Nigerian stock market bleeds, loses N48bn in dramatic Friday sell-off – Newstrends
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Nigerian stock market bleeds, loses N48bn in dramatic Friday sell-off

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Nigerian stock market bleeds, loses N48bn in dramatic Friday sell-off

The Nigerian stock market wrapped up the week in chaos as investors watched ₦48 billion evaporate in a single trading session.

The market, gripped by a wave of aggressive sell-offs, saw its capitalisation drop from ₦70.510 trillion on Thursday to ₦70.462 trillion by Friday’s close, reflecting a 0.07 per cent plunge.

The All-Share Index (ASI) wasn’t spared either, dipping by 76.07 points to settle at 111,742.01, down from 111,818.08 in the previous session.

The loss was driven by major dump-offs in blue-chip stocks, including Beta Glass, NCR Nigeria, Conoil, and Legend Internet, which all suffered near-10 per cent losses, dragging the entire market down with them.

Market sentiment remained largely negative, with 37 stocks declining while only 28 managed to edge upward. Beta Glass and NCR Nigeria both nosedived by 10 per cent, closing at ₦232.65 and ₦6.57 respectively. Conoil wasn’t far behind, plunging by 9.99 per cent to ₦298.10, while Legend Internet crashed by 9.94 per cent, closing at ₦6.16. Industrial Medical Gases also joined the rout, shedding 9.91 per cent to finish the day at ₦33.65 per share.

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However, a few bright spots offered a sliver of hope. Omatek surged by 9.86 per cent to close at 78k, Red Star Express climbed by 9.62 per cent to ₦8.32, and Deap Capital Management advanced by 9.38 per cent to ₦1.05. Sovereign Trust Insurance also rose by 9.09 per cent to end at ₦1.08, while May & Baker appreciated by 8.26 per cent, closing at ₦11.80 per share.

Despite the bearish mood, trading activity exploded with 1.90 billion shares worth ₦64.14 billion changing hands across 18,653 deals, a significant leap from Thursday’s 556.45 million shares valued at ₦17.17 billion in 18,505 deals. United Bank for Africa stole the spotlight on the activity chart, commanding an overwhelming 1.41 billion shares traded for ₦49.02 billion. United Capital followed with 66.84 million shares worth ₦1.32 billion, while Access Corporation, Fidelity Bank, and Zenith Bank also posted robust trading figures.

 

Nigerian stock market bleeds, loses N48bn in dramatic Friday sell-off

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Twitter ex-CEO introduces ‘BitChat’ internet-free messaging app

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5 hours ago

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July 9, 2025

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Jack Dorsey, former chief executive officer (CEO) of Twitter

Twitter ex-CEO introduces ‘BitChat’ internet-free messaging app

Jack Dorsey, former chief executive officer (CEO) of Twitter (now X), has introduced BitChat, a messaging tool that allows users to send encrypted messages without internet access.

The app, which is still in its early stages, was revealed by Dorsey in a recent post on X.

He described it as a personal project exploring Bluetooth mesh networking, message encryption, and decentralised communication.

“My weekend project to learn about bluetooth mesh networks, relays and store and forward models, message encryption models, and a few other things,” he wrote.

A beta version of the app is currently available via TestFlight for iOS users, while its source code and white paper have been published on GitHub.

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How It Works

According to the documentation shared by Dorsey, BitChat uses a store-and-forward architecture where messages are relayed from one Bluetooth-enabled device to another until they reach the intended recipient.

The document said the app supports end-to-end encryption, with messages secured using Curve25519 public keys and authenticated through the noise protocol framework (NPF).

Its interface is minimalist, inspired by internet relay chat (IRC), a text-based system common in the early internet era.

BitChat aligns with Dorsey’s long-standing interest in decentralised technologies.

The American entrepreneur had also backed Bluesky, a decentralised social media app, before leaving its board in May 2024.

He stepped down as Twitter CEO in 2021 and has since focused on Bitcoin infrastructure and digital payments through his company, Block, Inc. (formerly Square).

Twitter ex-CEO introduces ‘BitChat’ internet-free messaging app

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Dangote refinery slashes petrol price to N820/litre

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5 hours ago

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July 9, 2025

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Dangote Refinery slashes petrol price to N820/litre

Dangote Petroleum Refinery, yesterday, slashed the depot price of Premium Motor Spirit, also known as petrol, to N820 per litre from N838 per litre as competition heightens in Nigeria’s domestic market.

The adjustment was also due to the drop in crude oil prices to $70 per a barrel yesterday, from more than $77 per barrel in June 2025.

However, other operators also adjusted their depot prices at different rates in order to be competitive under the current circumstances.

According to petrolprice.com, the Dangote Petroleum Refinery made the highest adjustment while Fatgbems adjustment to N837 per litre from N838 per litre was the least.

Also, Integrated adjusted its depot price to N836 per litre from N837 per litre while Bovas adjusted to N836 per litre from N837 per litre.

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AIPEC adjusted its depot price to N837 per litre from N840 per litre while First Royal adjusted to N838 per litre.

In an interview with Vanguard, yesterday, a close watcher of the domestic market and Chief Executive Officer of Petrolprice.ng, Olatide Jeremiah, said: “We are seeing a lot of dynamics in the global and domestic market. With the ceasefire in the Israel-Iran conflict, crude oil prices have dropped to about $70 per barrel from more than $77 per barrel.

“Consequently, operators in the domestic market have adjusted accordingly. We look forward to seeing more adjustments in the coming weeks.”

Recently, the Dangote Refinery slashed the gantry price of petrol by 4.5 per cent to N840 per litre, from N880 per litre.

Checks by Vanguard indicated that the reduction was based on the slide in crude oil price to $67.50 per barrel from more than $70 per barrel in the global market.

The global oil market and by extension petroleum prices have been unstable in the past few weeks, due mainly to the Israel-Iran conflict.

Recently, depot owners reduced the prices of petrol by five per cent when the price of Nigeria’s Bonny Light dropped to $68 per barrel from more than $80 per barrel in the global market.

Dangote Refinery slashes petrol price to N820/litre

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Updated: NADDC, Toyota, Carloha, Weststar, LSM, Nord, others confirm 2025 Auto Summit participation 

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20 hours ago

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July 8, 2025

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Updated: NADDC, Toyota, Carloha, Weststar, LSM, Nord, others confirm 2025 Auto Summit participation 

 

Many bjg organisations and prominent stakeholders have thrown their weight behind the forthcoming Nigeria Auto Industry Summit (NAISU) slated for July 31st, 2025 in Lagos.

The National Automotive Design and Development Council, Toyota Nigeria Limited, Carloha, Weststar Associates Limited, Lanre Shittu Motors (LSM) and Nord are among other stakeholders that have confirmed their participation in this year’s event.

Apart from NADDC, other major organisations partnering with NAJA to host this year’s programme are the Nigeria Association of Automotive Manufacturers (NAMA) and African Association of Automobile Manufacturers (AAAM).

Riding on the huge success of the maiden edition held last year and with a lot of interest coming stakeholders and prospective participants, NAJA says the event can only get better.

NAJA in a statement gave the main theme of this year’s Summit holding in Lagos as “NIGERIA FIRST: LOCAL CONTENT AS CATALYST FOR AUTOMOTIVE ECONOMY”.

It quoted Mike Ochonma, the Summit Organizing Committee Chairman, as saying, “Last year, NAJA premiered the Nigeria Auto Industry Summit (NAISU) as a platform for stakeholders and participants to converge and critically x-ray the auto industry and proffer solutions that will take the industry to greater heights for the benefits of all players in the industry and Nigerians at large.

“For this year, critical government agencies like NADDC, Standards Organization of Nigeria (SON), Nigeria Customs Service (NCS) and others have also confirmed their participation for this year’s event.

Theodore Opara, Chairman of NAJA, also lent his voice, saying, “NAISU has come to stay as evidenced by the wholehearted embrace by the stakeholders in the auto industry.

“And the interests already received this year show that this event is on the right trajectory for the benefit of all in the industry.

“Also, this year promises to radically work on entrenching local content and work more on the long-awaited Auto Industry Development Plan of the federal government, which also remains a focal point of discussions in the sector.

“This year’s NAISU promises to be a better version of last year and plans are already in top gear to ensure all expectations are met and exceeded.”

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