Economy
Nigerian Breweries, 22 Others Lead Stock Market to First 2020 Loss
By Dipo Olowookere
The first loss at the nation’s stock market finally came on Tuesday as a result of massive profit taking in some large-cap equities on the exchange, including MTN Nigeria, Dangote Cement, Nigerian Breweries and others.
Business Post reports that the bears chased out the bulls from the local bourse yesterday, leaving the market heavily depressed by 1.18 percent to cut the year-to-date gain to 9.09 percent. The market breadth also closed negative with 23 price losers and 13 price gainers.
The All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) reduced at the close of activities by 350.43 points to 29,283.15 points from 29,633.58 points, while the market capitalisation was trimmed by N181 billion from N15.287 trillion to N15.106 trillion, data from the exchange showed.
Nigerian Breweries was the heaviest price loser, reducing by N4.95 to N51.10 per share, while MTN Nigeria followed with a loss of N3.40 to close at N124.20 per unit.
Dangote Cement depreciated by N2 to finish at N170 per share, UBA declined by 45 kobo to settle at N8.25 per unit, while Zenith Bank dropped 40 kobo to end at N21.30 per share.
At the other side, Beta Glass emerged the best performing stock, gaining N5.20 to close at N59 per share, while Forte Oil trailed with a price appreciation of 95 kobo to finish at N17.85 per unit.
Flour Mills improved by 70 kobo to settle at N24 per share, C&I Leasing rose by 60 kobo to trade at N7.35 per unit, while Cadbury Nigeria appreciated by 50 kobo to sell at N10 per share.
Despite the market closing bearish yesterday, more shares were traded on the floor by investors, though the value dropped.
A total of 666.8 million stocks worth N6.5 billion exchanged hands during the day compared with the 348.2 million equities valued at N8.6 billion transacted on Monday. This indicated that the volume of trades went up by 91.47 percent, while the value went down by 23.77 percent.
Stocks of Union Diagnostic and Clinical Services were the most traded at the market on Tuesday, with a total units of 340.2 million worth N71.4 million.
Zenith Bank sold 69.7 million units valued at N1.5 billion, UBA exchanged 38.8 million shares worth N329.2 million, Access Bank traded 37.3 million units for N393.9 million, while FBH Holdings transacted 22.0 million shares valued at N157.6 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.
