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After N2.83trn Loss, Analysts See Stock Market Staying Cautious This Week

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Nigerian stock market analysts stated that this week’s trading sessions may remain tentative, with investors prioritising profit‑taking and strategic capital reallocation to align portfolios with fiscal‑year targets.

The market capitalisation of listed equities declined by N2.83 trillion to N94.998 trillion last week as the market extended its bearish momentum with profit-taking sentiments dominating trading amid a combination of domestic and external headwinds.

Looking ahead, Cowry Asset Management Limited stated that, “the market is likely to remain cautious as investors continue profit-taking and reallocate capital in line with fiscal-year considerations.

“Although near-term volatility may persist, the impressive YTD gains suggest that underlying fundamentals remain relatively strong. Market direction in the coming weeks will likely be influenced by macroeconomic indicators, particularly inflation, exchange rate stability, corporate earnings updates, and liquidity flows from both local and foreign investors. However, investors are expected to maintain a selective approach, tilting toward fundamentally sound and defensive stocks capable of weathering short-term market swings.”

Afrinvest Limited said, “This week, we expect the market dynamics to remain bearish, driven by weak investor sentiment across major bellwethers.”

Trading opened in November with a bearish onslaught, as the NGX All-Share Index (ASI) fell by 2.99 per cent week-on-week to close at 149,524.81 points, reflecting sustained selling pressure as investors adjusted portfolios in response to geopolitical tensions surrounding the US-Nigeria diplomatic faceoff, year-end portfolio rebalancing, and expectations of window-dressing activities by institutional players.
Similarly, the market capitalisation of listed equities declined by N2.83 trillion to N94.998 trillion.

Market breadth remained heavily skewed to the bears, with 20 gainers against 75 losers, indicating widespread sell pressure across sectors. NCR Nigeria led the gainers table by 20.94 per cent to close at N19.35 per share. Eunisell Interlinked followed with a gain of 20.17 per cent to close at N70.90, while Union Dicon Salt went up by 9.93 per cent to close at N7.75 per share.

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On the other side, Sovereign Trust Insurance led the decliners table by 28.21 per cent to close at N2.80 per share. C&I Leasing followed with a loss of 20.16 per cent to close at N5.03, while Skyway Aviation Handling Company declined by 18.99 per cent to close at N80.60 per share.

Overall, a total of 3.575 billion shares worth N107.011 billion in 146,429 deals were traded by investors on the Exchange’s floor last week, compared to a total of 7.479 billion shares valued at N145.429 billion that exchanged hands the previous week in 159,487 deals.

The Financial Services Industry (measured by volume) led the activity chart with 2.946 billion shares valued at N65.904 billion traded in 62,817 deals; contributing 82.39 per cent and 61.59 per cent to the total equity turnover volume and value, respectively. The Services Industry followed with 147.325 million shares worth N1.511 billion in 7,656 deals, while the Consumer Goods Industry traded a turnover of 147.307 million shares worth N11.195 billion in 18,644 deals.

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Four Nigerians among Forbes Africa’s 15 icons for 2026, see full list

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Four Nigerians, Aliko Dangote, Ngozi Okonjo-Iweala, Mo Abudu and Burna Boy, have been named among 15 personalities featured on Forbes Africa’s inaugural Icons list for 2026.

PUNCH Online on Saturday reported that the list, published in the magazine’s October-November anniversary edition, recognises individuals whose ideas, innovations and voices have influenced Africa’s past, present and future.

The selection marks the 15th anniversary of Forbes Africa, which said it chose personalities whose work had made a lasting impact beyond their industries and national borders.

The four Nigerians represent business, international economic leadership, media and music.

Dangote, president of Dangote Group, is recognised for his role in African industry and private enterprise.

Dangote

Okonjo-Iweala, director-general of the World Trade Organization and a former Nigerian finance minister, represents Africa’s presence in international economic leadership.

Iweala

Abudu, founder and chief executive of EbonyLife Group, is recognised for her contribution to African media and entertainment, while Burna Boy, whose real name is Damini Ebunoluwa Ogulu, represents the international reach of Nigerian music.

Mo Abudu

The other personalities on the list are South African businessman Adrian Gore, CAF president and businessman Patrice Motsepe, Zimbabwean entrepreneur Strive Masiyiwa and former Liberian President Ellen Johnson Sirleaf.

Also featured are Nobel Prize-winning novelist Abdulrazak Gurnah, Ethiopian athletics legend Haile Gebrselassie, former Ivorian footballer Didier Drogba, South African businessman Johann Rupert, Kenyan-Mexican actor Lupita Nyong’o, South African comedian Trevor Noah and Beninese musician Angélique Kidjo.

The 15 personalities represent sectors including business, public service, literature, sport, music and entertainment.

According to Forbes Africa’s methodology, the selection was based on factors including global recognition, legacy, measurable economic, social or cultural influence, and contributions to Africa’s growth narrative over the years.

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The magazine said its editorial team consulted established figures, experts and professionals in the respective industries to gather insights on the honourees’ impact and legacy.

The list is presented in no particular order, the release noted.

Full list of Forbes Africa Icons 2026

– Mo Abudu — Nigerian-British media entrepreneur and founder-chief executive of EbonyLife Group.

– Ngozi Okonjo-Iweala — Nigerian economist and director-general of the World Trade Organization.

– Adrian Gore — South African businessman and founder-chief executive of Discovery Group.

Gore

– Patrice Motsepe — South African businessman and president of the Confederation of African Football.

Motsepe

– Strive Masiyiwa — Zimbabwean entrepreneur and founder and executive chairman of Econet Global and Cassava Technologies.

Masiwiya

– Ellen Johnson Sirleaf — Former president of Liberia.

Sirleaf

– Aliko Dangote — Nigerian industrialist and president of Dangote Group.

– Burna Boy — Nigerian singer and songwriter.

Burna Boy

– Abdulrazak Gurnah — Zanzibar-born novelist and Nobel laureate in Literature.

Gurnah

– Haile Gebrselassie — Ethiopian athletics legend and businessman.

Gebrselassie

– Didier Drogba — Former Ivorian footballer.

Drogba

– Johann Rupert — South African businessman and chairman of Compagnie Financière Richemont.

Rupert

– Lupita Nyong’o — Kenyan-Mexican actor.

Nyong’o

– Trevor Noah — South African comedian, writer, producer and former host of The Daily Show.

Noah

– Angélique Kidjo — Beninese musician and actor.

Kidjo

Forbes Africa said the list celebrates individuals whose contributions have helped shape the continent’s development and standing on the global stage.

Source: punchng.com

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Lagos e-hailing drivers begin indefinite strike over fares

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E-hailing drivers in Lagos State have begun an indefinite strike over concerns about fare structures, commissions, deductions and welfare.

The drivers, under the Amalgamated Union of App-Based Transporters of Nigeria, announced the industrial action in a notice seen by PUNCH Metro on Saturday, saying it would commence on Monday and continue until further notice or satisfactory progress was made in addressing their grievances.

AUATON, an affiliate of the Nigeria Labour Congress, said the strike followed persistent concerns over operational policies, drivers’ welfare, safety, security and the sustainability of their operations.

“Despite repeated efforts by drivers and stakeholders to draw attention to these concerns, many of the issues remain unresolved,” the union said.

It added that the decision to embark on the strike was informed by the need to address challenges affecting drivers’ earnings and working conditions.

To cushion the impact of the industrial action, AUATON appealed to fleet owners and managers to grant temporary relief from daily remittance obligations and related operational targets for the duration of the strike.

“During the industrial action, drivers will not be generating their normal revenue from which daily remittance obligations ordinarily arise.

“We, therefore, appeal to fleet partners to refrain from imposing penalties, sanctions or adverse measures solely on the basis of a driver’s participation in the action, as drivers are not expected to operate during this period,” the notice read.

The union said its task force would be deployed across all local government areas in Lagos State to monitor compliance with the strike.

It warned that drivers found operating in violation of its directives could face sanctions under its internal disciplinary measures.

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AUATON, however, urged fleet owners, managers and affected drivers to maintain open communication and resolve operational concerns through constructive engagement during the strike.

Highlighting the potential benefits of addressing its demands, the union said improved earnings, welfare and operating conditions could help boost driver retention, reduce turnover and improve commitment among drivers.

“Meaningful improvements in driver earnings, welfare and operating conditions may contribute to improved driver retention and reduced turnover, better driver commitment and engagement, more sustainable vehicle utilisation and reduced operational disputes between drivers and fleet partners,” it said.

The union added that better earnings could also improve vehicle maintenance and promote stability in the app-based transportation sector.

It stressed that its objective was not to disrupt businesses unnecessarily but to advocate better operating conditions for drivers and other stakeholders.

The notice was signed by the Lagos State Chairman of AUATON, Jaiyesimi Olalabi Azeez, popularly known as Makavelli, who appealed to fleet partners for understanding and cooperation.

The union reiterated its commitment to peaceful engagement and constructive dialogue with fleet owners, managers and other stakeholders to find lasting solutions to the issues prompting the industrial action.

Source: punchng.com

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Tinubu reveals that World Bank report affirms reform gains

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President Bola Tinubu on Sunday welcomed the World Bank’s latest Nigeria Development Update, saying its findings, including that the poverty rate has stabilised for the first time since 2019, confirm that his economic reforms are working.

In a statement on Sunday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President said the October 2026 edition of the report, titled ‘Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities,’ showed that the reforms were delivering results and putting the economy on a firmer footing for sustained growth.

He noted the bank’s expectation that poverty will decline gradually as gross domestic product grows faster than the population.

According to the report, the economy grew 4.2 per cent in the first half of 2026, up from 3.9 per cent in the first half of 2025, despite the impact of the conflict in the Middle East.

The bank projected growth to average at least 4.4 per cent between 2026 and 2028.

On prices, it said inflation fell from 27.6 per cent in January 2025 to 15.2 per cent in December 2025.

Higher global fuel prices linked to the Middle East conflict have since slowed the decline, but the bank said it expects inflation to ease to about 12 per cent by 2028.

The report also said the current account surplus rose to $12bn, or 7.0 per cent of GDP, in the first half of 2026, from $8.6bn a year earlier.

Gross external reserves increased from $45.5bn at the end of 2025 to $53.8bn at the end of August 2026.

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The bank credited the reforms since 2023 with raising federation revenues by 69 per cent in real terms between 2023 and 2025, with states the largest beneficiaries.

It said states used the extra resources to increase capital spending by 151 per cent in real terms over the same period, most of it going to roads and other transport, agriculture, energy and housing.

Twenty-nine of 33 states shifted spending towards economic infrastructure, while real social spending per person rose in all but one state, the report said.

It also found that internally generated revenue grew in real terms in 31 of 35 states; 21 states reduced their debt-to-GDP ratio between 2021 and 2025; and Nigeria’s overall public debt is expected to fall from 40.0 per cent of GDP in 2025 to 38.1 per cent in 2026.

Tinubu said the findings confirmed that “the difficult but necessary decisions to remove the petrol subsidy, unify the foreign exchange market and strengthen fiscal discipline have raised revenues, stabilised the economy and created fiscal space for every tier of government to invest in its people.”

“The dividends of reform are becoming visible,” he said, adding, “But more work remains to ensure they fully translate into better living standards for every household, starting with lower food prices and decent jobs for our young people.”

He said his administration would “stay the course of reform and redouble its focus on inclusive growth under the Renewed Hope Agenda.”

Tinubu promised to keep expanding targeted cash transfers, which he said had already reached more than 10 million households.

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He also pledged to accelerate the rollout of Compressed Natural Gas, raise agricultural productivity, and improve access to affordable healthcare and quality education “so that the prosperity being created is shared by all.

President Tinubu urged state governments to use their higher revenues “more prudently” and to prioritise projects that improve living standards and the health and education of residents.

He commended the Economic Management Team, led by the Minister of Finance and Coordinating Minister of the Economy, as well as state governors and other stakeholders, for their cooperation in implementing the reforms.

He said, “I assure Nigerians that the best is yet to come under the Renewed Hope Agenda 2.0, which will accelerate the delivery of shared prosperity for all Nigerians.

Source: punchng.com

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