Economy
NGX Index Slips Below 97,000 Points, Market Cap Below N59trn
By Dipo Olowookere
The bearish trend seen at the Nigerian Exchange (NGX) Limited continued on Monday after a further 0.54 per cent loss at the close of transactions.
It was the sixth consecutive trading day the bourse was closing in the red territory amid sustained profit-taking, which sank the All-Share Index (ASI) below the 97,000-point mark.
Yesterday, the index depreciated by 524.04 points to 96,907.98 points from the 97,432.02 points it ended last Friday and the market capitalisation declined by N318 billion to settle at N58.721 trillion compared with the preceding session’s N59.039 trillion.
Investor sentiment was weak yesterday after the bourse ended with 30 price losers and 17 price gainers, implying a negative market breadth index.
Caverton lost 10.00 per cent to trade at N1.80, Aradel Holdings shed 9.99 per cent to close at N401.10, Oando slumped by 9.98 per cent to N80.70, FTN Cocoa crashed by 9.90 per cent to N1.73, and Veritas Kapital dropped 9.86 per cent to quote at N1.28.
On the flip side, John Holt and UBA appreciated by 10.00 per cent each to trade at N3.63 and N31.90 apiece, Eunisell grew by 9.96 per cent to N6.18, Sterling Holdings rose by 5.96 per cent to N4.98, and PZ Cussons gained 4.55 per cent to finish at N23.00.
The sectorial performance showed that the banking and consumer goods sectors appreciated by 1.13 per cent and 0.21 per cent, respectively.
However, the insurance and the energy counters depreciated by 0.75 per cent and 0.16 per cent, respectively, while the industrial goods index closed flat.
Business Post reports that the trading value went down by 10.13 per cent, while the trading volume and the number of deals increased by 37.68 per cent and 17.98 per cent apiece.
A total of 1.2 billion stocks worth N14.2 billion exchanged hands in 10,386 deals on the first trading day of the week versus the 888.8 million stocks valued at N15.8 billion transacted on the last trading session of last week in 8,803 deals.
Consolidated Hallmark sold 567.3 million shares for N822.5 million, UBA traded 240.8 million equities traded N7.3 billion, Sterling Holdings exchanged 122.3 million stocks valued at N603.0 million, Sovereign Trust Insurance transacted 59.4 million equities worth N33.9 million, and Access Holdings traded 26.1 million shares valued at N579.5 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange suffered its fifth decline for this week on Friday after it closed lower by 0.09 per cent, with the Unlisted Security Index (NSI) down by 8.91 points to 3,639.10 points from 3,642.22 points and the market capitalisation declining by N1.86 billion to end N2.177 trillion compared with the previous day’s N2.179 trillion.
Yesterday, the bourse recorded three price losers led by NASD Plc, which crumbled by N4.00 to close at N55.00 per share compared with the previous day’s N59.00 per share, as FrieslandCampina Wamco Nigeria Plc depreciated by 68 Kobo to N66.23 per unit from Thursday’s closing price of N66.91 per unit, as Mass Telecom Innovation Plc lost 4 Kobo to end at 40 Kobo per share versus the preceding day’s 44 Kobo per share.
On the flip side, there were two price gainers led by Central Securities Clearing System (CSCS) Plc, which added 21 Kobo to close at N40.81 per unit compared with the previous session’s N40.60 per share and UBN Property Plc, which improved by 10 Kobo to N2.09 per share from N1.99 per share.
During the session, the level of activity increased as the the volume of transactions surged by 255.7 per cent to 10.2 million units from 2.9 million units, the value of trades soared by 122.0 per cent to N189.5 million from N85.4 million, and the number of deals increased by 22.5 per cent to 49 deals from the previous day’s 40 deals.
When the bourse ended for the day, CSCS Plc remained the most traded stock by value on a year-to-date basis with 10.5 million units worth N427.7 million, trailed by FrieslandCampina Wamco Nigeria Plc with 893,553 units traded for N60.1 million, and MRS Oil Plc with 291,801 units valued at N58.3 million.
However, CSCS Plc took over as the most active stock by volume on a year-to-date basis with 10.5 million units old for N427.7 million, as Geo-Fluids Plc slipped to second place with 7.7 million units worth N52.4 million, and Mass Telecom Innovation Plc occupied the third spot with 6.2 million units transacted for N2.5 million.
By Adedapo Adesanya
The Naira appreciated against the US Dollar by 44 Kobo or 0.03 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, January 24 to sell for N1,421.63/$1 compared with the N1,422.07/$1 it was traded on Thursday.
This was buoyed by increased FX inflows from exporters as well as sustained Dollar volume from non-bank corporate, individual and other sources.
However, the Naira lost N15.61 against the Pound Sterling in the same market window yesterday to quote at N1,924.17/£1 compared with the previous day’s value of N1,908.56/£1 and depreciated against the Euro by N3.60 to finish at N1,669.56/€1 versus the N1,665.96/€1 it was exchanged a day earlier.
At the GTBank forex counter, the Nigerian currency traded flat against its American counterpart at N1,430/$1, and also maintained stability against the greenback at the parallel market segment during the session at N1,485/$1.
Meanwhile, the cryptocurrency market took a hit as slowdown occurred, explained by large holders taking profits.
The market had seen a short lived boost after Japanese intervention sent the Yen surging against the US Dollar, a move some saw as a necessary step toward resuming a bull market in crypto.
However, investors took profit with Dogecoin (DOGE) down by 0.8 per cent to $0.1240, and Cardano (ADA) down by 0.7 per cent to $0.3585.
Further, Solana (SOL) dropped 0.6 per cent to sell at $126.89, Litecoin (LTC) depreciated by 0.5 per cent to $68.42, and Binance Coin (BNB) fell by 0.1 per cent to $890.13.
But, Ripple (XRP) appreciated by 0.4 per cent to $1.91, Ethereum (ETH) rose by 0.3 per cent to $2,953.72, and Bitcoin (BTC) grew by 0.1 per cent to $89,477.58, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Modupe Gbadeyanka
The House of Representatives Minority Caucus Ad-hoc Committee on Tax Laws on the Allegations of Illegal Alterations on the Gazetted Tax Laws has released an interim report on its findings, accusing the executive arm of government of removing and inserting some items in the bills passed by the parliament.
The chairman of the 7-man panel, Mr Afam Victor Ogene, in the report released on Friday, said the laws were altered after they were transmitted to the executive by the National Assembly for assent by President Bola Tinubu.
Recall that a member of the green chamber of the parliament, Mr Abdulsamad Dasuki, raised an alarm on the discrepancies in the gazetted version and the one passed by the legislative arm of government.
The Minority Caucus of the House of Reps, headed by Mr Kingsley Chinda, in a statement on December 28, 2025, vowed to “unconditionally protect the independence of the legislature and our democracy.”
It then constituted the committee on January 2, 2026, to get to the roots of all the issues surrounding the scandal.
The next day, the lower chamber of the National Assembly, through its spokesman, Mr Akintunde Rotimi, released a statement announcing that the Speaker, Mr Abbas Tajudeen, had directed the release of the four tax reform Acts; The Nigeria Tax Act, 2025; The Nigeria Tax Administration Act, 2025; The National Revenue Service (Establishment) Act, 2025; and The Joint Revenue Board (Establishment) Act, 2025, duly signed into law by the President, for public record, verification, and reference.
The statement further added that the Speaker has also ordered an internal verification and immediate public release of the Certified Acts to eliminate doubts, restore clarity, and protect the sanctity of the legislature.
In its report yesterday, the panel said it discovered some alterations in the gazetted version, noting that, “given the anomalies, illegalities, and impunity observed, which clearly undermine the National Assembly’s constitutional powers and democracy, the committee finds the current evidence sufficient to warrant a deeper investigation. This will ensure accountability for the affront against the legislature.”
“To achieve this, the committee respectfully requests an extension to conduct a more thorough examination of the matter,” it added.
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