Economy
NGX Dwindles by 0.09% as Traders Sell Off MTN, Transcorp, Others
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited depreciated by 0.09 per cent on Tuesday as investors sold off some equities that have recorded price appreciation in the past days.
The profit-taking and weak investor sentiment contributed to the dwindling of the stock exchange yesterday as traders continue to watch happenings in the macroeconomic environment closely.
Some of them have an eye on the inflation data from the National Bureau of Statistics (NBC) this week, as well as decisions of central banks of key global economies on interest rates.
Trading data obtained by Business Post revealed that investors cut their exposure to stocks yesterday, as the volume of trades reduced by 31.15 per cent to 162.9 million shares from the preceding day’s 236.6 million shares.
Also, the number of trades went down by 1.47 per cent to 3,285 deals from 3,334 deals, while the value of transactions improved by 56.00 per cent to N3.9 billion from Monday’s N2.5 billion.
Analysis showed that Sterling Bank recorded the highest number of shares transacted by investors during the session, 31.6 million units.
GTCO sold 19.2 million shares, Chams traded 16.4 million stocks, Zenith Bank exchanged 14.2 million equities, and MTN Nigeria traded 12.5 million shares.
It was observed that the industrial goods counter gained 1.78 per cent on Tuesday, the banking index rose by 0.64 per cent, and the insurance space appreciated by 0.31 per cent, while the consumer goods and the energy sectors closed flat.
However, the All-Share Index (ASI) was trimmed by 45.54 points to 48,853.54 points from 48,899.08 points, as the market capitalisation shed N25 billion to N26.609 trillion from N26.634 trillion.
Yesterday, the price losers outnumbered the price gainers. A total of 16 equities depreciated in value, while 12 stocks appreciated in value.
SCOA Nigeria lost 9.30 per cent to trade at 78 Kobo, Chams fell by 8.70 per cent to 21 Kobo, Jaiz Bank depreciated by 8.42 per cent to 87 Kobo, Lasaco Assurance dropped 6.67 per cent to 84 Kobo, and University Press declined by 5.46 per cent to N1.73.
On the flip side, Smart Products topped the gainers’ log after it closed higher by 10.00 per cent to 22 Kobo, Cornerstone Insurance grew by 8.70 per cent to 50 Kobo, BUA Cement improved by 3.60 per cent to N95.00, FTN Cocoa rose by 3.23 per cent to 32 Kobo, and Zenith Bank gained 2.45 per cent to finish at N23.00.
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.
