Economy
Local Stock Market Improves by N133b
By Dipo Olowookere
Transactions on the floor of the Nigerian Stock Exchange (NSE) maintained an upward trajectory on Friday by appreciating by 1.11 percent.
This was buoyed by the bargain hunting embarked upon by investors, who have been impressed with the positive Q3 earnings of companies quoted on the NSE.
At the close of business, investors were smiling after the N133 billion gain recorded by the local bourse.
A look at the performances of the sectors showed that industrial index recorded the highest growth after closing 2.64 percent higher.
The banking index gained 1.06 percent at the close of activities on Friday, while the oil and gas index appreciated by 0.62 percent.
However, the consumer goods sector suffered the heaviest loss after going down by 1.99 percent with the insurance sector trailing with 0.14 percent decline.
Business Post reports that the All-Share Index (ASI) increased yesterday by 362.27 points to finish at 32,907.33 points, while the market capitalisation grew by N133 billion to settle at N12.014 trillion.
The price movement chart on Friday showed that Dangote Cement topped the gainers’ log after growing by N10.50k to close at N211 per share.
It was followed by Julius Berger, which gained N2.15k to finish at N23.70k per share, and Ecobank, which rose by 75 kobo to end at N16.75k per share.
GTBank appreciated by 50 kobo to close at N37 per share, while Oando went up by 25 kobo to settle at N5.35k per share.
On the flip side, Nigerian Breweries ended the day as the top price loser after shedding N4.50k of its share value to close at N88 per share.
Guinness Nigeria depreciated by N3.60k to settle at N77 per share, while International Breweries declined by N1 to end at N31 per share.
UPDC Real Estate Investment Trust went down 90 kobo yesterday to finish at N8.10k per share, while Dangote Cement crashed by 60 kobo to settle at N7.35k per share.
Despite the gains posted by the local stock market on Friday, the volume and value of transactions recorded went down by 19.78 percent and 46.52 percent.
Specifically, the volume of traded equities dropped from 349.5 million to 280.3 million, while the value declined from N3.7 billion to N2 billion.
These trades, according to data from the stock market, were dominated by the Financial Services sector, which accounted for 247.1 million shares worth N1.2 billion.
A breakdown indicated that Sterling Bank emerged as the most active stock, trading 106.8 million units worth N147.4 million.
It was followed by FCMB, which sold 43.7 million shares valued at N68 million, and Fidelity Bank, which exchanged 18 million equities for N37.2 million.
Access Bank transacted 16.3 million shares worth N130.2 million, while Zenith Bank sold 14.1 million shares valued at N338.2 million.
By Adedapo Adesanya
Oil prices climbed about 2 per cent to a one-month high on Tuesday after the US reportedly reimposed a naval blockade on Iran, which will reduce oil flows from the region through the Strait of Hormuz.
Brent futures rose by $1.43 or 1.7 per cent to settle at $84.73 per barrel, while the US West Texas Intermediate (WTI) crude increased by $1.20 or 1.5 per cent to $79.34 a barrel.
Brent closed at its highest since June 12, and WTI at its highest since June 15. The closing price increase kept Brent in technically overbought territory for a second day in a row for the first time since March.
Before the Iran war, about 20 per cent of global oil supplies flowed through the strait.
US President Donald Trump stepped back from a proposal to charge a 20 per cent fee to guard the Strait of Hormuz as part of the conflict with Iran, saying he would instead seek investment deals with Gulf states.
US forces had carried out waves of attacks for the third night after Iran said it had closed the strait. President Trump on Monday reinstated a blockade of Iranian shipping and proposed the fee, but hours before the fee was to take effect, the American President said the strait was open to all shipping traffic except that of Iran.
The renewed attacks have fed doubts that a memorandum of understanding signed last month will lead to a permanent halt in the war that has disrupted global energy supplies and stoked inflation fears.
Data showed that US consumer inflation slowed more than expected in June as energy prices retreated, but financial markets still expect an interest rate hike from the Federal Reserve.
The Federal Reserve Chairman Kevin Warsh on Tuesday vowed to “do my job” if challenged by President Trump, who has said he wants the US central bank to cut interest rates and boost economic growth.
The American Petroleum Institute (API) estimated that crude oil inventories in the US fell by 564,000 barrels in the week ending July 10. In the week prior, US crude oil inventories fell by 399,000 barrels.
Although commercial crude oil inventories excluding the SPR have been falling rapidly for three months now, shedding just over 60 million barrels over the last twelve weeks, US crude inventories are only down 9.2 million barrels so far this year. The US Energy Information Administration (EIA) will release its report later on Wednesday.
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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