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Nigerian Equities Lose N1.14 Trillion After CBN Rate Cut

Phinadon Mag

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Quick Summary:
Equities lose N1.141 trillion in value following CBN’s 50bps rate cut to 26.50%, triggering broad sell-offs across major sectors.

Investors on the Nigerian Exchange Limited (NGX) suffered a major setback on Tuesday, losing ₦1.141 trillion in market value after the Central Bank of Nigeria (CBN) reduced the benchmark interest rate by 50 basis points to 26.50 percent.

The market closed deep in the red, as heavy sell-offs across large-cap, consumer goods, and insurance stocks dragged overall performance lower.

Broad-Based Sell-Off Hits Key Stocks

Equities such as DAAR Communications, Tantalizers, BUA Foods, Ellah Lakes, and Japaul Gold, alongside 35 other stocks, recorded price declines.

As a result, market capitalization fell by ₦1.141 trillion, representing a 0.92 percent drop, to close at ₦124.827 trillion, compared to ₦125.968 trillion in the previous session.

Similarly, the All-Share Index (ASI) shed 1,778.95 points, or 0.92 percent, to settle at 194,484.61, down from 196,263.56 posted on Monday.

The downturn trimmed the year-to-date return to 24.98 percent, while market breadth closed negative, with 40 decliners against 27 gainers.

Top Losers and Gainers

On the losers’ chart, Tantalizers and DAAR Communications led with a 10 percent decline each, closing at ₦4.86 and ₦2.25 per share, respectively.

On the gainers’ table, Jaiz Bank topped with a 10 percent increase, followed by Infinity Trust Mortgage Bank and First City Monument Bank (FCMB).

Trading Activity and Volume Analysis

Investors exchanged 1.14 billion shares valued at ₦53.4 billion in 72,218 deals, compared to 1.3 billion shares worth ₦31.5 billion traded in 95,091 transactions on Monday.

Market analysis showed a 12 percent decline in trading volume and a 24 percent drop in the number of deals, although the total value of transactions rose by 44 percent.

Japaul Gold recorded the highest trading volume for the day, with 102 million shares exchanged.

Outlook

Analysts say the market reaction reflects investor caution following the CBN’s unexpected rate cut, which may have triggered profit-taking and portfolio rebalancing across key sectors.

Market watchers expect volatility to persist in the short term as investors reassess monetary policy direction and corporate earnings outlook.

News

Police arrest Bauchi man accused of poisoning motorcyclist and stealing his bike.

Ikechukwu Emmanuel

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Operatives of the Bauchi State Police Command have arrested a 27-year-old man, Isiyaka Badamasi, for allegedly poisoning a commercial motorcyclist in an attempt to steal his motorcycle.

According to a statement issued on Thursday by the command’s spokesperson, SP Nafiu Habib, Badamasi and his alleged accomplice, Ma’aruf Sani, reportedly offered a 21-year-old motorcyclist a sweet containing a harmful substance. The victim, who resides in the Yelwa Tudun area of Bauchi, allegedly became intoxicated after consuming it.

The suspects were said to have attempted to dispossess him of his Bajaj Boxer motorcycle. However, the victim raised an alarm after sensing danger, attracting members of the public who apprehended Badamasi. Sani, both of whose residents are reportedly from Na’ibawa in Kano State, escaped and is currently the subject of a police manhunt.

The victim was taken to Gamuwa Primary Health Care Centre, where he remains on admission and is responding to treatment.

The Commissioner of Police, Sani-Omolori Aliyu, has ordered the transfer of the case to the State Criminal Investigation Department for further investigation. The command also urged residents to remain vigilant and reaffirmed its commitment to protecting lives and property across the state.

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Entertainment

Lojay: My uncle told me I would never succeed in music.

Ikechukwu Emmanuel

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Nigerian singer Lojay has revealed that he faced significant opposition when he decided to pursue a career in music, including doubts from members of his family.

Speaking during a recent livestream with content creator Gilmore, the “Monalisa” hitmaker recalled that one of his wealthy and influential uncles, who is now involved in politics, told him he would never succeed in the music industry.

“I have an uncle who is now in politics. I won’t mention his name, but he is very rich and popular. When I wanted to start music, he told me I would never blow,” Lojay said.

Despite the discouragement, the singer remained committed to his ambition and used the criticism as motivation. He expressed satisfaction that his perseverance had eventually produced positive results.

Lojay also encouraged his fans to remain confident in their dreams and avoid allowing negative opinions to define their ambitions.

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News

Benue Police Deny Withdrawal of Mobile Personnel from Ayilamo.

Ikechukwu Emmanuel

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The Nigeria Police Command in Benue State has dismissed reports alleging that Mobile Police personnel were withdrawn from Ayilamo community in Logo Local Government Area.

In a statement issued by the Command’s spokesperson, DSP Orchia Aondogwu, the report was described as unfounded and baseless. He stated that Mobile Police personnel remained deployed in Ayilamo alongside the Divisional Police team and other tactical units.

Aondogwu also said additional military personnel had been deployed to reinforce security in the area, urging the public to disregard the report.

However, the traditional ruler of Ayilamo, Mue Ter, Chief Torkoer Samuel, contradicted the police account. He claimed that the Mobile Police personnel left the community on Wednesday with their equipment and Armoured Personnel Carriers.

The conflicting accounts have raised questions about the current security situation in Ayilamo and the extent of military presence in the community.

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