Economy
NSE Index Weakens Further by 0.73% Amid Panic Selling
By Modupe Gbadeyanka
Worries about the security situation in the country further impacted on the Nigerian Stock Exchange (NSE) on Tuesday, resulting in another 0.73 percent loss at the close of business.
There have been massive sell-offs of stocks at the market recently by some foreign portfolio investors, who constitute a larger part of investors at the exchange.
At yesterday’s trading session, investors further pulled out N98 billion from the stock market amid heightened security worries.
At the close of transactions, the All-Share Index (ASI) went down by 222.36 points to settle at 30,099.83 points, while the market capitalisation reduced by N98 billion to close at N13.256 trillion.
A total of 15 counters recorded losses during the Tuesday’s trading session, while 10 companies posted gains, leaving the market breadth negative.
Mobil Oil Nigeria led the loser’s chart after a price depreciation of N6.50k to close for the day at N163.50k per share.
It was followed by Dangote Cement, which went down by N4 to close at N185 per share, and Nigerian Breweries, which fell by N1 to end at N57 per share.
Also going down by N1 yesterday was MTN Nigeria to finish at N135 per share, while Dangote Sugar depreciated by 50 kobo to settle at N11 per share.
On the gainers’ table, Unilever Nigeria claimed the number one spot after appreciating by N2.35k to finish at N30.95k per share.
Access Bank gained 10 kobo to close at N6.40k per share, while NEM Insurance went up by 5 kobo to end at N2.10k per share.
NAHCO rose by 3 kobo to finish at N3.09k per share, while ABC Transport increased its share value by 2 kobo to close at 30 kobo per share.
Business Post reports that the level of activity at the market yesterday was mixed with the volume of shares transacted declining by 5.64 percent, while the value increased by 1.04 percent.
A total of 233.5 million equities exchanged hands on Tuesday compared with the 247.4 million units on Monday, while stocks worth N3.5 billion were traded yesterday in contrast to 3.4 billion in the previous session.
An analysis of the trades showed that 50.3 million units of WAPIC Insurance shares worth N20.1 million were traded by investors during the trading day.
Zenith Bank sold 28.2 million shares valued at N566.5 million, while Courtville Business Solutions exchanged 25.2 million equities worth N5 million.
Access Bank transacted 25.1 million shares for N157.3 million, while Sterling Bank traded 21.1 million shares valued at N49.6 million.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
