Economy

NGX Records Strong 2.15% Gain Despite Trading Dip

Published

8 months ago

March 8, 2026

Q Tinny

NGX weekly trading report shows market capitalisation rising 2.16% despite a 10.7% drop in transaction value on the Nigerian Exchange

Investors traded 3.695 billion shares valued at N177.687 billion in 370,980 deals on the Nigerian Exchange Limited at the close of trading on Friday, according to the latest NGX weekly trading report.

Also read: Coronation Registrars Records 34.8% NGX Market Share in 2025

The figure represents a decline from the previous week, when 5.494 billion shares worth N196.709 billion were exchanged in 370,233 deals, marking a 10.7 per cent drop in transaction value week-on-week.

Despite the lower trading activity, the market posted a positive performance. The NGX All-Share Index and overall market capitalisation appreciated by 2.15 per cent and 2.16 per cent respectively, closing the week at 196,968.15 points and N126.437 trillion.

The Financial Services Industry dominated the activity chart, recording 2.444 billion shares valued at N72.029 billion across 145,628 deals. The sector accounted for 66.14 per cent of total equity turnover volume and 40.54 per cent of value traded.

The Oil and Gas Industry followed with 326.073 million shares worth N39.510 billion traded in 36,458 deals, while the Services Industry ranked third with 218.374 million shares valued at N2.012 billion across 18,575 deals.

Trading in Jaiz Bank Plc, Fortis Global Insurance Plc and Access Holdings Plc accounted for a combined 661.242 million shares valued at N8.062 billion in 38,534 deals. The three equities contributed 17.90 per cent and 4.54 per cent to the total equity turnover volume and value respectively.

Market breadth showed mixed investor sentiment. A total of 44 equities appreciated in price during the week, an improvement from 32 recorded in the previous week.

However, 58 equities declined in value compared with 69 in the preceding week, while 46 equities remained unchanged.

Among the week’s top losers were Mc Nicholas Plc, Mecure Industries Plc, Multiverse Mining and Exploration Plc, Jaiz Bank Plc and Omatek Ventures Plc, which recorded notable price declines.

On the gainers’ chart, Fortis Global Insurance Plc, Premier Paints Plc, Eterna Plc, Nigerian Exchange Group Plc and UAC of Nigeria Plc posted the strongest price appreciation for the week.

The Exchange also notified trading licence holders of the listing of 105,003,725 additional ordinary shares of Fidson Healthcare Plc on 6 March under its Employee Share Scheme, increasing the company’s issued shares from 2,294,996,275 to 2.4 billion.

Similarly, the NGX announced the listing of 68,158,000 units of Series 5 of the Nigeria Real Estate Investment Trust issued by Chapel Hill Denham Management Ltd..

Also read: NGX Gains N221 Billion as Nestle Nigeria Shares Surge

The units, valued at N100 each and priced at N103, were listed under a N400 billion issuance programme, raising the total outstanding units on the Exchange to 1,656,775,222.

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Economy

NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

Published

21 hours ago

October 27, 2026

Peculiar Adirika

NRS VAT rate remains 7.5%, the agency says, while addressing concerns over bank deductions, loans and the implementation of Nigeria’s tax reforms

The Nigeria Revenue Service (NRS) has assured taxpayers that Nigeria’s standard Value Added Tax (VAT) rate remains 7.5 per cent, while addressing concerns over the implementation of the country’s new tax reforms.

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The assurance was given by the Tax Administrator responsible for Kano, Jigawa and Katsina states, Samaila Abdullahi, during an NRS stakeholders’ engagement and tax reform sensitisation programme in Kano.

Abdullahi said concerns raised by individuals, traders, business owners and other stakeholders about the new tax laws were understandable, particularly questions relating to bank transactions, loans, family transfers, business income and the potential impact on small businesses.

He urged taxpayers to understand the reforms through the provisions of the law rather than rely on assumptions or misinformation.

According to him, the tax laws do not automatically authorise deductions from personal bank accounts.

He stressed that tax collection and recovery must follow the applicable legal provisions and procedures.

Abdullahi also clarified that money received as a loan should not automatically be classified as business income or profit, explaining that proper documentation is essential to establish the nature of a transaction.

“For instance, when a trader receives a loan of N500,000, the amount should not automatically be treated as N500,000 in sales or profit, provided the transaction is properly documented,” he said.

The NRS official’s comments were aimed at addressing public concerns about how the new tax framework would affect personal finances and business transactions.

He emphasised the importance of distinguishing between taxable business receipts and other funds, such as documented loans, when determining a taxpayer’s obligations.

The clarification comes amid heightened public interest in Nigeria’s tax reforms and questions about their implications for individuals, traders and small businesses.