Economy

Nigerian Exchange Sheds N308bn Amid Profit-taking

Published

1 year ago

June 27, 2025

Nigerian Exchange sheds N308bn on Thursday after profit-taking in large-cap stocks halted a three-day winning streak. Market still posts weekly gain

Nigerian Exchange sheds N308bn on Thursday as profit-taking in heavyweight stocks broke a three-day bullish streak and pushed the benchmark index lower.

Also read: NGX Market Capitalisation Milestone Hits N74 Trillion On Strong Investor Demand

The All-Share Index fell by 0.39 per cent, losing 478.64 points to close at 120,779.05.

This dragged market capitalisation down to ₦76.5 trillion from ₦76.81 trillion the previous day, despite cumulative gains earlier in the week.

The market is still up 2.48 per cent week-on-week and 17.35 per cent year-to-date.

Trading activity was mixed. Volume increased slightly by 4 per cent to 892.97 million shares, though value dropped 30 per cent to ₦18.23 billion, even as the number of deals rose 11 per cent to 25,375.

Out of 128 listed equities, 33 posted gains while 38 declined.

Skye Shelter Fund topped the gainers with a 10 per cent jump to ₦249.25. It was followed by Unilever Nigeria, which also rose 10 per cent to ₦51.70.

Profit-taking activities in large-cap counters drove the downturn, but long-term sentiment remains resilient.

Neimeth International Pharmaceuticals and UAC of Nigeria closed 9.98 per cent and 9.97 per cent higher at ₦5.40 and ₦38.05, respectively.

On the losers’ side, Thomas Wyatt Nigeria dropped 10 per cent to ₦2.07, Nigerian Aviation Handling Company fell 9.99 per cent to ₦91.00, while Oando Plc declined 9.96 per cent to ₦61.90. Associated Bus Company also lost 8.92 per cent, closing at ₦2.45.

Ellah Lakes led the volume chart with 113 million shares. Access Holdings followed with 76.2 million, Caverton Offshore posted 64.9 million, and Japaul Gold recorded 61.6 million shares traded.

Sectoral performance was divided. The Industrial Index rose 2.11 per cent, Insurance gained 1.08 per cent, but the Top 30, Pension, Premium, and Main Board indices all declined by between 0.26 and 0.45 per cent.

Also read: Nigerian equities market posts N259bn gain as bullish run continues

Despite Thursday’s pullback, analysts at Afrinvest projected that bearish sentiment may persist as investors continue profit-taking, especially after Wednesday’s ₦1.18 trillion gain driven by optimism around corporate earnings.

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Economy

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

Published

1 day 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.

Also read: Wike Celebrates Fintiri at 59, Hails Him as Loyal Friend

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.