Economy
Index Sheds 2.54% in 5 Days as Diamond Bank Loses 31.58%
By Dipo Olowookere
Last week on the floor of the Nigerian Stock Exchange (NSE), the All-Share Index and market capitalisation depreciated by 2.54 percent to close the week at 30,874.17 points and N11.271 trillion respectively.
Similarly, all other indices finished lower with the exception of the NSE ASeM, NSE Insurance and NSE Consumer Goods indices that finished higher by 0.09 percent, 4.71 percent and 0.08 percent respectively.
Also in the week, a total of 25 equities appreciated in price, lower than 30 in the previous week, while 41 equities depreciated in price, higher than 24 of the previous week, with 103 equities remaining unchanged, lower than 115 equities recorded in the preceding week.
Diamond Bank topped the losers’ chart with 31.58 percent loss to close at 65 kobo per share against 95 kobo per share it opened for the week.
Prestige Assurance followed with 30.38 percent decline to settle at 55 kobo per share, while Unity Bank went down by 18.82 percent to close at 69 kobo per share.
Associated Bus Company fell by 12.90 percent to end at 27 kobo per share, while AG Leventis Nigeria depreciated by 12.12 percent to quote at 29 kobo per share.
At the other end, Continental Reinsurance gained 33.33 percent to finish at N2 per share, while Beta Glas appreciated by 9.98 percent to close at N68.30 per share.
Cutix garnered 9.64 percent to close at N1.82 per share, GlaxoSmithKline rose by 9.43 percent to end at N14.50 per share, while Mutual Benefits Assurance gained 8.70 percent to settle at 25 kobo per share.
Business Post reports that a total turnover of 1.2 billion shares worth N14.3 billion in 15,841 deals were traded in the week by investors in contrast to a total of 1.282 billion shares valued at N23.1 billion that exchanged hands the previous week in 11,467 deals.
The Financial Services sector, measured by volume, led the activity chart with 963.3 million shares valued at N7.5 billion traded in 8,871 deals, contributing 80.38 percent and 52.79 percent to the total equity turnover volume and value respectively.
The Consumer Goods industry followed with 83 million shares worth N4.2 billion in 2,802 deals, while the third place was occupied by the Industrial Goods sector with a turnover of 60.8 million shares worth N2 billion in 1,639 deals.
Trading in the top three shares; Diamond Bank, Access Bank and Universal Insurance, measured by volume, accounted for 512.5 million shares worth N1.4 billion in 1,437 deals, contributing 42.76 percent and 9.57 percent to the total equity turnover volume and value respectively.
During the week, there was no trade recorded for Exchange Traded Products (ETPs). However, a total of 5,637 units valued at N1.301 million was transacted the previous week in 5 deals, while a total of 16,686 units of Federal Government Bonds valued at N16.442 million were traded in the week under review in 10 deals compared with a total of 3,032 units valued at N3.046 million transacted a week earlier in 16 deals.
By Adedapo Adesanya
Market bellwethers, Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc, lifted the NASD Over-the-Counter (OTC) Securities Exchange by 2.08 per cent on Monday, August 3.
CSCS Plc, the Nigerian securities depository company, gained N10.00 to close at N112.00 per share compared with the previous session’s N102.00 per share, and FrieslandCampina Wamco Nigeria Plc advanced by N4.71 to quote at N152.64 per unit versus last Friday’s N147.93 per unit.
As a result, the NASD Security Index (NSI) added 92.14 points to finish at 4,523.85 points compared with the preceding session’s 4,431.71 points, and the market capitalisation appreciated by N55.31 billion to N2.715 trillion from N2.659 trillion.
Business Post reports that the price of MRS Oil Plc crashed during the trading day by N12.00 to N120.00 per share from N132.00 per share, and UBN Property Plc dipped by 3 Kobo to N1.90 per unit from N1.93 per unit.
Trading data showed that the volume of securities exchanged rose by 113.1 per cent to 1.5 million units from 690,990 units, and the number of deals climbed by 19.2 per cent to 31 deals from 26 deals, while the value of securities slid by 13.1 per cent to N65.2 million from N75.0 million.
Great Nigeria Insurance (GNI) Plc remained the most traded 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 sold for N6.5 billion, and CSCS Plc with 76.8 million units traded for N5.5 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 worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has introduced a 1.5 per cent stamp duty on eligible virtual asset transactions, with the tax deducted directly from the cryptocurrency purchased before it is credited to the buyer’s wallet.
According to the new guidelines issued on Monday, anyone buying Bitcoin (BTC), USDT or other cryptocurrencies in Nigeria will receive fewer digital assets due to the deduction.
This requires registered crypto exchanges and other Virtual Asset Service Providers (VASPs) to withhold the levy in the digital asset being traded and remit it to the government, marking Nigeria’s most comprehensive move yet to bring cryptocurrency transactions into the country’s tax net.
Unlike traditional taxes deducted from a customer’s bank account, the 1.5 per cent charge will be taken from the cryptocurrency itself, meaning buyers will receive less Bitcoin, USDT or other tokens than they paid for.
The tax body stated that “income tax deducted at source and stamp duty shall be remitted to the service in the originating token of the transaction.”
Besides the new stamp duty, the guidelines also clarify how income tax, Value Added Tax (VAT) and other tax obligations will apply to virtual asset activities such as trading, staking, mining and other crypto-related transactions.
To illustrate the new rule, the tax authority said a buyer who pays N1 million for one Bitcoin will receive only 0.985 BTC after 0.015 BTC is deducted as stamp duty and remitted to the government. When that Bitcoin is later sold, the next buyer will also have 1.5 per cent deducted from the cryptocurrency credited to their wallet.
The NRS said the guidelines are intended to provide clarity for taxpayers, crypto exchanges, peer-to-peer (P2P) marketplace operators, financial institutions, tax consultants and all participants in Nigeria’s virtual asset ecosystem.
According to the guidelines, the 1.5 per cent duty applies to eligible virtual asset transactions facilitated through registered exchanges and other recognised intermediaries. Where a cryptocurrency is used to complete a transaction that already attracts stamp duty under the law, the applicable duty on the underlying instrument will also be payable.
For crypto users, the implication is higher transaction costs, as eligible purchases will attract the 1.5 per cent stamp duty, while VAT on exchange service fees and income tax on taxable gains may also apply, depending on the nature of the transaction.
By Adedapo Adesanya
The Naira opened the week on a positive note, as it appreciated against the US Dollar by N3.39 or 0.25 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, August 3, to N1,364.83/$1 from N1,368.22/$1 last Friday.
However, it suffered a marginal decline against the Pound Sterling in the official market during the session by 10 Kobo to close at N1,837.89/£1 compared with the preceding session’s N1,837.79/£1, and lost 6 Kobo on the Euro to sell at N1,573.93/€1, in contrast to the previous trading day’s N1,573.87/€1.
At the black market segment, the Nigerian currency traded flat against the Dollar yesterday at N1,405/$1, and at the GTBank forex counter, it was unchanged at N1,374/$1.
Interbank FX transactions increased sharply as market makers’ activities raised total Dollar volume exchanged to $137.048 million, more than 132 per cent above $58.990 million in turnover at the previous close. The surge in turnover was driven by increased deals at the NFEM window. The central bank reported that deal count at the interbank FX window rose to 138 from 67 on Friday.
As for the cryptocurrency market, major tokens advanced despite ongoing uncertainty around unresolved Coldcard wallet sweeps that have drained hundreds of Bitcoin (BTC), while traders are watching whether bitcoin can hold above $63,000 through the US session. BTC rose by 1.70 per cent to $63,765.88.
Bitcoin treasury firm Strategy disclosed Monday it sold 1,638 bitcoin for about $105 million between July 27 and Aug. 2, its third sale of 2026, per an SEC filing.
Also, an attacker has moved about 1,816 bitcoins, or roughly $114 million, from more than 5,200 addresses since July 30 in a fourth wave of sweeps targeting BTC in Coldcard-generated addresses.
Cardano (ADA) appreciated by 6.7 per cent to $0.1959, Binance Coin (BNB) gained 1.5 per cent to sell for $590.82, Solana (SOL) jumped by 1.3 per cent to $73.72, TRON (TRX) soared by 0.9 per cent to $0.3286, Dogecoin (DOGE) also grew by 0.9 per cent to $0.0703, Ripple (XRP) advanced by 0.5 per cent to $1.07, and Ethereum (ETH) rose by 0.4 per cent to $1,863.33, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
