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Marketers Will Pay Naira for Dangote Fuel -IPMAN

Aliko Dangote Refined petroleum products from the $20bn Dangote Petroleum Refinery are to be sold in naira and not in the United States dollar as speculated in some quarters, oil marketers clarified on Monday. Dealers in the downstream oil sector also stated that the registration process for marketers at the refinery was still ongoing, as many operators had continued to register with the plant. It was further gathered that officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority were meeting with the management of the refinery to perfect the pricing template for products produced by the facility. On January 12, 2023, the Dangote Petroleum Refinery announced the commencement of production of Automotive Gas Oil, also known as diesel, and JetA1 or aviation fuel. The President, Dangote Group, Aliko Dangote, had in a statement issued by the firm, said, “We have started the production of diesel and aviation fuel, and the products will be in the market within this mon...
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NSE: market rebounds by N41bn

NSE: Market rebounds by N41bn

Trading activities on the Nigerian Stock Exchange (NSE) on Thursday bounced back, reversing the three-day negative trend as the market capitalisation increased by N41 billion.

The News Agency of Nigeria (NAN) reports that the market capitalisation rose by N41 billion or 0.43 per cent to close at N9.479 trillion against N9.438 trillion achieved on Wednesday.

Similarly, the All-Share Index appreciated by 120.30 points or 0.44 per cent to close at 27, 598. 34 compared with 27,478.04 posted on Wednesday.

Market analysts attributed the rebound to investors’ reaction to impressive third quarter result released by the Guaranty Trust Bank Plc.

NAN reports that Seplat topped the gainers’ chart, appreciating by N7 to close at N368 per share.

The Guaranty Trust Bank followed on the gainers’ with a gain of N1.19 to close at N24.49 and Guinness chalked up N1.90 to close at N80 per share.

Mobil Oil grew by N1 to close at N187 and International Breweries went up by 95k to close at N19.95 per share.

On the other hand, Ecobank Transnational recorded the highest price loss to lead the losers’ table, declining by 40k to close at N10.13 per share.

Dangote Sugar Refinery trailed with a loss of 14k to close at N6.26, while National Aviation Holding dipped 13k to close at N2.92 per share.

Africa Prudential Registrar also lost 13k to close at N2.56 and Custodian and Allied Insurance shed 9k to close at N3.71 per share.

GT Bank emerged the most traded equity, trading 17.07 million shares worth N426.53 million.

It was trailed by Zenith Bank having sold 10.52 million shares valued at N157.58, while Transcorp transacted 10.08 million shares worth N9.78 million.

NAN reports that Hallmark Insurance exchanged 10 million shares worth N5 million, while Fidelity Bank traded 8.42 million valued at N7.08 million.

In all, a total of 111.89 million shares worth N4.01 billion were traded by investors in 2,699 deals.

NAN also reports that this was against the 81.91 million shares valued at N592.52 million exchanged by investors in 2,520 deals on Wednesday.

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