Nigerian Exchange ,NGX, All-Share Index ,ASI, swings positively during the intraday trading session as investors queue for banking stocks. Value-hunting equities investors are entering positions in banking names, supported by some bargain hunting in industrial stocks.
Dangote Sugar Refinery is gaining traction, while positive price appreciation has lifted the market value of Sterling Financial Holdings Plc amidst delayed audited results and first half earnings scorecard.
First Holdco is also courting investors’ attention during the trading session, leading the Tier-1 banking top intraday gainers. At midday, the NGX All-Share Index edged up by 0.09%, Alpha Morgan Capital Limited told investors in an emailed note, indicating a modest upward movement.
Stockbrokers said this positive performance was fueled by investors buying interest in some mid to high capitalized stocks.
Selected top gainers include STERLINGNG 4.25%, NB 4.21%, DANGSUGAR 3.02%, FIRSTHOLDCO 1.00%, ACCESSCORP 0.45%, ZENITHBANK 0.41%, UBA 0.29%, among others.
UK To Invest £15bn In Nuclear Programme, Build New Attack Submarines
UK Government has announced plans to build 12 new attack submarines and invest £15bn in its nuclear programme to address rising global threats, particularly from Russia.
The announcement came ahead of the Labour government’s publication of a new Strategic Defence Review on Monday.
The review, led by former NATO Secretary-General George Robertson, warns that Britain is entering a “new era of threat” driven by rapidly advancing technologies such as drones, artificial intelligence, and cyber warfare.
Prime Minister Keir Starmer, speaking to BBC Radio on Monday, said the document would serve as “a blueprint for strength and security for decades to come”.
“There is greater instability on defence and security than there has been for many, many years, and greater threats. I wanted a review that told me the challenges we’re actually facing and likely to face for the foreseeable future”, Starmer stated.
As part of the defence strategy, the government confirmed plans to develop up to 12 new attack submarines under the trilateral Australia-United Kingdom-United States ,AUKUS, alliance.
It also outlined a £15bn investment in the UK’s nuclear warhead capability, a £6bn increase in munitions spending over the current parliamentary term, and a £1.5bn plan to construct at least six new munitions and energetics factories.
Additionally, the government will procure 7,000 long-range, domestically produced weapons and invest £1bn in a new cyber command.
The government has already pledged to raise defence spending to 2.5% of GDP by 2027, the biggest sustained increase since the Cold War.
It also plans to increase that figure to 3% in the next parliamentary term, scheduled for 2029. The additional spending is expected to be partially funded by cuts to overseas aid.
Defence Secretary John Healey, speaking to the BBC on Sunday, said the UK was facing “growing Russian aggression”, daily cyberattacks, new nuclear risks, and increased tensions globally.
“We’re in a world that is changing now… and it is a world of growing threats”, he said.
The Guardian reports that the review describes Russia as an “immediate and pressing” threat, while classifying China as a “sophisticated and persistent challenge”.
While speaking to the Sun, Starmer warned that “The Kremlin is working hand in hand with its cronies in Iran and North Korea”. However, he did not mention China, a sign of Labour’s efforts to ease tensions with China after years of strain under the previous Conservative government.
The last defence review was launched in 2021 and later revised in 2023 following Russia’s invasion of Ukraine. The new review is expected to reflect updated priorities amid fears that U.S. President Donald Trump may reduce American military support for Europe.
The Sunday Times also reported that the UK is considering purchasing nuclear-capable aircraft from the United States, though Healey declined to confirm or deny the report.
“Strong deterrence is absolutely essential in order to keep Britain and the British people safe”, he said.
