The stock market closed on a negative note on Tuesday, reversing the gains recorded in the previous trading session as investors lost N599 billion.

This followed a day bullish streak in the market.

The downturn was driven by selloffs in stocks such as Multiverse Mining, Livingtrust Mortgage Bank, Mc Nicholas, Thomas Wyatt Nigeria, Eterna and 35 other declining equities.

Market capitalisation fell by 0.38 per cent, shedding N599 billion from an opening value of N158.614 trillion to close at N158.015 trillion.

Similarly, the All-Share Index declined by 927.70 points or 0.38 per cent, dropping from 245,730.53 to close at 244,802.83.

This led to the Year-To-Date (YTD) return declining to 57.32 per cent.

Similarly, the market breadth closed negative, recording 40 losers against 13 gainers.

Multiverse Mining and Livingtrust Mortgage Bank led the losers’ chart by 10 per cent each, ending the session at N22.95 and N3.42 per share respectively.

Also, Mc Nicholas dropped by 9.92 per cent, closing at N5.45, Thomas Wyatt Nigeria declined by 9.87 per cent, settling at N3.56 and Eterna shed by 9.09 per cent, finishing at N33 per share.

On the other hand, AVA Capital led the gainers’ chart by 9.94 per cent, ending the session at N9.95, Nigeria Real Estate Investment Trust followed by 9.71 per cent, finishing at N113 while Livestock Feeds grew by 9.49 per cent, closing at N8.65 per share.

Similarly, Neimeth International Pharmaceutical gained by 8.43 per cent, settling at N9 and AIICO Insurance advanced by 3.47 per cent, closing at N4.18 per share.

Market activity improved during the session as total trading volume rose by 69.25 per cent to 1.56 billion shares worth N28.73 billion, exchanged in 54,160 deals.

Japaul Gold led the volume chart with 904.42 million shares, representing 57.89 per cent of the day’s total volume, while MTN Nigeria recorded the highest value of trades at N3.25 billion, accounting for 11.31 per cent of the day’s total turnover. (NAN) 

By Emeka Anaeto

The National Economic Council (NEC) has approved the refinancing of NNPC Limited’s $3.3 billion oil-backed pre-export finance facility through a ‌new $4.5 billion arrangement.

According to a report by Bloomberg quoting Presidency source, the facility is aimed at strengthening the country’s external reserves and freeing up funds for infrastructure.

The new facility dubbed “Project Gazelle 2”, will refinance approximately $1.5 billion outstanding ⁠under the original 2023 deal while unlocking an additional $3 billion in liquidity, the report said.
It added that ‘‘the refinancing comes as Nigeria seeks to shore up its foreign reserves and fund fiscal priorities amid persistent pressure on the naira currency and efforts to attract foreign investment through economic ‌reforms ⁠launched by President Bola Tinubu’s administration’’.
According to the report, Finance Minister, Taiwo Oyedele, told the NEC that the new terms of the facility were more favourable than the original facility, with pledged crude ⁠oil volumes cut 12.5% to roughly 78,750 barrels per day from 90,000 bpd.
This would free up resources for strategic ⁠national priorities while improving Nigeria’s financing structures.
Vice President Kashim Shettima, who chairs the NEC, said government policies ⁠were ultimately measured by their impact on food prices, healthcare, education and household welfare, the report added.

..Transcorp, Manitoba, InfraCredit, CNG Initiative pledge investments
By Babajide Komolafe, Economy Editor & Egufe Yafugborhi, Ochuko Akuopha
ASABA—Delta State yesterday unveiled a roadmap to unlock its nearly 3,000 megawatts of installed electricity generation capacity, with plans to establish a Delta State Electricity Regulatory Commission and a Delta State Rural Electrification Agency, as major investors in the power sector pledged support for the state’s electricity market.

Unveiling the roadmap at the Delta State Economic and Investment Summit, Mrs. Uche Okafor, Consultant to the Delta State Government on Electricity Market Development, said the state’s Electricity Sector Law had created the legal foundation for private investment.

She said: “All these things we have discussed need a platform for regulation. The Delta State Electricity Sector Law provides the platform to build an electricity market that serves industries, investors and consumers. One of the immediate steps after this summit is the establishment of the Delta State Electricity Regulatory Commission and the Delta State Rural Electrification Agency. The commission will ensure investors get their returns, protect consumers from exploitation and provide the framework for investments to thrive.”

According to her, “The government is ready. It has been ready since 2024 when it passed the Electricity Sector Law. We can now move forward to establish the institutions that will drive investments across the electricity value chain.”

Speaking on behalf of Transcorp Power Ughelli, Delta State, Chief Executive Officer, Mr. Peter Ikenga said Delta possessed the natural resources to become Nigeria’s energy hub.

He said: “Delta State is uniquely positioned. The state has huge gas reserves and almost 3,000 megawatts of installed generation capacity. The remaining gaps are continuous investment in gas feedstock, expansion of transmission infrastructure and strengthening distribution networks. Transcorp is ready to collaborate with the Delta State Government from gas production to generation, transmission and distribution. Delta State can become the number one economic engine in Nigeria and indeed West Africa.”

Speaking for Manitoba Power, Barrister Emmanuel Jakpa said the major challenge was no longer electricity generation.

He said: “There is over 3,000 megawatts of installed capacity, but there is stranded power because of bottlenecks in distribution. Delta has already created the legal framework for private investment and we are prepared to invest aggressively to close that gap and improve electricity supply to businesses and households.”

Also speaking, Mr. Sumeet Singh of PowerGas Nigeria said Delta had already demonstrated how gas could sustain industrial production.

According to him, “For about 10 years we have operated a CNG mother station in Delta. Today, more than 20 factories in the state receive our gas and generate their own electricity without shutting down because of grid failures. Gas prices have remained stable despite global energy shocks, making it a reliable source of energy for manufacturers.”

The representative of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, Engineer Tari Mayo Bright, said discussions had commenced with the Delta State Government on establishing CNG refuelling stations, EV charging hubs and conversion centres.

She said: “The Governor has directed that implementation should commence immediately. Delta has no gas supply problem; it has an integration challenge. We are already discussing Green Hubs, conversion centres, training institutes and refuelling infrastructure that will reduce transport costs and expand the use of cleaner energy.”

On financing, Mr. Daniel Muller, Executive Director of Infrastructure Credit Guarantee Company (InfraCredit), assured investors that long-term capital was available.

He said: “Nigeria’s pension industry has over N31 trillion under management. Those resources are available for bankable infrastructure projects. Whether it is gas infrastructure, power distribution or industrial energy developments, long-term financing is available for credible investors willing to do the work.”