Investor Relations Service

.@UBAGroup reported sustained growth in interest income but continued pressure on profitability across both its Q1 2026 and FY 2025 results. In its unaudited Q1 2026 performance, interest income increased by 6.88% year-on-year (YoY) to N641.1bn. proshare.co/articles/uba-p…

The Nigerian Economic Dashboard, 24th April, 2026, via @ecopoliticsNG 🔗 proshare.co/articles/what-… cc: @FinMinNigeria, @NGRPresident, @cenbank, @DMONigeria, @ngxgrp, @NASDNG, @NBS_Nigeria

What to Expect from the Markets this Week – 27th April 2026 The week closed a fourth consecutive equity advance, with the NGX All-Share Index up 3.94% to 225,722.49 points and market capitalisation at N145.33trn. The more telling signal comes from the Proshare Float-Adjusted Index, which crossed 1,000 to settle at 1,061.88 points, widening its lead over the ASI. The market is being rebuilt around liquid, investable, fundamentally screened names rather than broad-based positioning, and institutional capital is rewarding selection over exposure. Beneath the index reading, breadth is narrowing. Forty-six advancers against fifty-three decliners, with leadership rotating into banks, industrial goods and value tickers, indicates concentration rather than euphoria. The discipline requirement is reinforced elsewhere. FAAC distributions rose to N2.04trn in March under new Finance Minister @taiwoyedele, although softer oil and VAT receipts leave fiscal financing pressure intact. At the NFEM window, the Naira weakened by 109bps to N1,358.44 per US dollar, while the parallel market held at N1,400, narrowing the spread due to weakness in the formal segment rather than improvement in the informal one. NTB yields compressed on a 3.15x oversubscribed auction while OMO yields rose 70bps to 20.96% under @cenbank sterilisation, and the FGN bond curve steepened at the front as duration demand anchored the long end. The week ahead is governed by external resets. US Fed, BoE, BoC and BoJ rate decisions cluster between Tuesday and Thursday, with the FGN N700bn bond auction opening Monday. For boards and asset allocators, position sizing, duration discipline and sectoral conviction should carry more weight than directional calls. proshare.co/articles/what-…

This week's $15 surge to $105 Brent is less a price discovery than a stress test of the post-1970s energy security architecture, and the architecture is bending. Coordinated SPR releases from the US (79.7 million barrels), Japan (80 million, with a further 36 million pledged from 1 May), and IEA partners have failed to anchor expectations. What has capped the rally at $110 is not stockpile draws but a single diplomatic itinerary, with Iran's Foreign Minister en route to Pakistan for indirect talks. When a travel calendar moves the curve more than the largest coordinated reserve drawdown of the cycle, policymakers are being told something uncomfortable about the marginal utility of their primary crisis instrument. The supply-side evidence reinforces the asymmetry. Goldman Sachs places 14.5 million barrels per day of Gulf output offline, 57% of pre-war capacity, with recovery measured in months rather than weeks, even once the Strait of Hormuz reopens. The IRGC's seizure of MSC Francesca and Epaminondas, in direct retaliation for the US interdiction of the Touska, confirms the chokepoint as an active theatre rather than a managed pause. Canada's headline 23.6 million-barrel "release," reclassified as pre-existing seasonal growth, illustrates the credibility deficit now emerging around emergency-response disclosures more broadly. The $110 threshold should be read as a diplomacy premium rather than a clearing price; downside risk to talks reprices in seconds, while supply normalisation will accrue over quarters. For Nigeria, Proshare’s reading of the OilPrice report suggests that the constellation is unusually favourable on paper and unusually demanding in practice. With 14.5 mb/d of Gulf output offline, light sweet West African grades (Bonny Light, Forcados, Qua Iboe) are commanding structural premia that should translate into a material fiscal windfall against a 2026 budget built on far more conservative oil assumptions. The binding constraint is upstream deliverability: capturing the window requires sustained output above OPEC quota, which Nigeria has rarely achieved in recent cycles owing to pipeline vandalism, divestment overhang, and chronic underinvestment in mature acreage. The asymmetry is sharper still on the demand side. proshare.co/articles/brent…

.@UnitedCap Records N28.15bn Profit After Tax in 2025, Declares Final Dividend of N1.00 Per Share proshare.co/articles/unite…

Window and BDC (USD, GBP, CAD, EURO & YUAN) Rates – April 24, 2026 Closing Rate - N1,358.44 BDC Rate - N1,400 GBP Rate - N1,870 EURO Rate - N1,615 CAD Rate - N1,005 YUAN Rate - N200 Compare more currencies at proshare.co/ExchangeRates Visit our Data Hub via proshare.co/stocks for more market information.

@wemabank The Nigerian Markets at a Glance 24th April 2026 Visit our Data Hub via proshare.co/stocks for more market information.

NGX Extends Bullish Run as Investors Gained N1.86trn; BDC Rate Depreciated to N1,400/US$1 Overall market sentiment was positive, with 43 gainers against 26 decliners. ACADEMY  and UPDC both topped the gainers’ chart while MEYER led the decliners. Also, @wemabank, ETI, WAPCO, and TIP traded above their 52-week highs at N31.25, N78.00, N294.90, and N23.00, respectively. proshare.co/articles/ngx-e…

Weekly Snapshot on the African Economy as of 24th April 2026 Nigeria adds 300MW in solar capacity and secures £8.1bn in UK trade commitments. Kenya's forex reserves hit a record $14.59bn. Ethiopia breaks ground on a $12.5bn airport. South Africa's Sasol wins EU clearance to export sustainable aviation fuel. proshare.co/articles/weekl…

Nigeria in 1min: Economic, Business and Financial Market Headlines – 24th April 2026 Nigeria's equity market extended its bullish run on Thursday, with the NGX All-Share Index advancing 1.48%, even as breadth remained negative at 34 decliners against 31 gainers, signalling selective rather than broad-based participation. The parallel exchange rate firmed to N1,390 per dollar, reflecting continued stability at the BDC window. On the policy front, the Finance Ministry delivered a clear signal of reform continuity, with the Coordinating Minister publicly ruling out any reversal of the government's economic programme, a commitment that credit watchers and long-duration investors will receive with measured confidence. The executive's request to parliament for a $516 million highway loan further signals an infrastructure financing cycle moving from design to committed capital. At the corporate level, @Unilever Nigeria's Q1 2026 results, with revenue rising 26% to N59.2bn and operating profit up 39%, affirm that consumer businesses with pricing discipline are navigating the macroeconomic cycle effectively. Globally, Brent crude trading above $105 amid the US-Iran standoff in the Strait of Hormuz introduces an upside risk to energy costs that warrants close monitoring across import-dependent sectors. Pension assets at N29.4trn, expanding 20% year-on-year, confirm that institutional capital depth continues to build. Today's session warrants attention to breadth recovery, legislative movement on the highway financing request, and oil market direction. Cc: @business, @Reuters, @thecableng, @thesunnigeria, @TheNationNews, @GuardianNigeria, @technextdotng, @TecheconomyNG, @THISDAYLIVE, @MobilePunch, @LeadershipNGA proshare.co/articles/niger…

This is a fiscal-architecture reading of the Coordinating Minister of the Economy's resignation, based on the evidence, not the Noise. The resignation of Mr Olawale Edun as Coordinating Minister of the Economy and Minister of Finance closes a demanding chapter in Nigeria’s post-subsidy fiscal recalibration. Read on the evidence, and not on the speculative narratives in circulation, the transition is measured, dignified, and constructive. It is, in our considered view, a win-win outcome for the country, for the outgoing minister, and for the reform trajectory that now passes to Mr @taiwoyedele. A deeper Proshare Research note will follow on the structural issues the outgoing Minister flagged, and on the political and sequencing questions the nation must now address beyond personalities. proshare.co/articles/the-e…

@Unilever The Nigerian Markets at a Glance 23rd April 2026 Visit our Data Hub via proshare.co/stocks for more market information.

NGXASI Up 1.48% as Equities Market Extends Bullish Run; BDC Rate Appreciated to N1,390/US$1 Overall market sentiment was negative, with 34 decliners against 31 gainers. @Unilever and UACN both topped the gainers’ chart and traded above their 52-week highs at N121.00 and N133.10, respectively, while MCNICHOLS led the decliners. Also, TRANSEXPR, UNIONDICON, NASCON, and PZ traded above their 52-week highs at N8.71, N21.90, N206.90, and N92.20, respectively. proshare.co/articles/ngxas…

Window and BDC (USD, GBP, CAD, EURO & YUAN) Rates – April 23, 2026 Closing Rate - N1,353.91 BDC Rate - N1,390 GBP Rate - N1,865 EURO Rate - N1,605 CAD Rate - N1,000 YUAN Rate - N200 Compare more currencies at proshare.co/ExchangeRates Visit our Data Hub via proshare.co/stocks for more market information.

Nigeria's Pension Fund Just Hit N29.4 Trillion — Up 20% in One Year Equity holdings more than doubled (+109% YoY) to N5.4trn as @PenComNig raised investment limits. Government securities hit N16.9trn on elevated yields. proshare.co/articles/niger…

Unilever Nigeria Plc reported a 26% revenue increase in Q1 2026 to N59.2bn, up from N46.9bn last year. Operating profit rose 39% to N11.5bn, while net profit increased by 26% to N7.0bn. proshare.co/articles/unile…

Nigeria in 1min: Economic, Business and Financial Market Headlines – 23rd April 2026 This Morning Signal frames Thursday as a confirmation day rather than an opening. Tuesday's three signals under observation, namely the cabinet transition at Finance, the T-Bill auction outcome, and the Brent print against the ceasefire deadline, have all resolved within 24 hours. The directional read for the trading day is one of policy continuity, fiscal capacity, and risk asset acceptance. The cabinet transition signalled on Tuesday has moved from announcement to execution within 24 hours, with incoming Coordinating Minister @taiwoyedele presiding over his first FAAC and distributing N2.036 trillion for March, up N150 billion month-on-month and signalling strengthening statutory inflows. A second resignation at the Power ministry, along with the proposed appointment of a Coordinating Minister for Energy, may suggest a structural realignment of the economic management team rather than an isolated change. Aviation relief for airlines amid Jet A1 hike, Project BRIDGE $20bn fibre opens for bidding, @cenbank cyber alert, @fccpcnigeria merger pre-approval mandate are secondary regulatory and policy items. Oil output recovered to 1.38 million barrels per day in March, up 5.3% on the conclusion of Bonga turnaround maintenance, reinforcing the fiscal revenue base as Brent printed back above the US$100 threshold. External markets resolved more constructively than expected. The US extension of the Iran ceasefire lifted the S&P 500 and Nasdaq to record closes despite oil prices. Domestic tape closed Wednesday with the NGX All Share Index up 0.61% and N860.89 billion of investor value gained, with CAP, TRANSCOHOT, UACN, VITAFOAM and TRANSEXPR at fresh 52-week highs. Execution discipline today reads CardinalStone’s upgraded GTCO FY 2026 forecast for tier 1 earnings direction, the FAAC inflow read for fiscal capacity, and the Brent close for inflation transmission, in that sequence. Cc: @Reuters, @technextdotng, @CNBC, @TecheconomyNG, @TechCrunch, @LeadershipNGA, @MobilePunch, @techtimesng, @channelstv, @ARISEtv, @IMFNews, @TheNationNews, @thesunnigeria, @OilandEnergy proshare.co/articles/niger…

Window and BDC (USD, GBP, CAD, EURO & YUAN) Rates – April 22, 2026 Closing Rate- N1,348.45 BDC Rate - N1,395 GBP Rate - N1,865 EURO Rate - N1,610 CAD Rate - N1,000 YUAN Rate - N200 Compare more currencies at proshare.co/ExchangeRates Visit our Data Hub via proshare.co/stocks for more market information.

The Nigerian Markets at a Glance 22nd April 2026 Visit our Data Hub via proshare.co/stocks for more market information.

NGX All-Share Index Up 0.61% as Investors Gained N860.89bn; the BDC Rate Closed Flat at N1,395/US$1 Overall market sentiment was positive, with 31 gainers against 28 decliners. CAP, TRANSCOHOT, UACN, VITAFOAM, and TRANSEXPR all topped the gainers’ chart and traded above their 52-week highs at N110.00, N223.30, N121.00, N143.00 and N7.92, respectively, while NEIMETH led the decliners. Also, NASCON, FIRSTHOLDCO, and PZ traded above their 52-week highs at N188.50, N77.00, and N84.95, respectively, while HMCALL hit its 52-week low at N3.61. proshare.co/articles/ngx-a…

.@CardinalStoneNG maintains a BUY recommendation for Guaranty Trust Holding Company Plc (@gtbank) proshare.co/articles/cardi…