Economy
CWG Leads Losers’ Chart as Stocks Shed N71bn
By Dipo Olowookere
It was a poor start to the new trading week on the floor of the Nigerian Exchange (NGX) Limited on Monday as stocks depreciated by 0.36 per cent at the close of business.
Selloffs in some financial, consumer goods and industrial goods shares contributed to the decline suffered by the market yesterday, causing the All-Share Index (ASI) to contract by 136.30 points to 37,857.89 points from 37,994.19 points. The selling pressure also shrank the market capitalisation by N71 billion to N19.725 trillion from N19.796 trillion.
Business Post reports that of the five key sectors of the market monitored yesterday, only the energy index closed bullish as it rose marginally by 0.05 per cent.
The banking sector went down by 1.00 per cent, the consumer goods counter depreciated by 0.40 per cent, the industrial goods space lost 0.35 per cent, while the insurance sector went down by 0.03 per cent.
CWG led the losers’ chart on Monday after its share price went down by 9.52 per cent to N1.14 and was followed by International Breweries, which declined by 5.66 per cent to N5.00.
Champion Breweries fell by 3.23 per cent to N2.10, FBN Holdings dropped 2.60 per cent to sell at N7.50, while Axa Mansard Insurance reduced by 2.25 per cent to 87 kobo.
On the gainers’ chart, Tripple Gee was on top after its value went up by 9.89 per cent to N1.00 and was trailed by Regency Alliance, which grew by 8.89 per cent to 49 kobo.
UPDC appreciated by 7.44 per cent to sell at N1.30, FTN Cocoa gained 5.88 per cent to quote at 36 kobo, while Mutual Benefits Assurance rose by 5.00 per cent to 42 kobo.
At the close of transactions, there were 13 price decliners and 16 price risers, indicating that the market breadth, which measures investor sentiment, was positive despite the loss.
On the activity chart, the trading volume reduced by 22.58 per cent to 187.2 million shares from 241.8 million shares, the trading value increased by 6.74 per cent to N2.9 billion from N2.7 billion, while the number of deals grew by 5.18 per cent to 4,017 deals from 3,819 deals.
The most active stock of the day was Zenith Bank as it sold 35.3 million equities valued at N870.9 million, with Sovereign Trust Insurance, which followed, selling 14.2 million equities valued at N4.0 million.
UBA transacted 14.1 million shares worth N106.1 million, Mutual Benefits Assurance sold 13.4 million stocks worth N5.6 million, while Transcorp traded 11.5 million shares valued at N10.4 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.
