.49 million and Nigerian Breweries transacted 26.032 million shares valued at N1.08 billion.
Managing Director of Globalview Capital Ltd. Mr Aruna Kebira, said the upward trend was a result of some investors taking their profits in line with their income objectives as short-term investors remained at alert to make profits.
He said the market witnessed a culmination of various cash out leading to profit spree. (NAN)
Nigeria’s oil output rises 6% to 1.4mbpd in April
The Nigerian Upstream Petroleum Regulatory Authority (NUPRC), has revealed that Nigeria’s oil production has increased to 1,485,700 barrels per day (bpd) in April, marking a 6.06% rise compared to March’s yield of 1,400,783 bpd.
According to NUPRC’s latest crude oil and condensate production data, this represented the first month-on-month output growth.
With the addition of condensate, oil production rose from 1.603 million bpd in March to 1.683 million bpd in April.
The NUPRC noted that the average crude oil production for April represented 99% of the 1.5 million bpd quota set for Nigeria by the Organization of Petroleum Exporting Countries (OPEC).
The commission reported that the daily average production in April was 1,683,307 barrels per day, comprising both crude oil (1,485,700 bopd) and condensate (197,607 bpd).
The lowest and peak combined crude oil and condensate production in April were 1.60 million bopd and 1.73 million bopd, respectively.
This increase in oil production is a positive development for Nigeria’s energy sector.
The Nigerian National Petroleum Company Limited, (NNPCL) Group Chief Executive Officer, Mr. Bayo Ojulari, had in an interview on Monday with BBC Hausa, noted the company’s commitment to ramping up production, saying that they will continue to drill oil in the Northern parts of the country.
The NUPRC’s efforts to boost oil production are further supported by recent investments. ExxonMobil has pledged to invest $1.5 billion in deep-water exploration and development, aiming to rejuvenate production in the Usan deepwater oil field.This investment is expected to be executed between the second quarter of 2025 and 2027.