The Market Pulse

Dangote Refinery shields Nigerians from global fuel price shock – S&P

S&P Global reports that rising clean petroleum transport costs from Europe to West Africa are being mitigated in Nigeria by the operations of the Dangote Refinery, which helps cushion the local economy from global fuel price shocks.

Assalamu Alaikum. This one is for our Muslim investors. 🇳🇬

You asked about halal stocks on the NGX. Here they are.

The NGX Lotus Islamic Index is the official Shariah screened index on the Nigerian Exchange. Every stock on this list has been evaluated for compliance with

GTCO Launches Second Edition of #BeatTheDistance Initiative, Donating 3,000 Bicycles Across Six States in Nigeria

https://t.co/pd7Od6qbPg

GTCO P/E — 5.55

Firstbank P/E — 17.3

Zenith P/E — 4.3

WEMA P/E — 5.36

UBA P/E — 5.01

Jaiz P/E — 15.67

Ecobank P/E — 1.7

For some you can buy ahead of time, for some it’s better you wait for the result of H1.

Nigeria’s 3.87% growth too weak to deliver shared prosperity — KPMG

KPMG Nigeria reports that the country's current economic growth rate of 3.87 percent remains too weak to foster shared prosperity. The audit and advisory firm emphasizes that higher growth thresholds are necessary to address widespread economic challenges and improve overall living standards across the nation.

#NGX MARKET BULLETIN

Sterling Financial Holdings Company Plc: Listing of 13,812,239,000 Ordinary Shares of 50 Kobo each Arising from Sterling Financial Holdings Company Plc’s Offer for Subscription of 12,581,000,000 Ordinary Shares of 50 Kobo each at N7.00 Per Share.

Trading

📈The NGX added N390.31bn on Wednesday, lifting market cap to N156.23trn.

First HoldCo and Legend Internet topped the gainers' list while International Breweries and TAJSUKS1 led declines.

Investors traded 476.33m shares worth N29.62bn.

https://t.co/H5BSAtUvvu

#NGX https://t.co/K3wJNu3rRH

US dividends paid to Nigerians are withheld at 30%. There is no tax treaty.

Nigerian dividends are withheld at 10%.

So a 4% US yield is really 2.8%. An 8% NGX yield is really 7.2%.

Own the US for growth. Own Nigeria for income.

Two tools. Two jobs.

💹 NGX Equities Snapshot – July 15, 2026

All Share Index - 242,483 (-0.16%)
Value Traded - N27.2 Billion
Market Deals - 39,942
Volume of Shares Traded - 453,171,291
Total Equity Market Cap – N156.3 Trillion

Follow @vantarhq for daily market updates & learn more at

GTCO — 126 ✅✅✅

Now I wait

Expected downside as called based off the PE ratio

I think there is still a downside as it’s still expensive relative to HMBNG and DANGCEM

Probably another 10-20% fall and we would be around the bottom

Anything can still happen tho in the market
Not financial advice https://t.co/GhScubGkdZ https://t.co/QTAh9VfchA

MTNN— 820 ✅✅

Let’s see what the market would tell us by November

BUA Foods plans major expansion to support Nigeria’s economic growth, food security

BUA Foods has announced plans to expand its flour, pasta, and edible oil production capacities, alongside launching a new noodles business. The expansion aims to enhance local food production, improve affordability, and deepen the company's agricultural investments.

PINL Surveillance Effort Helped Nigeria Exceed OPEC Quota – NUPRC

Nigeria has surpassed its crude oil production quota set by the Organisation for Petroleum Exporting Countries. The Nigerian Upstream Petroleum Regulatory Commission attributed this milestone to enhanced pipeline surveillance and stabilized production, which mitigated major security infractions on critical infrastructure.

Nigeria’s 3.87% growth too weak to deliver shared prosperity — KPMG

KPMG Nigeria has stated that the country's economic growth rate of 3.87 percent is insufficient to drive shared prosperity. The professional services firm highlighted the need for stronger macroeconomic performance to address broader economic development challenges across the nation.

Wema Bank warns customers over fake apps targeting banking details

Wema Bank has issued a public warning to its customers regarding fraudulent mobile applications designed to harvest banking credentials. The financial institution previously suspended its communication channels on certain social media platforms to mitigate impersonation risks and protect user accounts.

Femi Otedola was on the Forbes billionaire list in 2009. Then debt happened, and he fell off.

He sold Forte Oil in 2019. Plenty of people wrote him off.

In 2022 he listed Geregu Power on the NGX. It became one of the first power companies to cross a ₦1 trillion valuation on

back to business 😂😂

earnings season is starting on the NGX.

July 28–31 is when most major companies like, MTN, Zenith Bank, Access Holdings, Nigerian Breweries file their H1 2026 results.

earnings season matters because it's when the market gets real data

Companies paying dividends this month #Ngx https://t.co/aAeMjBFNJX

BUA Foods just paid out N420 billion in dividends, and one shareholder alone is credited with roughly N11 billion of it.

He owns about 93% of the company.

This is a clean lesson in concentrated ownership.

When one shareholder holds the overwhelming majority, dividend policy