Shareholders across listed companies trading highs and lows in the Nigerian Exchange (NGX) gained N2.43 trillion as industrial and banking indices led others in the weekly rally.

The market regained stability after a prolonged period of decline, extending its bullish momentum for four trading sessions and recording significant gains. The NGX All-Share Index closed at 147,040.26 points, up 2.45% week-on-week, reflecting a renewed investor confidence following weeks of intensified profit-taking. Stockbrokers said the positive sentiment lifted total market capitalisation by 2.67% to N93.72 trillion from N91.2 trillion the previous week, adding N2.43 trillion in value. The rally lifted the Nigerian Exchange year-to-date return to 42.86%, significantly ahead of 16.05% headline inflation rate.

Trading records indicated that market sentiment stayed moderately positive, with market breadth at 1.10x as 42 stocks advanced while 38 declined. Stockbrokers reported that trading activity showed notable improvement, as total deals increased by 7.26% and trading volume surged 60.26%, though the total traded value dipped slightly by 2.03%.

By the close of the week, investors exchanged 6.62 billion shares valued at N113 billion across 109,680 deals, reflecting a highly active yet selective market environment, Cowry Asset Limited said in its report. NGX sectoral performance reflected the overall positive mood. Industrial stocks emerged as key outperformers, surging 7.38% on renewed interest. Banking stocks followed with a 3.20% gain, while the Consumer Goods sector rose 1.56%.

The Insurance sector also advanced 1.48%. In contrast, the Oil & Gas sector slipped 0.57%, with pressure affecting both upstream and downstream companies, and the Commodity sector eased 0.30% week-on-week. Several stocks delivered standout performances. NCR led with a remarkable 33.0% gain, followed by GUINNESS (+18.6%), CHAMPION (+11.6%), UACN (+11.5%), and SUNUASSUR (+11.0%), driven by strong accumulation.

Conversely, the weakest performers reflected sustained selling pressure, including RTBRISCOE (-12.8%), LEGENDINT (-10.7%), EUNISELL (-10.0%), TRANSCOHOT (-9.9%), and LIVINGTRUST (-9.8%). Looking ahead to the coming week, investment firm Cowry Asset Limited revealed the expectation that the Nigerian equities market will maintain a cautious yet cautiously optimistic tone in the near term.

Momentum may continue in fundamentally strong and actively accumulated stocks, while selective volatility persists in sectors facing external pressures, such as Oil & Gas and Commodities. Year-end profit-taking, macroeconomic developments, and upcoming dividends are likely to influence activity. Investors are expected to focus on high-quality, resilient, and oversold stocks, seeking potential entry points before broader market momentum shifts.

Traders have continued to count their losses about five months after the Lagos government banned styrofoam products. The ban has created two opposing camps: traders, whose businesses were heavily hit, and environmentalists, who insist that the policy is necessary to protect public health and the environment.

A survey across markets and food vending points in Lagos revealed concerns over rising packaging costs, limited alternatives, and gaps in enforcement and public awareness. Cynthia Ofoji, a trader dealing in foam and plastic food packs, said the ban has severely affected her business. According to her, a pack of 100 Styrofoam pieces previously sold for ₦3,800, while the cheapest plastic alternatives now range from ₦11,000 to ₦14,000.

“The small plastic pack is ₦11,000, and the normal size is ₦14,000. The ban has led to a drop in sales. Customers prefer the cheaper styrofoam, but the government does not want us to sell it,” she said. At a popular night market in Ikorodu, a food vendor, Iyabo Adebayo, who sells noodles, expressed similar frustration. Ms Adebayo said she relies heavily on styrofoam containers, noting that plastic options were too costly.

“Customers complain when I increase the price because of packaging. I don’t have affordable alternatives,” she said. Another trader at Oshodi Market, who pleaded anonymity, said some traders are still struggling to face reality. The trader said styrofoams are still being sold in the market through undercovers.

“Styrofoams are wrapped in different covers and hidden inside other goods to avoid the wrath of the law. It’s only the seller and the customer who know how to go about it to avoid being arrested by the Lagos State Government officials during an enforcement raid,” she said.

Similarly, at Abule Market, Ajao Estate, petty traders, such as tomato sellers, still tie their markets with small black nylon. A tomato seller, Abu, said he was aware of the ban but had been struggling to find alternatives to no avail. Mr Abu said that the traders would only comply if the government provided the necessary alternatives. Despite traders’ concerns, some experts have welcomed the ban. Omodara Precious, a microbiology student at the University of Lagos, said styrofoam poses serious environmental and health risks.

“It takes a long time to degrade, blocks drainage systems, and releases toxins when heated. It is also unsafe for microwaving,” he said. The measure has also affected related packaging materials.
Abimbola Omotola, who sells nylon and polyester, noted an increase in the production of thicker nylons, while some lighter variants  were no longer in circulation as manufacturers adjusted to new regulations.

To succeed, Emmanuel Ajishafe, a mechanical engineer from Ikorodu, stressed the need for stronger public sensitisation and improved waste-management systems.

“The ban will not work without proper waste disposal routines. Government must invest in more waste management infrastructure and provide affordable alternatives for small businesses,” he said.
He urged authorities to support recycling initiatives and ensure that the transition away from styrofoam does not cripple micro-enterprises already struggling with rising operating costs.

On July 1, 2025, the state began full enforcement of the ban on single-use plastics (plastics under 40 microns), targeting styrofoam food packs, disposable cups, plastic straws, cutlery, and lightweight nylon bags, among others. The commissioner for environment and water resources, Tokunbo Wahab, said this at a news conference that any store found storing or selling SUPs would be sealed, and warned everyone to desist from such an act.

“There will be no going back from July 1 on the enforcement of the ban on single-use plastics, which is less than 40 microns in Lagos state. The Lagos government has put in place different enforcement strategies to effect this ban. However, these strategies have not yet been disclosed.

“Let me also emphasise that any market or store that is found storing or engaging in the sale and distribution of the SUPs less than 40 microns will be sealed up and items confiscated. The offenders will be punished according to the environmental laws of Lagos state,” he said. The commissioner said the ministry had raised widespread awareness of the ban.

“When we announced the ban of styrofoam food containers in January 2024, we also informed everyone that starting from January 2025, certain categories of SUPs will be banned,” added Mr Wahab. “By January 2025, after a series of meetings and representations with concerned stakeholders, the state gave another grace of six months, which expired on July 1.

He added that the decision to ban was mainly due to the safety and well-being of Lagos residents, which would not be compromised. Also, the government has initiated the Plastic Waste Management Fund, a public-private partnership, to support collection, recycling, and waste-management efforts alongside the ban. NAN

The Nigeria Customs Service under ‘Operation Whirlwind’ has seized petroleum products worth N181.6 million in eight weeks between the Nigeria and Cameroon borders.

ACG Kolapo Oladeji, national coordinator of Operation Whirlwind, disclosed this at a news conference on Thursday in Yola. Mr Oladeji said the seizures were made across various smuggling flashpoints in Adamawa in 55 separate operations.

“This operation is geared towards energy and food security to foster economic growth in line with the core mandates of the President of the Federal Republic of Nigeria, Bola Tinubu. In line with these mandates, the Operation Whirlwind Zone ‘D’ had repositioned all its machinery across the area of its responsibilities and ensured that the border became airtight,” he said.

He warned the smugglers to stop such acts and solicited the continued support and cooperation of all stakeholders in the state’s socioeconomic development. “We will ensure that the supply chains of these economic wreckers are truncated in accordance with enabling laws. This fight has no doubt helped in transforming the nation’s economy and strengthening the security of our borders,” he said.

He further said that the seized petroleum products would be auctioned to the public. Abidemi Adewumi-Aluko, assistant legal adviser of the attorney general of the federation, described the auction as a symbol of reclaiming resources to ensure that the benefit of petroleum remained in Nigeria. She said that such offences attracted life imprisonment because they threatened national security. NAN