Economy

NGX Market Capitalisation Milestone Hits N74 Trillion On Strong Investor Demand

Published

1 year ago

June 20, 2025

NGX crosses N74 trillion in market capitalisation as MTN Nigeria and 42 others fuel bullish sentiment with rising volumes and sector-wide gains

The market capitalisation of the Nigerian Exchange Limited (NGX) surged beyond the N74 trillion threshold on Thursday, driven by investor demand for MTN Nigeria Communications Plc and 42 other gainers.

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

MTN Nigeria rose by 1.69 per cent to close at N355.90 per share, pushing the market capitalisation to N74.259 trillion—an increase of N677.7 billion from the previous day’s value of N73.681 trillion.

The NGX All-Share Index climbed by 1,074.26 basis points, or 0.92 per cent, to end the session at 117,861.13 points. This performance lifted the Month-to-Date and Year-to-Date returns to 5.5 per cent and 14.5 per cent, respectively.

Sectoral performance was robust across key indices:

Banking Index increased by 2.9 per cent
Insurance Index gained 1.5 per cent
Consumer Goods Index rose 1 per cent
Oil & Gas Index advanced 0.2 per cent
Industrial Goods Index also climbed 0.2 per cent

Market breadth was positive, with 43 stocks appreciating compared to 20 decliners. Ikeja Hotel led the gainers with a 10 per cent rise to N15.40 per share.

It was followed by Beta Glass, up 9.98 per cent to N276.00, and Legend Internet, which rose 9.92 per cent to close at N7.20.

We anticipate continued momentum on the bourse, buoyed by investor optimism and limited paper supply in the fixed income segment.

Other major gainers included University Press (+9.85% to N6.02) and Eterna (+9.82% to N42.50). On the losing side, Guinea Insurance shed 9.21 per cent to close at 69 kobo.

Haldane McCall lost 5.88 per cent to close at N4.00, followed by C\&I Leasing (-5.84%), McNichols (-5.58%), and Fidson Healthcare (-4.65%).

Trading activity also saw a boost, with volume rising 39.66 per cent to 893.97 million units, worth N22.03 billion across 17,257 deals. Champion Breweries led in volume with 332.30 million shares traded at a value of N2.27 billion.

Other notable trades included:

GTCO: 62.66 million shares worth N5.00 billion
PZ Cussons: 46.59 million shares valued at N1.48 billion
Zenith Bank: 37.55 million shares worth N1.89 billion
Access Holdings: 35.99 million shares worth N787.11 million

“We anticipate continued momentum on the bourse, buoyed by investor optimism and limited paper supply in the fixed income segment,” said analysts at Afrinvest Limited.

Also read: Nigerian Banks post huge profit gains despite customer complaints, economic challenges

The positive market sentiment is attributed to the reaction of Deposit Money Banks to the Central Bank of Nigeria’s circular on the rollback of forbearance measures and a scarcity of alternative investment options.

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Economy

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

Published

13 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.