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Nigerian Stock Market Takes a N659 Billion Hit Amid Mixed Performance
The Nigerian stock market experienced a notable decline on April 8, 2025, with the market capitalization of the Nigerian Exchange Ltd (NGX) dropping by N659 billion, representing a 1.01% decrease. The market’s value fell to N65.488 trillion, down from the N66.147 trillion recorded the previous Friday.....KINDLY READ THE FULL STORY HERE▶
The All-Share Index also recorded a significant fall, dropping by 1.23% or 1,295.02 points, closing at 104,216.87, compared to 105,511.89 in the prior trading session. This downturn was attributed to a variety of factors, including the recent listing of First Holdco Plc’s rights issue, which involved the issuance of nearly 6 billion ordinary shares at N25 each, effective from April 7, 2025.
Market breadth ended on a negative note, with 51 stocks declining and only 9 advancing. Among the biggest losers were Cornerstone Insurance, which fell by 10% to N2.97, and Oando Plc, which also dropped 10%, closing at N37.80 per share. Other notable losers included Secured Electronic Technology and RT Briscoe, both losing 10% to close at 45 kobo and N2.16 per share, respectively.
On the other hand, stocks like VFD Group and TotalEnergies Marketing Nigeria performed well, gaining 10% and 9.61%, respectively. Guinea Insurance and International Energy Insurance also saw increases of 9.52% and 9.33%, respectively, contributing to the limited gains in the market.
In terms of trade volume, First City Monument Bank led the activity chart, with 65.5 million shares worth N588.99 million traded. Fidelity Bank, Guaranty Trust Holding Company, Access Corporation, and Zenith Bank also saw considerable trading activity.
A tragic multiple-vehicle crash in Bauchi State has left eleven people dead and several others injured in varying degrees of severity.....KINDLY READ THE FULL STORY HERE▶
Brazil’s President has called on global powers to reconsider their strategies after saying they have failed to end the ongoing conflict in the Middle East.....KINDLY READ THE FULL STORY HERE▶
Speaking at a summit of progressive leaders in Barcelona, Luiz Inácio Lula da Silva urged the five permanent members of the United Nations Security Council to adopt a new approach and take stronger responsibility for maintaining global peace.
He also criticised U.S. President Donald Trump for his frequent social media posts directed at Iran.
“We cannot wake up every morning and go to bed every night with a tweet from a president threatening the world and declaring wars,” Lula said.
APC Fires Back at Adeleke Over ₦300bn LG Funds Allegation, Blames Governor for Salary Crisis....KINDLY READ THE FULL STORY HERE▶
The Osun State Chapter of the All Progressives Congress (APC) has responded to claims by Governor Ademola Adeleke that local government officials under the party diverted about ₦300 billion meant for workers’ salaries.
Adeleke had made the allegation during a stakeholders’ meeting, accusing APC-controlled council officials of hijacking funds and forcing the state government to shoulder salary payments for local government workers, teachers, health staff, and pensioners for over a year.
He insisted he would not abandon workers, blaming the situation for delays in executing some state projects.
But in a statement, APC’s Director of Media and Information, Kola Olabisi, dismissed the claims, accusing the governor of misleading the public and shifting blame.
The party alleged that Adeleke was responsible for the salary issues, claiming he refused to release electronic payment vouchers and other financial documents needed for processing payments.
APC also said pension-related records, leave bonuses, cooperative deductions, and other financial data had not been made available despite repeated appeals, insisting that funds were properly accounted for and available for use if approved.
The party urged pensioners and workers to seek clarification, insisting the situation could be resolved if the governor allowed due process to take place.
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