Nigeria News (Standard)
Lagos Stock Exchange Records ₦5.64trn Loss as Equity Sell-Off Hits Investors Hard
Market capitalisation drops to ₦151.33trn, with only 16 stocks gaining and over 78 declining amid negative sentiment
Market capitalisation drops to ₦151.33trn, with only 16 stocks gaining and over 78 declining amid negative sentiment
Investors on the Nigerian Exchange Limited (NGX) in Lagos suffered significant losses last week, as the bourse recorded a sharp decline of approximately ₦5.64 trillion following widespread sell-offs across key sectors. Trading activities between Monday and Friday saw the all-share index (ASI) depreciate by 3.59 percent, closing at 235,941.27 points, while market capitalisation slumped to ₦151.33 trillion as at close of business.
The week’s downturn was driven by persistent negative sentiment among investors, who continued to reduce exposure to equities in response to profit-taking and weak market fundamentals. Market breadth remained in negative territory throughout the week, with only 16 listed stocks recording gains compared to a staggering 78 that lost value, representing a market breadth ratio of just 0.21 times and highlighting the widespread nature of the sell-off.
This development has heightened concern within Nigeria’s financial sector, as the year-to-date return on the NGX moderated to 51.62 percent—down from higher levels seen earlier in the year—raising fresh questions about investor confidence and economic stability. The mixed trading pattern saw total volume traded decline by 38.04 percent compared to the previous week, even though both transaction value and number of deals actually increased, with deals rising by 21.7 percent.
Market analysts attribute the current negative trend to sustained profit-taking after earlier rallies, as well as broader uncertainties impacting investor sentiment across sectors such as banking, consumer goods, and industrials. Many investors are reportedly adopting a wait-and-see approach amid volatile macroeconomic indicators and concerns over currency stability.
With trading activity expected to remain cautious in coming sessions, stakeholders are closely monitoring for any policy signals from regulatory authorities that might help restore confidence or stabilise market performance in Africa’s largest economy.
Nigeria News (Standard)
U.S.-Based Athletes Arrive Lagos for Commonwealth Games Trials at YABATECH
AFN postpones 100m final as thunderstorms delay flights, over 10 foreign stars now present in Lagos
AFN postpones 100m final as thunderstorms delay flights, over 10 foreign stars now present in Lagos
Over 10 United States-based athletes arrived in Lagos on Friday for the Athletics Federation of Nigeria (AFN) National Trials ahead of the 2026 Commonwealth Games, following flight delays caused by a thunderstorm. The event, initially scheduled to begin on Saturday at Yaba College of Technology (YABATECH), was shifted by one day to accommodate the late arrivals.
The athletes began arriving at YABATECH yesterday afternoon, with more expected as at press time. The delay in their arrival prompted organisers to postpone the highly anticipated men’s 100 metres final, which will now hold today instead of the original schedule. Among the foreign-based stars already present are Favour Ashe, Nyenuchi Okemgbo (400m hurdles), Chukwuebuka Enekwechi (shot put), Oyesade Olatoye (hammer throw and shot put), Dolapo Divine Oladipo (shot put and discus), and Obiageri Amaechi (discus).
The AFN National Trials serve as the major selection event for Nigerian athletes hoping to represent the country at the Commonwealth Games later this year. The influx of U.S.-based competitors is seen as a boost to Nigeria’s medal prospects, with many of these athletes having recorded impressive performances in recent international competitions.
An official from the Athletics Federation of Nigeria confirmed that the schedule was adjusted to ensure fair competition among all participants. “We had to move some events forward so that all qualified athletes can take part,” the official said. No official reaction has been received yet from local-based athletes or their coaches regarding the schedule change.
With more foreign-based competitors expected to arrive before the end of trials, stakeholders believe that this year’s selection process will be highly competitive. The final list of Team Nigeria representatives for the Commonwealth Games is expected to be released after completion of all events at YABATECH.
Source: https://guardian.ng/sport/u-s-based-athletes-flood-yabatech-for-commonwealth-games-national-trials/
Nigeria News (Standard)
Abua, Bassey Clinch CBN Senior Tennis Titles at Abuja’s MKO Abiola Stadium
Both players secure their first senior singles crowns as CBN marks 47th championship edition in the FCT
Both players secure their first senior singles crowns as CBN marks 47th championship edition in the FCT
Canice Abua and Etoro Bassey emerged as champions in the men’s and women’s singles categories respectively at the 47th Central Bank of Nigeria (CBN) Senior Tennis Championship, which concluded at the Package B of MKO Abiola Stadium in Abuja on Saturday. The tournament saw top local tennis talents battle for national honours over several days in the Federal Capital Territory.
Abua, who entered as the men’s top seed, delivered a commanding performance against defending champion and third seed Michael Akpan Emmanuel. The final ended in straight sets with Abua winning 6-1, 6-2, marking his first-ever triumph at this prestigious event after several previous attempts. In the women’s final, 18-year-old Etoro Bassey overcame a shaky start to defeat Ogunjobi Success 3-6, 6-0, 6-3 and lift her maiden senior singles trophy.
The CBN Senior Tennis Championship remains a crucial fixture on Nigeria’s sports calendar, offering homegrown athletes a platform to showcase their skills and advance their careers. Abua’s victory is seen as a breakthrough for the experienced player who is currently part of Nigeria’s Davis Cup squad for 2026. For Bassey, her win signals the rise of new talent in women’s tennis as she steps up from junior ranks to senior competition.
Speaking after his victory, Abua dedicated his title to God. “I thank God for His mercy and making me proud to be who I am,” he said at the post-match presentation. Bassey also expressed gratitude for her support team and looked forward to more opportunities at the senior level.
With this year’s edition concluded, organisers and tennis stakeholders have reaffirmed their commitment to supporting young talents and sustaining the annual championship. Attention will now shift to preparations for Nigeria’s Davis Cup campaign and other national competitions where both champions are expected to feature.
Source: https://guardian.ng/sport/abua-etoro-crowned-cbn-senior-tennis-champions/
Nigeria News (Standard)
Ochei Flags Off Devnotch National Tennis Championship in Abuja, Promises Enhanced Prize Money
Sixth edition of weeklong tournament opens at MKO Abiola Stadium; Nigeria Tennis Federation president assures improved welfare for players and officials
Sixth edition of weeklong tournament opens at MKO Abiola Stadium; Nigeria Tennis Federation president assures improved welfare for players and officials
The Devnotch National Tennis Championship commenced at the Tennis Arena, Package B of MKO Abiola Stadium in Abuja on Friday, marking the start of the sixth edition of the annual event. The weeklong tournament, which began on June 21 and runs till June 27, 2026, is expected to feature top tennis talents from across Nigeria competing for honours.
Victor Ochei, who doubles as Chairman of Devnotch Nigeria Ltd and President of the Nigeria Tennis Federation (NTF), flagged off the championship. Ochei, who recently led Nigeria to qualify for the second round of the Davis Cup for the first time since 1989, assured participants and fans that this year’s edition will introduce new features including higher prize money and improved welfare packages.
The Devnotch National Tennis Championship has become a recognised breeding ground for emerging champions in Nigerian tennis. Organisers say it offers an important platform for young talents to showcase their skills and gain national recognition. The ongoing edition is expected to attract significant attention within the tennis community as well as among sports enthusiasts nationwide.
Speaking at the opening ceremony, Ochei highlighted his commitment to advancing tennis in Nigeria both through corporate sponsorship and his role at the NTF. He stated that enhanced incentives this year are aimed at motivating players, officials and even spectators, thereby raising the standard of competition and overall experience.
The championship will conclude with a finals event on June 27. Stakeholders believe that sustained investments like those from Devnotch Nigeria Ltd are crucial for developing grassroots sports in Nigeria. Expectations are high that this year’s championship will set new standards and inspire further growth in Nigerian tennis.
Source: https://guardian.ng/sport/devnotch-national-tennis-championship-serves-off-in-abuja/
U.S.-Based Athletes Arrive Lagos for Commonwealth Games Trials at YABATECH
Abua, Bassey Clinch CBN Senior Tennis Titles at Abuja’s MKO Abiola Stadium
Ochei Flags Off Devnotch National Tennis Championship in Abuja, Promises Enhanced Prize Money
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