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HIPG sees stronger opportunities

Hambantota International Port Group (HIPG) has welcomed the prospect of a sustained return of container shipping through the Red Sea and Suez Canal, saying the recovery of the main East-West shipping corridor could strengthen Hambantota’s commercial position as it prepares to increase annual container handling capacity to two million TEUs in the first quarter of 2027.

The assessment follows maritime consultancy Linerlytica’s October 2026 outlook, which forecasts a full-scale return of container shipping to the Suez route by the first quarter of 2027. The return is already progressing service by service, although its pace remains subject to security conditions and individual carriers’ operating decisions.

HIPG’s General Manager – Commercial and Marketing Bindu Ranasinghe said that while Red Sea disruption had accelerated Hambantota port’s entry into container transhipment, a sustained return to the established route could create a larger opportunity for its next stage of growth.

‘The Red Sea disruption advanced our container project. Congestion in Colombo Port created a requirement for additional capacity, and we began accommodating overflow cargo with the resources available to us in April 2024,’ Ranasinghe said. ‘That experience encouraged us to proceed with a full-scale operation and further investment. With expanded capacity coming into place, we welcome the prospect of shipping returning more fully to the Suez route.’

HIPG commenced its inaugural MSC container transhipment service on 9 April 2024, and has since committed $149 million to new container handling equipment as part of its capacity expansion program.

Located approximately ten nautical miles from the main East-West shipping route, Hambantota offers a geographical advantage for services using the Suez corridor. Ranasinghe said that advantage becomes more relevant as carriers shift away from diversions around the Cape of Good Hope. ‘When vessels use the established East-West route through Suez, they pass much closer to Hambantota. We have used the period of disruption to expand our capabilities, and a sustained return to that route would give us a stronger opportunity to attract business,’ he said.

The opportunity would extend beyond container handling. With an estimated 75% of East-West tonnage currently routing around Africa, a return of more vessels to the established Suez corridor is expected to increase demand around Hambantota for bunkering, ship supplies and other marine services.

‘As more tonnage returns to the main East-West route, the requirement for services such as bunkering and ship supplies is also likely to grow. Hambantota’s location gives the Port and the surrounding region to serve that wider demand,’ Ranasinghe added.

HIPG is also preparing to develop gateway container cargo, enabling Sri Lankan businesses to use Hambantota for imports and exports alongside its transhipment operations, which involve transferring containers between vessels.

The port’s industrial park, surrounding Board of Investment zones and proposals for further industrial expansion could support the development of this domestic cargo base. A planned container inspection centre is expected to facilitate gateway operations, with benefits anticipated from the first quarter of 2027.

‘To attract more shipping lines and services, we also need gateway cargo,’ Ranasinghe said. ‘Industrial development within and around the port, together with the inspection facilities we are establishing, will help create the conditions for that business to grow.’

He distinguished the outlook for Suez from developments affecting the Strait of Hormuz, where disruption to access to Gulf ports has encouraged alternative cargo arrangements. Hambantota has served as one of those alternatives, handling transhipment cargo for onward feeder connections to accessible regional ports.

While improved Gulf access could see some cargo return to previous arrangements, Ranasinghe said changes would also depend on commercial commitments, existing service networks, insurance terms and assessments of security.

‘Shipping lines and their customers have established alternative arrangements, and those networks will not necessarily change immediately,’ Ranasinghe said. ‘Throughout the disruption, our approach was to understand what customers needed and provide practical, commercially workable solutions. Customers have recognised the professionalism and reliability of that response. Where the connections developed through Hambantota Port continue to deliver commercial value, there is a strong case for retaining them even as regional access improves.’

HIPG said its focus remains on translating the capability developed during disruption into sustained customer relationships. By combining transhipment and gateway cargo with industrial activity, bunkering, ship supplies and other marine services, the Port expects to capture a broader range of opportunities as traffic patterns across the region begin to normalise.

DigiPlus gains Golden Arrow Award for second consecutive year

DigiPlus Interactive Corp. (DigiPlus), the country’s premier digital entertainment provider behind BingoPlus, ArenaPlus, and GameZone, has received a 2-Golden Arrow Award for the second consecutive year from the Institute of Corporate Directors (ICD) in recognition of its ‘outstanding performance in corporate governance’ based on the 2025 ASEAN Corporate Governance Scorecard (ACGS) Assessment Results.

The award was conferred during the 2026 Golden Arrow Awards ceremony held on October 23 at Makati Shangri-La.

The ICD serves as the Philippines’ Domestic Ranking Body for the ACGS, which assesses publicly listed companies against established corporate governance standards. The Golden Arrow recognition is given annually to companies that uphold the highest standards of accountability, transparency, and responsible leadership.

‘Receiving the Golden Arrow Award for the second consecutive year reflects the progress DigiPlus has made in strengthening its corporate governance practices,’ said DigiPlus President Ping Chen. ‘As we continue to evolve our business, we remain focused on building stakeholder trust and creating long-term value through responsible leadership and sustainable growth.’

As part of its corporate governance and sustainability reporting practices, since 2023 DigiPlus has published an annual Integrated Report. Its latest 2025 Integrated Report provides a comprehensive view of the Company’s financial and non-financial performance, material environmental, social, and governance (ESG) risks and opportunities, and long-term value creation. It also establishes a baseline for key environmental metrics, including energy consumption and Scope 1, 2, and 3 greenhouse gas emissions, alongside disclosures on climate-related risks and sustainability initiatives.

The Company’s reporting framework draws on globally recognized standards and guidelines, including the Integrated Reporting Framework, Sustainability Accounting Standards Board (SASB) Standards, Global Reporting Initiative (GRI) Standards, the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), and the ASEAN Corporate Governance Scorecard.

Azerbaijan’s green energy push opens new front for investment

Azerbaijan is entering an important phase of its economic transformation as renewable energy increasingly connects the country’s traditional energy expertise with new opportunities in manufacturing, technology and international trade. The expansion of solar and wind power, supported by international investment and infrastructure development, creates a foundation for a broader industrial strategy that can generate economic value across multiple sectors.

The eighth edition of the EU Business Climate Report Azerbaijan 2025/26, prepared by the VM Europe consortium with European Union funding, highlights the progress achieved in the country’s renewable energy sector. European businesses view the market as a promising destination for large-scale projects, with opportunities spanning engineering, infrastructure, logistics and consulting. These assessments underline the growing importance of renewable energy within Azerbaijan’s economic development agenda.

The figures illustrate the scale of the opportunity. Azerbaijan’s estimated technical renewable energy potential reaches 135 gigawatts onshore and 157 gigawatts offshore, while its estimated economically viable potential stands at approximately 27 GW. Solar power accounts for the largest share of this economically viable potential, followed by wind energy. These resources offer considerable scope for investment, industrial development and long-term energy production.

Azerbaijan aims to develop 8 GW of renewable energy capacity by 2032, while plans envisage integrating 2 GW into the national electricity system by 2027. The country also targets a 30% share for renewable sources in installed electricity generation capacity by 2030 and a 40% reduction in greenhouse gas emissions by 2035 compared with 1990 levels. Together, these objectives establish measurable milestones for the energy transition and provide investors with a clearer picture of the market’s direction.

International partnerships form a central part of this strategy. Projects involving Masdar, ACWA Power, BP, China Gezhouba Group Overseas Investment and SOCAR Green demonstrate the range of expertise and capital entering Azerbaijan’s renewable energy industry. Such cooperation can accelerate project delivery, strengthen technical capabilities and expand the participation of Azerbaijani companies in international energy value chains.

The next stage of development offers an opportunity to deepen the domestic economic benefits of these investments. Solar and wind farms require equipment, engineering services, electrical components, construction materials, maintenance and specialised technical expertise. Expanding local participation across these activities can create additional business opportunities for Azerbaijani manufacturers, small and medium-sized enterprises, technology providers and professional service companies.

The localisation of renewable energy supply chains therefore deserves particular attention. Azerbaijan is advancing a solar panel manufacturing project and exploring local production of wind turbine blades, towers and equipment for energy storage systems in the Alat Free Economic Zone. These initiatives can help connect renewable energy investment with the development of domestic manufacturing capabilities.

Industrial localisation also creates opportunities for workforce development. Engineers, electricians, automation specialists, software developers and maintenance technicians will play increasingly important roles as renewable energy capacity expands. Cooperation between universities, vocational education institutions and international project developers can help prepare specialists for these emerging occupations. A stronger technical workforce can improve productivity and support the growth of local companies across the wider energy ecosystem.

Grid modernisation represents another essential component of this transformation. Battery energy storage systems, new 500-kilovolt transmission lines and infrastructure initiatives such as AZURE can strengthen the electricity system’s flexibility. Efficient transmission and storage infrastructure will support the integration of additional renewable capacity while improving the system’s ability to balance changing electricity generation and demand.

Regional connectivity offers a further dimension to Azerbaijan’s ambitions. Its geographical position between the Caspian region, Trkiye and European markets creates opportunities for cross-border electricity cooperation. As transmission infrastructure develops, renewable energy can complement Azerbaijan’s established role in international energy markets and strengthen its participation in emerging regional electricity networks.

The economic significance of this strategy extends across investment, exports, employment and technological development. Renewable energy projects can attract foreign capital, stimulate demand for local services, encourage industrial investment and create opportunities for Azerbaijani companies to develop export-oriented capabilities. These effects can support economic diversification while drawing on the country’s established energy infrastructure and international partnerships.

Azerbaijan’s renewable energy potential provides a substantial foundation for this transition. The strategic priority is to connect new generation capacity with domestic production, specialised skills, modern infrastructure and competitive local enterprises. By advancing these areas together, Azerbaijan can transform its green energy ambitions into a wider programme of industrial development and strengthen its position as an emerging renewable energy hub in the wider Caspian region.

Rain, runoff, rocks and mud slam Phuket

Persistent rain caused runoff that washed big rocks and mud into communities and tourist venues in this southern island province on Monday morning.

As much as 142.8 millimetres of rain pounded Phuket over 24 hours, generating runoff that tore into communities and attractions in tambon Patong of Kathu district. Damaged areas included Na Nai Nai 5 and 8 roads. Shopfront windows were shattered and many vehicles inundated.

Patong municipality quickly opened shelters for affected householders at its office, Wat Suwankeereewong School and Patong Bay Hill hotel, as work crews laboured to clear away the rocks, mud and accumulating garbage.

The torrential rain also caused flash floods in parts of Muang and Thalang districts.

Phuket was one of several southern provinces hit by flooding as of Monday morning. The Department of Disaster Prevention and Mitigation said floods were also reported in Palian district of Trang; Tha Phae, Manang and Thung Wa districts of Satun; and Chawang and Thung Song districts of Nakhon Si Thammarat.

The Meteorological Department forecast is for heavy rain continuing in the South into Wednesday as the monsoon trough strengthens over the South.

From Thursday to Saturday rainfall is expected to ease off in the South, with the exception of its eastern coast, affected by easterly winds.

Phuket flooding picture gallery:

Northeasterly winds and possible showers forecast for Baku

On October 26, Baku and the Absheron Peninsula are expected to experience variable cloudiness, with occasional overcast skies and generally dry weather.

The National Hydrometeorological Service said that brief showers and thunderstorms are possible in some areas during the night and morning. Northeasterly winds are expected.

Temperatures in Baku and the Absheron Peninsula will range from 13-16°C at night to 17-20°C during the day. Atmospheric pressure will stand at 767 mm of mercury, while relative humidity will be 70-75% at night and 60-65% during the day.

In other parts of Azerbaijan, intermittent rain and thunderstorms are expected in some areas, with precipitation gradually easing by morning. Fog is also likely in some locations, accompanied by easterly winds.

Temperatures in the regions will range from 12-15°C at night to 17-20°C during the day. In mountainous areas, temperatures will be 0-5°C at night and 5-9°C during the day.

BBDO Sri Lanka’s Wajinie Mahanama named Campaign Asia-Pacific’s Women to Watch ’26

BBDO Group Sri Lanka Associate Vice President and Client Servicing Director Wajinie Mahanama has been named among Campaign Asia-Pacific’s Women to Watch 2026, recognising her contribution to the advertising industry through sustained business growth, trusted client relationships and a leadership approach grounded in accountability and purpose.

Now in its 14th year, the regional recognition celebrates 25 women across 12 markets whose expertise, business performance and influence are shaping Asia Pacific’s marketing and communications landscape. Wajinie’s selection reflects a career spanning 15 years in advertising, during which she has led major client portfolios, driven business growth and championed work that creates meaningful social impact.

BBDO Group Sri Lanka, Executive Chairman Thayalan Bartlett said: ‘Wajinie’s recognition reflects the kind of leadership that builds lasting value for clients, businesses and the industry. Her ability to combine commercial discipline with a deep understanding of people and brands has made her a trusted leader within our organisation. She represents the strength of Sri Lankan talent on the regional stage, and we look forward to seeing her continue to do big things.’

Throughout her career, Wajinie has built enduring client partnerships while leading brands across diverse sectors. Her portfolio includes campaigns and initiatives that extend beyond commercial objectives, including work supporting social awareness and behavioural change through brands such as Eva Sanitary Napkins and Atlas Sipsavi Scholarship program. Her leadership also places importance on mentoring colleagues, supporting young talent and creating an inclusive workplace.

‘Being named among Campaign Asia-Pacific’s Women to Watch is a meaningful milestone in a journey shaped by continuous learning, resilience and the people who have challenged and supported me. I believe lasting leadership comes from staying curious, honouring commitments and remaining willing to evolve. This recognition encourages me to keep contributing to the industry, supporting others and creating work that makes a difference,’ said BBDO Group Sri Lanka Associate Vice President, and Client Servicing Director Wajinie Mahanama.

Wajinie’s regional recognition is complemented by her selection in the ‘Outstanding Leadership in Advertising’ category at the Women Icon Awards powered by Times Women, India, where she was the only recipient from Sri Lanka in the category. Together, these recognitions highlight her contribution to an industry where effective leadership increasingly calls for commercial strength, adaptability and a commitment to people and purpose.

Amana Bank opens 50th Self Banking Centre in Grandpass

Amana Bank has further expanded its customer location network with the opening of its 50th Self Banking Centre in Grandpass, Colombo, marking another significant milestone as the Bank celebrates its 15th Anniversary.

With this opening, Amana Bank’s footprint has grown to 83 customer locations, including 33 fully fledged branches.

Located within the vibrant and commercially active Grandpass area, the new Self Banking Centre is positioned to serve the diverse banking needs of the locality’s growing business and residential communities. With Grandpass being home to a wide range of commercial establishments, entrepreneurs, traders and residents, Amana Bank’s presence will provide customers in the area with greater convenience and 24×7 accessibility to essential banking services including cash withdrawals, cash deposits, cheque deposits and bill payments.

Amana Bank Managing Director/CEO Mohamed Azmeer said: ‘The Opening of our 50th Self Banking Centre during our 15th Anniversary year is a significant milestone for the Bank. Over the last five years, we have increasingly invested in our Self Banking Centre model as an effective way of extending our reach which has enabled us to bring essential banking services closer to more communities, while responding to the growing preference for convenient, self-service banking. The success of our Self Banking Centre initiative has become an important part of our commitment to making our Development Focused, People Friendly Banking model more accessible to customers and communities across the country. Grandpass is a vibrant commercial and residential hub with a strong community of businesses, entrepreneurs and residences. We are honoured to establish our 50th Self Banking Centre in Grandpass.’

Toxic Food Series: How food safety failures turned consumers into food inspectors

Adulterated staples and weak enforcement have forced every Nigerian to become their own food inspectors.

With the influx of adulterated food and drinks in Nigerian markets, many have now turned to social media to detect fake products.

Social media has become the de facto regulator. Facebook, TikTok, WhatsApp and Instagram accounts with hundreds of thousands of followers post videos on how to identify adulterated palm oil, honey and pesticide-treated beans.

Funke Adedayo holds up two bottles of palm oil. One is deep red, thick and smells smoky. The other is brighter and lighter for inspection.

‘I learned from Instagram how to detect adulterated palm oil,’ she said. ‘If you put it in water and the colour separates, it is adulterated,’ she noted.

She said that traders will not allow such tests in the market, so buyers have adapted. ‘If it stains your hand too red, don’t buy it,’ she warned.

The shift from reliance on regulators to self-help is driven by gaps in Nigeria’s food safety management system.

The National Agency for Food and Drug Administration and Control focuses on packaged foods and drugs. The Ministry of Agriculture and Food Security said it has no department with such an oversight function for Nigeria’s over 200 million people.

That leaves staples like beans, tomatoes, palm oil and honey largely unchecked.

Abidemi Adegoroye, another trader shopping at Mile 12, said she belongs to a WhatsApp group where videos of food adulteration are shared.

‘I make sure I boil my beans for 10 minutes and sieve the water first,’ she said. ‘This is to remove the chemical they use in preserving the beans.’

She said skipping the step has consequences. ‘Anytime I fail to do so, I have constipation or heartburn.’

Traders commonly preserve beans with dichlorvos, sold locally as Sniper. The pesticide is intended for fumigation, not direct application to food, and residues above maximum limits have been linked to health risks.

Timothy Chukwu, a secondary school teacher, said becoming his own inspector is now a matter of necessity.

‘Government has failed in ensuring safe and wholesome foods for its citizens,’ he said.

For honey, he uses a water test. ‘Authentic honey sinks and doesn’t dissolve quickly,’ he noted. ‘Adulterated honey with sugar syrup dissolves immediately.’

Funmi Adeyinka, an auditor with a financial institution in Ikeja, said she no longer allows Suya (smoked beef) vendors to add ground pepper to her purchase.

‘I usually grind my own dried pepper myself,’ she said. ‘I only collect my suya with onions and add my pepper when I get home.’

‘Most of the pepper used by vendors is mixed with dye to make it redder,’ she added.

The dyes are part of a wider pattern. Traders add a banned industrial dye to palm oil to deepen its colour. Calcium carbide is used to force ripening of fruits, while artificial sweeteners and burnt sugar are used to stretch honey.

BusinessDay found that middle-class families in Lagos are responding by bypassing the market entirely.

Many now drive directly to farms in Ogun and Oyo states on weekends, forming cooperatives to buy directly.

‘We drive to nearby farming communities in Ogun and Oyo states to make purchases,’ Tolulope Timilehin said, noting that produce bought from such markets is not adulterated.

The cooperatives pay a premium but guarantee traceability. Members visit farms, monitor pesticide application and harvest produce themselves.

For experts, self-detection is a symptom, not a solution. ‘Nigerians becoming food inspectors doesn’t fix the fact that we have a food safety issue in the country,’ said AfricanFarmer Mogaji, CEO of Agbado Limited.

Joseph Akinneye, professor of biology at the Federal University of Technology, Akure, said, ‘When pesticides are used beyond the maximum limits on food products, it becomes dangerous to human health.’

‘Farmers and traders often use these chemicals at high levels, and accumulation causes cancer, difficulty in breathing, and hormonal imbalance.’

Akinneye said limited knowledge is fuelling increased use and calls for education on dosage and regulation of maximum residue limits. He also wants stronger enforcement of banned pesticides and routine testing of produce in major markets.

Until enforcement extends to open markets, shoppers like Adedayo will keep testing food themselves.

‘I can’t wait for NAFDAC,’ she said, sealing her bottle. ‘I have to protect my children and myself.’

Tommy Hilfiger invites Travis Kelce, Jisoo into New York for Fall 2026

GLOBAL lifestyle brand Tommy Hilfiger, which is part of PVH Corp., announces the Fall 2026 campaign, starring Travis Kelce, global icon at the intersection of sport, style and entertainment, as he steps into Tommy’s New York as guest in residence at The Plaza Hotel.

Having lived at the legendary address for more than a decade, Tommy opens the doors to a world where culture and creativity naturally meet, and chance encounters become part of a story that could only happen in New York.

‘Returning to The Plaza feels like a homecoming,’ said Tommy Hilfiger.

‘The moment you walk through the doors, you feel the energy of New York. It’s one of those rare places where the greats of pop culture have crossed paths for generations, and that atmosphere is still there today.’

‘Tommy brought us into his world at The Plaza for this, and it doesn’t get more classic New York than that,’ said Travis Kelce. ‘There’s a magic to this city, and I love that you never know who or what’s around the corner. We had a blast tapping into that unique energy with a cast who truly embody the vibes that make this city so special.’

In the city that never sleeps, Travis Kelce is joined by Tommy and Dee Hilfiger, alongside a dynamic cast of longtime friends, collaborators and familiar faces, including singer, actress and Brand Ambassador Jisoo bringing their signature perspectives to modern prep.

First HoldCo, Seplat, HBM lead Nigeria’s big corporate stock returns

Big corporate stocks on the Nigerian Exchange Limited (NGX) have seen an unprecedented wave of capital reallocation this year, and sitting comfortably at the vanguard of this financial renaissance are First Holdco Plc, Seplat Energy Plc, and HBM Nigeria Plc.

Overtaking its traditional NGX Premium Board peers, First Holdco has recorded a 186.64 percent year-to-date (YtD) return, decisively rewriting valuation norms across the local bourse.

This trajectory reflects a major shift in market sentiment, transitioning the conglomerate from a historical value play into an aggressive growth leader.

Driving this market-beating momentum is a powerful convergence of aggressive retail accumulation, institutional positioning, and renewed confidence following strategic balance sheet restructuring.

While fellow elite banking and industrial heavyweights on the Premium Board have posted respectable mid-tier gains, First Holdco’s parabolic ascent to stand at N137.3 as at October 19 highlights how effectively the group has unlocked underlying shareholder value.

BusinessDay’s trend watch shows other Premium Board companies and their returns year-to-date (YtD), such as MTNN (61.45 percent), Dangote Cement (65.52 percent), Seplat (175.44 percent), First Holdco (186.64 percent), HBM Nigeria (163.94 percent), Zenith Bank (100.65 percent), UBA (0.84 percent), and Access Holdings (33.10 percent).

In the basket of eight Premium Board Companies, investors have increasingly rewarded First Holdco for its decisive measures to clean up legacy exposures and optimise its expansive financial services ecosystem.

This exceptional outperformance also highlights a broader structural reallocation toward deeply liquid, highly capitalised tier-one Nigerian equities capable of hedging against macroeconomic volatility.

As market participants search for robust vehicles to preserve capital and outpace inflation, First Holdco’s liquidity depth and massive market capitalisation, hovering around N6.243trillion territory as at October 19 have made it an unavoidable destination for both domestic and foreign portfolio flows.

NGX Premium tracks the Premium Board companies in terms of market capitalisation and liquidity. It is a price index and is weighted by adjusted market capitalisation – the number of a company’s listed shares, multiplied by the closing price of that company, multiplied by a capping factor. Only fully paid-up common shares are included in the index.

As the NGX navigates through market dynamics, the Premium Board continues to serve as the crown jewel for institutional and retail investors seeking liquidity, solid governance, and impressive capital appreciation.

For instance, the performance of the NGX Premium Board highlights a market favouring high-conviction growth stocks, particularly within financial services and energy sectors.

While top performers like First Holdco, Seplat and HBM Nigeria have yielded extraordinary triple-digit windfalls, the diverse spread of returns emphasises the importance of portfolio rebalancing and strategic stock selection tailored to risk appetite.

Energy titan Seplat followed First Holdco closely behind with a stellar 175.44 percent YtD return, trading at N16,000.10 and boasting a market cap of N9.599 trillion. Seplat Energy Plc has continued to demonstrate phenomenal financial muscle and capital growth.

Backed by robust performance in the oil and gas exploration and production sector, Seplat stands out as one of the most rewarding large-cap investments for equity holders. Delivering an explosive 175.44 percent YtD return, Seplat has heavily rewarded investors, comfortably outperforming broader market indices and solidifying its status as an elite capital-growth engine.

Seplat’s ability to combine robust fundamental earnings with aggressive capital appreciation makes it a cornerstone asset for portfolios targeting the oil and gas sector. For investors looking for heavy-hitting exposure backed by solid structural valuations and extraordinary capital gains, Seplat remains a premier benchmark of success.

Meanwhile, HBM Nigeria (N355 per share as at October 19) also delivered massive gains at 163.94 percent YtD, cementing the dominance of top-tier growth plays.

As a heavyweight contender on the NGX Premium Board, HBM Nigeria Plc has established itself as an exceptional wealth-generator for investors. Backed by solid market positioning in the industrial goods sector, the company’s strong performance highlights why it remains a focal point for capital appreciation.

Investors who positioned themselves in the stock early this year have enjoyed explosive capital gains, mirroring the bullish momentum seen in select heavy-hitting industrial and energy plays.

Zenith Bank successfully crossed the milestone triple-digit threshold, recording a 100.65 percent YtD return with a share price of N124 as at October 19 and a N5.092 trillion market valuation, proving that tier-1 banking institutions remain a staple for wealth creation.

Market heavyweights MTNN (N17.321 trillion market cap) and Dangote Cement (N17.008 trillion market cap) demonstrated solid, defensive growth, posting respectable YtD returns of 61.45 percent and 65.52 percent respectively, while trading at N825 and N1,008.

While Zenith Bank doubled investors’ capital, other financial institutions like Access Holdings (33.10 percent) and UBA (0.84 percent) experienced more subdued momentum, presenting potential value or consolidation phases for long-term investors.

Crucially, for First Holdco Plc that blazes past others, the 186.64 percent YtD milestone serves as a powerful validation of the holding company structure adopted by the group, enabling greater operational agility and targeted capital allocation across its diverse banking, merchant, and asset management subsidiaries.

By streamlining its risk architecture and improving core revenue generation, the firm has successfully dismantled historical valuation discounts that previously separated it from its closest index rivals.

As the market steers into the final stretch of the year, all eyes remain fixed on whether First Holdco, Seplat Energy, and HBM Nigeria can sustain this blistering momentum against tightening monetary levers and shifting macroeconomic headwinds.

Yet, by decisively outrunning their NGX Premium benchmark peers, these companies have firmly cemented their status as the defining market darlings of the current trading cycle, signalling a bold new chapter for West Africa’s capital markets.