The Nigerian equity market closed positive on Thursday with a gain of N6 billion, driven by investor interest in Seplat and sustained interest in Tier-one banking stocks.

Specifically, gains in United Bank for Africa (UBA), Access Corporation, FBN Holdings, Guaranty Trust Holding Company (GTCO), Nigerian Breweries, International Breweries and African Prudential, among other advanced equities, boosted the market performance.

Consequently, the Nigerian Exchange Ltd. (NGX) market capitalisation gained N6 billion Naira, or 0.01 per cent, to close at N56.227 trillion, up from N56.221 trillion.

The All-Share Index also rose slightly by 0.01 per cent, or 11 points, to close at 99,396.23, compared to 99,385.44 recorded on Wednesday.

As a result, the Year-To-Date (YTD) return increased slightly to 32.93 per cent.

Meanwhile, market breadth closed positive with 33 gainers and 16 losers on the Exchange.

On the gainers’ table, Cutix and Seplat led with a 10 per cent increase each to close at N4.40 and N3,794.90 per share, respectively.

LASACO Assurance followed with a 9.95 per cent gain to close at N2.32 per share.

Computer Warehouse Group gained 9.85 per cent to close at N7.25, and United Capital advanced by 9.79 per cent to close at N24.10 per share.

On the other hand, Daar Communications led the losers’ table with an 8.93 per cent decline to close at 51k per share.

C&I Leasing Plc trailed with an 8.54 per cent drop to close at three Naira per share.

Consolidated Hallmark Holdings lost 7.98 per cent to close at N1.73, MTN Nigeria dropped 6.89 per cent to close at N200, and Regency Alliance Insurance shed 6.52 per cent to close at 43k per share.

An analysis of market activities showed that trade turnover settled higher compared to the previous session, with the value of transactions advancing by 154.67 per cent.

A total of 529.37 million shares valued at N10.49 billion were exchanged in 7,616 deals, compared to 276.36 million shares valued at N4.12 billion in 7,597 deals posted in the previous session.

GTCO led the activity table in volume and value, with 66.05 million shares worth N2.93 billion, followed by UACN with 46.35 million shares valued at N706.59 million.

Access Corporation traded 39.71 million shares worth N754.17 million, Consolidated Hallmark Holdings sold 31.60 million shares worth N54.86 million, and Universal Insurance transacted 30.76 million shares worth N10.53 million.

President Bola Tinubu has approved the construction of the Sokoto-Badagry Highway.

The highway will traverse Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states.

He disclosed this while approving the immediate rollout of the National Construction and Household Support Programme to cover all geopolitical zones in the country.

The programme will boost agricultural productivity, strengthen the economy by creating opportunities in the real sectors of agriculture, manufacturing, and construction, as well as provide urgent economic relief for Nigerians.

Speaking during the National Economic Council, NEC, meeting on Thursday in Abuja, Tinubu urged state governors to work together to meet the needs of citizens, stating that he is willing to provide the needed support to ensure that Nigerians are relieved of hardship.

Under the programme, the Sokoto-Badagry Highway, which will traverse Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos, is prioritised.

Other road infrastructure projects, such as the Lagos-Calabar Coastal Highway, which is underway, and the Trans-Saharan Highway, which links Enugu, Abakaliki, Ogoja, Benue, Kogi, Nasarawa, and Abuja, are also prioritised.

The President has also approved full counterpart financing for the Port Harcourt-Maiduguri Railway to traverse Rivers, Abia, Enugu, Benue, Nasarawa, Plateau, Bauchi, Gombe, Yobe and Borno, as well as the Ibadan-Abuja segment of the Lagos-Kano Standard-Gauge Railway, which will traverse Lagos, Ogun, Oyo, Osun, Kwara, Niger, Abuja, Kaduna, and Kano.

The Sokoto-Badagry road project is specially prioritised for its importance, as some of the states it will traverse are strategic to the agricultural sustainability of the nation.

Within the Sokoto-Badagry Highway corridor, there are 216 agricultural communities, 58 large and medium dams spread across six states, seven Special Agro-Industrial Processing Zones, 156 local government areas, 39 commercial cities and towns, and over one million hectares of arable land.

While emphasising the urgency of boosting food production, the President noted: “Sokoto-Badagry Highway is a pivotal project as the states within this axis form the food belt of the nation, with Badagry being an important artery for food export.

“Our states must work together to deliver on the critical reforms required of us to meet the needs of our people. Time is humanity’s most precious asset. You can never have enough of it. It is getting late.

“We are ready and able to support you in the form of the mechanisation of your agricultural processes and the provision of high-quality seedlings.”

The House of Representatives, on Thursday, passed the bill seeking to domesticate and enforce the International Convention against Doping in Sports and establish the Nigeria Anti-Doping Centre.

The executive bill was presented on the floor of the House of Representatives by the Majority Leader, Julius Ihonvbere, after it was read for the third time.

The proposed legislation is titled, “A Bill for an Act to Domesticate and Enforce in Nigeria the International Convention Against Doping
in Sports, establish the Nigeria Anti-Doping Centre to implement Nigeria’s obligations to World Anti-Doping Code, International Standards and for Related Matters(HB.1441).”

Ihonvbere had, in his debate on the general principles of the bill (second reading), said it seeks to implement Nigeria’s obligations to the World Anti-doping Code, International Standards.

The majority leader had reminded his colleagues that if the proposed domestication and establishment of the centre are not done before July 26, Nigeria may not participate in the forthcoming Olympics.

“This is a very important bill. It is for the health of sporting activities in Nigeria. We are already a signatory to the Code. Nigeria has been taken to the Court of International Arbitration for Sports for (not) setting up our Anti-doping Centre, which is required of all countries that have signed the Code.

“If we don’t set it up before then (July 26), it means we will not participate in the coming Olympics,” he said.

The bill was subsequently referred to the Committee on Treatise, Agreements and Protocols.

Recall that President Bola Tinubu had, in May 2024, transmitted the National Anti-doping Bill, 2024 to the House, seeking its accelerated passage ahead of the Olympic Games slated to begin on July 26, 2024.

Tinubu had, in a letter read at plenary last Thursday, said, “The National Anti-doping Bill, 2024 seeks to create an administrative independent National Ant-doping organisation which is a cardinal requirement for Nigeria to achieve compliance with the world anti-doping code and international standard for code compliance with codes by signatories.

“The enactment of this vital legislation will also help Nigeria avoid the imposition of signatories consequences including loss of hosting rights and participation at regional, continental and world championships or major athletic events.”