Business

Investors’ Sentiment Boosts Trading On NSE

Published

12 years ago

July 17, 2013

The improved inves
tors’ sentiment on the floor of the Nigerian Stock Exchange (NSE) resulting to the market ending in the green last week surged the twin market indicators, the All Share Index (ASI) and the aggregate market capitalization of listed equities surged by 1.24 per cent each.
Specifically, the ASI closed the week at 37,382.49 basis points from an index-on-board of 36,926.29 basis points even as the market capitalisation of listed equities increased from the week’s opening value of N11.694 trillion to N11.839 trillion.
The NSE 30 index which tracks the most capitalised stocks on the Nigerian bourse appreciated by 1.05 per cent to finish at 1,758.73 points.
Also four of the NSE indices were in the green during the review week as the NSE Consumer Goods rose by 0.75 per cent, NSE Banking 1.34 per cent, NSE Insurance 0.37 percent and the NSE Industrial goods 3.34 per cent.
However, the NSE Oil/Gas, NSE-Lotus I and the NSE-ASeM nose dived by 0.14 per cent, 0.02 percent and 0.57 per cent, respectively.
A closer look at the market revealed it rebounded last week as the bulls took charge of the market for three days running resulting to a 2.18 per cent appreciation pushing the value-based index that tracks all equities to hover between 35,832 points and 36,952 points.
The week opened on Monday of the review week on a negativenote, as the NSE ASI fell by 0.37 per cent to close at 36,796.14 basis points having opened at 36,926.29 basis points the previous week while cumulative market capitalisation of listed equities dropped by N44 billion to close at N11.650.87 trillion compared with N11.694.95 trillion the previous week.
The second trading in the week under review saw the benchmark index rising by 0.61 per cent which caused the index to finish at 37,014.14 basis points even as the market capitalisation stood at N11.56 trillion.
The overall market volume traded on the same day increased by 53.4 per cent just as increased by 53.4 per cent just as the value grew by 50.8 per cent.
In all, a total of 289.25 million units of shares valued at N324 billion were exchanged by investors in 5,081 deals.
The positive note continued on Wednesday with the NSE ASI soaring by 0.31 percent to finish at 37,128.40 basis points while market capitalisation of listed equities added N36 billion to close at N11,758.27 trillion from an on-board-value of N11.722.08 billion.
The market, last Wednesday recorded a traded volume of 213.24 million units of shares worth N3.22 billion exchanging hands in 5,815 transactions down from 289.25 million units of shares valued at N3.24 billion traded in 5,419 deals the previous day.
The bulls sustained their hold in the equity market of the Nigerian bourse on Thursday with the bench mark index adding 199.26 points to end at 37,327.66 basis points as 34 stocks recorded price appreciation while 16 lost in their value.
The last trading day of the week under review saw the market finishing on a strong note as the bench mark index went up by 0.15 per cent to stand at 37,382.49 basis points while the aggregate market capitalisation of listed equities rose to N11.72 trillion.
A traded volume of 245.96 million units of shares valued at N2.94 billion were recorded at the close business on the Exchange on Friday.
The overall turnover volume during the review week stood at 1.674 billion units of shares valued at N18.266 billion exchanged by investors in 25.367 trades as against a total of 3.478 billion units of shares worth N14.902 billion that exchanged hands the previous week in 24,576 trades.
In volume terms according to the NSE weekly data, the financial services sector topped the sectorial activity chart with 1.306 billion units of shares worth N11.630 billion exchanged by investors in 13,565 trades.
The Banking subsector of the financial services sector was the most active in volume terms during the review week. Activities in the shares of United Bank for Africa Plc, Guaranty Trust Bank Plc and Access Bank Plc drove the volume in the subsector as they accounted for 735.184 million units of shares representing 77.68 per cent and 43.91 per cent of the turnover volume recorded by the subsector and the overall market turnover during the week under review respectively.
The Conglomerates sector emerged second on the week’s activity chart having a turnover of 101.851 million units of shares at the cost of N278.921 million in 1,077 trades.
Activities in the shares of Transnational Corporation of Nigeria Plc drove the volume in the sector as 98.150 million units of its shares were traded by investors in 727 transaction at the value of N137.029 million.
At the over-the-counter bond market, a total of 4,100 units of FGN bonds worth N443,665 were traded in 18 transactions as against 900 units at the value of N100,126 recorded in 19 trades the preceding week.
On the Price Movement chart, 37 stocks appreciate in their value during the week in contrast to 44 shares which recorded price appreciation the previous week.
A total of forty-seven shares dipped in their value compared with 36 shares that plunged in their value the previous week.
Mobil Oil Nigeria Plc vanguard the top 10 bulls with N10.71, Julius Berger Nigeria Plc N5.02, UACN Plc N4.00, Ecobank Transnational Incorporated N1.11, Beta Glass Company Plc N1.00.
Other top 10 price gainers for the week include IPWA Plc 19 kobo, HIS Plc 60 kobo, Ikeja Hotel Plc 7 kobo, National Salt Company of Nigeria Plc 91 kobo and Dangote Sugar Refinery Plc 84 kobo.
On the downside, the top 10 losers were Glaxo Smthkline N12.73, Costain West Africa Plc 24 kobo, Smart Product Nigeria Plc 20 kobo, Coulterville Business Solution Plc 18 kobo, NPF Microfinance Bank Plc 12 Kobo, Trans-Nationwide Express Plc 25 kobo, Vono Product Plc 17 kobo, Chellarams Plc 48 kobo, Thomas Wyatt Nigeria Plc 11 kobo and Transnational Corporation of Nigeria Plc 16 kobo.

Business

FIRS Clarifies New Tax Laws, Debunks Levy Misconceptions

Published

1 day ago

December 5, 2025

The Tide

The Federal Inland Revenue Service has said that Nigeria’s newly enacted tax laws are designed to strengthen economic competitiveness, attract investments, and improve long-term fiscal stability.

The agency also clarified that the much-debated four per cent development levy on imported goods is not a new or additional tax burden, but a streamlined consolidation of several existing levies.

According a statement released Wednesday, one of the most misunderstood elements of the new tax framework is the four per cent development levy with the agency explaining that the levy replaces a range of fragmented charges — such as the Tertiary Education Tax, NITDA Levy, NASENI Levy and Police Trust Fund Levy — that businesses previously paid separately.

This consolidation, it said, reduces compliance costs, eliminates unpredictability and ends the era of multiple agency-driven levies. The law also exempts small businesses and non-resident companies, offering protection to firms most vulnerable to economic shocks.

Another major clarification relates to Free Trade Zones. Earlier commentary had suggested that the government was rolling back the incentives that have attracted export-oriented investors for decades. However, the reforms maintain the tax-exempt status of FTZ enterprises and introduce clearer guidelines to preserve the purpose of the zones.

“Under the new rules, FTZ companies can sell up to 25 per cent of their output into the domestic market without losing tax exemptions. A three-year transition period has also been provided to allow firms to adjust smoothly.

“Government officials say the reforms aim to curb abuses where companies used FTZ licences to evade domestic taxes while competing within the Nigerian market”, it said.

With the new measures, Nigeria aligns with global FTZ models in places like the UAE and Malaysia, where the zones function primarily as export hubs for logistics, manufacturing and technology.

The introduction of a 15 per cent minimum Effective Tax Rate for large multinational and domestic companies has also been met with public concern. But the FIRS notes that this policy aligns with a global tax agreement endorsed by over 140 countries under the OECD/G20 framework.

Without this adoption, Nigeria risked losing revenue to other countries through the “Top-Up Tax” mechanism, where the home country of a multinational collects the difference when a host country charges below 15 per cent. By localising the rule, Nigeria ensures that tax revenue from multinational operations remains within its borders.

Business

CBN Revises Cash Withdrawal Rules January 2026, Ends Special Authorisation

Published

1 day ago

December 5, 2025

The Tide

The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, with effect from January 2026.

In a circular released Tuesday, December 2, 2025, and signed by the Director, Financial Policy & Regulation Department, FIRS, Dr. Rita I. Sike, the apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.

However, with time, the need has arisen to streamline these provisions to reflect present-day realities.

The statement said the new set of cash-related policies is designed to reduce the cost of cash management, strengthen security, and curb money laundering risks associated with the economy’s heavy reliance on physical currency.

“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.

“With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities,”

“Effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million”, it said.

According to the statement, withdrawals above these thresholds would attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.

Daily withdrawals from Automated Teller Machines (ATMs) would be capped at N100,000 per customer, subject to a maximum of N500,000 weekly stating that these transactions would count toward the cumulative weekly withdrawal limit.

The special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly has been discontinued.

The CBN also confirmed that all currency denominations may now be loaded in ATMs, while the over-the-counter encashment limit for third-party cheques remains at N100,000. Such withdrawals will also form part of the weekly withdrawal limit.

Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.

They must also create separate accounts to warehouse processing charges collected on excess withdrawals.

Exemptions and superseding provisions
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.

However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.

The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.

Business

Shippers Council Vows Commitment To Security At Nigerian Ports

Published

1 day ago

December 5, 2025

The Tide

The Nigerian Shippers Council (NSC)has restated its commitment towards ensuring security at Nigerian seaports.

Executive Secretary/Chief Executive Officer of the Council, Dr Pius Akuta, said this in Port Harcourt, while declaring open a one day workshop organized by the Nigerian Shippers Council in collaboration with the Nigerian police( Marin Division).

Theme for the workshop was ‘Facilitating Port Efficiency; The strategic Role of Maritime police “

Akuta who was represented by the Director, Regulatory Services, Nigerian Shippers Council, Mrs Margeret Ogbonnah, said the workshop was to seek areas of collaboration with security agencies at the Ports with a view to facilitating trade

Akuta said the theme of the workshop reflects the desire of the council and the Nigerian police to build capacity of police officers for better understanding and administration of their statutory roles in the Maritime environment.

He said Nigerian seaports has constantly been reputed as one of the Port with the longest cargo dwell in the world, adding,”This is so, because while it takes only six hours to clear a containerized cargo in Singapore Port, seven days in Lome Port, it takes an average of 21 days or more in Nigerian Ports” stressing that this situation which has affected the global perception index on Ease of Doing Business in Nigerian seaports must be addressed.

Akuta said NSC which is the economic regulator of the Ports has the responsibility of ensuring that efficiency is established in the Ports inorder to attract patronages.

“Pursuant to its regulatory mandate, the NSC has been collaborating with several agencies to ensure the facilitation of trade and ease of movement of cargo outside the Ports to avoid congestion”he said.

Also speaking the commissioner of police, Eastern Port Command, Port Harcourt, CP Tijani Fakai, said Maritime police has played some roles in facilitating Ports efficiency.

He listed some of the roles to include ensuring security and crime prevention at the Ports, checking of illegal fishing activities at the Ports, checking of human trafficking and drug smuggling and prevention of fire incident at the Ports.

Represented by ACP, Rufina Ukadike, the CP said police at the Ports have also helped in the decongestion and prevention of unauthorized Anchorage.

He commended the Nigerian Shippers Council for the workshop and assured of continuous collaboration.

Speaking on the dynamics of cargo handling, Deputy Controller of customs, Muhydeen Ayinla Ayoola, said the launching of electronic tracking system and dissolution of controller General Taskforce has helped to ensure efficiency at the Ports.

Ayoola who represented the custom Area Controller Port Harcourt 1 Area command, however raised concerned over rising national security threat , which according to him has affected efficiency at the Ports.

John Bibor