Economy
Stock Market Bleeds as CBN Cancels MPC Meeting, Investors Lose N65b
By Modupe Gbadeyanka
Trading activities on the floor of the Nigerian Stock Exchange (NSE) opened for the new week on Monday on a negative note.
The stock market, which reversed a downward trend last Friday, resumed bearish today after pointing south by 0.40 percent, shrinking the year-to-date return to 17.44 percent.
The loss occurred as the Central Bank of Nigeria (CBN) failed to hold its first Monetary Policy Committee (MPC) meeting for the year today as a result of lack of quorum.
Like in America, where the Senate failed to pass the country’s spending bill, leading to a government shutdown since last Friday, the Nigerian Senate has failed to confirm nominees of the committee sent to the upper parliament last year by President Muhammadu Buhari as a result of an impasse with the executive.
This made it impossible for the MPC meeting to hold today as earlier planned. However, the CBN Governor, Mr Godwin Emefiele, announced today that the rates, as announced at its last meeting in November 2017, would be retained.
At the close of transactions on the floor of the Nigerian bourse on Monday, the All-Share Index (ASI), which stood at 45,092.83 points on Friday, depreciated by 180.30 points on Monday to settle at 44,912.53 points.
Also, the market capitalisation, which was N16.155 trillion at the last trading session, decreased by N64.6 billion to finish at N16.090 trillion when the market closed for the day.
Business Post reports that the Conglomerates sector led the activity chart on Monday with 3.9 billion shares worth N9.4 billion transacted by investors, while the Financial Services industry followed with 523.2 million equities valued at N5.2 billion exchanged.
At the close of business, the total volume of equities exchanged by investors increased by 231.25 percent from 1.3 billion to 4.4 billion.
Also, the total value of stocks transacted rose marginally by 84.57 percent from N8.6 billion last Friday to N15.9 billion today.
Transcorp continued today as the most traded equity in terms of volume on the local bourse, selling 3.9 billion shares worth N9.3 billion.
Diamond Bank followed after trading 85.8 million shares valued at N297.9 million, and FCMB, which transacted 76.7 million equities for N267 million.
Fidelity Bank sold 69 million shares for N266 million, while FBN Holdings exchanged 57.7 million shares valued at N785.7 million.
The market breadth closed at equilibrium on Monday with 26 price gainers and losers. The total number of equities that traded flat today were 43.
Nestle led the price losers’ chart today after depreciating by N30 to settle at N1470 per share, and was followed by Unilever, which went down by N2.80k to close at N44.20k per share.
Forte Oil declined by N1.78k to finish at N50 per share, GTBank lost N1.20k to close at N53.51k per share, while UAC of Nigeria crashed by 39k to end at N17.10k per share.
On the flip side, Beta Glass topped the gainers’ table after adding N2.82k to its share value to close at N59.38k per share.
PZ Cussons rose by N1.10k to finish at N23.10k per share, and International Breweries grew by N1 to end at N64 per share.
Furthermore, Cadbury advanced by 93k to close at N15.99k per share, while Nigerian Breweries increased by 81k to settle at N143 per share.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc kept the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.04 per cent on Friday, July 16.
The securities depository company added N2.50 to its share price to settle at N95.14 per unit from the preceding session’s N92.64 per unit.
However, FrieslandCampina Wamco Nigeria Plc slid during the session by N5.85 to N141.81 per share from N147.66 per share.
But when the bourse closed for the day, the market capitalisation increased by N1.08 billion to N2.593 trillion from N2.592 trillion, while the NASD Security Index (NSI) appreciated by 1.80 points to 4,320.67 points from 4,318.87 points.
During the session, the value of securities slid by 38.9 per cent to N63.5 million from N104.1 million, the volume of securities went down by 34.5 per cent to 1.2 million units from 4.8 million units, and the number of deals declined by 15.4 per cent to 33 deals from 39 deals.
Great Nigeria Insurance (GNI) Plc was the most traded 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 75.4 million units traded for N5.3 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
