馃嚦馃嚞NigeriaWest Africa
Nigerian equities market gains N1.52 trillion as banking stocks rally
via Punch Nigeria2 min read
The Nigerian equities market experienced a strong rebound, gaining N1.518 trillion after several consecutive sessions of losses. The NGX All-Share Index increased by 0.97 percent, closing at 238,219.19 points, and market capitalization rose to N152.845 trillion. This upturn was primarily driven by price appreciation in large and medium-capitalized stocks, including MTN Nigeria Communications, Guaranty Trust Holding Company, Zenith Bank, FBN Holdings, and Lafarge Africa. Despite the overall market gain, market breadth was negative, with 35 declining stocks outnumbering 17 advancing stocks. FBN Holdings and GTCO were among the top gainers, each rising by 10 percent. Conversely, FTN Cocoa Processors led the decliners with a 10 percent drop. The total traded volume increased by 11.07 percent to 489.096 million units, valued at N36.493 billion, with Fidelity Bank, United Bank for Africa, and Access Holdings leading the activity chart.
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This summary was AI-generated from a story originally published by Punch Nigeria.
Grammy-winning Afrobeats artist Tems met with former United States First Lady Michelle Obama at the newly opened Media Suite of the Obama Presidential Centre in Chicago. The event brought together both figures and aspiring young artists for a discussion on confidence, creativity, and self-expression. Michelle Obama shared a video of the meeting on X, noting that the Media Suite aims to provide young people with tools for music production, podcasting, and other creative training. Tems expressed gratitude for the opportunity and emphasized the importance of authenticity for artists. Michelle Obama advised consistency and practice for building stage confidence, while Tems encouraged individuality and creative honesty. Michelle Obama stated that the Centre was envisioned as a long-term creative hub for young people to explore their talents. Tems described the experience as inspiring on X. The Obama Presidential Centre, founded by former U.S. President Barack Obama and the Obama Foundation, recently opened its campus with a ceremony featuring various artists.
Eight people died in a violent clash between farmers and herders in Gulma town, Argungu Local Government Area of Kebbi State. The incident began after a farmer was allegedly stabbed to death by a Fulani herder while working on his farmland. This led to a reprisal attack by members of the farming community on nearby Fulani settlements. The Kebbi State Police Command spokesman, SP Bashir Usman, confirmed the incident, stating that security operatives have brought the situation under control. Four injured individuals were rescued and treated. Normalcy has been restored, with security personnel deployed to prevent further unrest. Usman urged residents to remain calm and use appropriate channels to address grievances.
Tunde Ayeni, former Chairman of the Board of Directors of the defunct Skye Bank Plc, now Polaris Bank Limited, was re-arraigned by the Economic and Financial Crimes Commission EFCC before the Federal Capital Territory High Court in Apo, Abuja. He faces 18 amended charges related to alleged criminal breach of trust, misappropriation, and diversion of funds totaling N15.6 billion. The re-arraignment follows the EFCC's submission of additional proof of evidence. Prosecution counsel Abba Muhammed informed the court that an amended charge and additional proof of evidence were filed on June 22, 2026, which defence counsel Abdul Mohammed confirmed receiving. One charge alleges that on September 18, 2014, Ayeni misappropriated N510 million from depositors' funds by transferring it to Capital Field Investment Group Limited, violating the bank's Operational Policy Manual. Another count claims that on September 23, 2014, Ayeni misappropriated N600 million from the bank's suspense account by transferring it to Harigold Ventures Limited, also in violation of the bank's policy. Ayeni pleaded not guilty to all 18 counts. He was initially arraigned on May 4, 2026, on a 17-count charge. Justice Onwuegbuzie adjourned the case until July 6, 2026, for the commencement of the trial.