Economy

Nigerian equities market posts N259bn gain as bullish run continues

Published

1 year ago

June 4, 2025

The Nigerian equities market extended its bullish momentum, gaining N259 billion as mid- and large-cap stocks rallied, pushing the market capitalisation to N70.894 trillion

The Nigerian equities market extended its bullish streak on Tuesday, with market capitalisation surging by N259 billion on the back of heightened investor interest in select mid- and large-cap stocks.

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At the close of trading on the Nigerian Exchange (NGX), the market capitalisation increased by 0.37 per cent, climbing to N70.894 trillion from N70.635 trillion on Monday. Likewise, the All-Share Index (ASI) appreciated by 411.52 points, settling at 112,427.48.

Investor confidence was boosted by strong performances in key stocks such as Honeywell Flour Mill, SCOA Nigeria, SFS Real Estate Investment Trust, and Industrial & Medical Gases. These companies led the gainers’ chart, each posting notable price surges that fuelled the day’s rally.

Honeywell Flour Mill and SCOA Nigeria advanced by 10 per cent each to close at N22.00 and N5.39 per share, respectively. SFS Real Estate Investment Trust also gained 10 per cent, closing at N226.60, while Industrial & Medical Gases rose by 9.96 per cent to end at N37.00. International Energy Insurance followed closely with a 9.82 per cent jump to N1.79.

Despite the positive sentiment, the day wasn’t without its losers. Conoil dropped by 10 per cent to close at N268.30. Learn Africa fell 9.98 per cent to N3.88, while Transcorp Hotels shed 9.97 per cent to end at N132.80.

Julius Berger and Chellaram also recorded losses of 9.94 per cent and 9.92 per cent, closing at N120.50 and N9.53, respectively.

Overall, market sentiment remained largely upbeat, with 36 gainers outnumbering 32 losers.

Speaking on the market’s performance, equity analyst Chika Onuorah said:

“The sustained interest in large-cap stocks suggests institutional confidence is returning to the Nigerian equities market, buoyed by stronger fundamentals and positive corporate outlooks.”

Trading volume remained robust, with a total of 622.64 million shares valued at N16.12 billion exchanged across 17,044 deals. Fidelity Bank led in volume with 108.17 million shares worth N2.05 billion.

Legend Internet Plc traded 60.95 million shares at N344.36 million, while UBA moved 55.74 million shares valued at N1.93 billion.

GTCO posted 41.23 million shares valued at N2.80 billion, and Access Corporation followed with 34.51 million shares worth N754.43 million.

As momentum continues to build, market analysts remain cautiously optimistic, noting that upcoming corporate results and macroeconomic signals will shape the trajectory of the Nigerian equities market in the coming weeks.

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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.