Author: Julius Alagbe
Wema Bank Plc hit N1 trillion in market capitalisation as the Tier-2 lender’s 2025 earnings boosted investors’ buying interest in the domestic equity market.
Automobile and auto part retailers, R. T Briscoe Plc’s share price increased by about 61% over five trading sessions in the Nigerian stock market as investors chased cheaper companies.
The U.S. dollar fell against its major counterparts in the global forex market on Friday’s close, while Washington remains unfazed over the weak dollar index.
PayPal’s ‘A-’rating is unchanged following recent financial results, Fitch Ratings said in a non-rating commentary note.
Nigeria, Egypt Yields Up as African Issuers Face Sell Pressure Led by sell pressure in Nigeria, Egypt, and Angola issuers, the African Eurobonds market traded largely bearish due to investors’ reaction to geoeconomic uncertainties and policy choices. Oil-linked African issuers’ yields edged higher as foreign investors reacted to various macroeconomic data, such as higher-than-expected U.S. weekly jobless claim data. The market risk-off positions heated up significantly after the Bank of England (BoE )’s dovish interest rate decision and rising tension ahead of U.S. –Iran negotiation. Oil prices eased due to easing tensions in the global commodity market. The U.S. and…
NIMASA Mulls Expansion of Deep Blue Project The Nigerian Maritime Administration and Safety Agency (NIMASA) is considering an expansion of the Deep Blue project, whose impact has been felt across the Gulf of Guinea. The project has also gained global recognition in ensuring sustainability. The Director-General of NIMASA, Dr Dayo Mobereola, made this known in a statement through the Head of Public Relations Unit of the Agency, Mr Edward Osagie, on Thursday. The NIMASA boss, on his strategic visit to the Chief of Naval Staff (CNS), Vice Admiral Idi Abass, at the Naval Headquarters, Abuja, on Thursday commended the Navy…
Overnight Rate Drops on Excess Liquidity in Banking System Overnight lending rate declined slightly as the banking system remained liquid despite debit for Nigerian Treasury bills auction settlement on Thursday., System liquidity remained relatively buoyant, closing today’s session at a net long position of ₦2.47 trillion compared to ₦2.25 trillion recorded the previous day. The surge occurred following inflow from Nigerian Treasury bills that expired, to the tune of ₦668.87 billion. Consequently, funding rates, the overnight rate (O/N), and open repo rate (OPR) remained firm at 22.50% and 22.80%, respectively. The banking system opened the day with a liquidity surplus…
The naira declined following a period of gains in the Nigerian foreign exchange market (NFEM), attributed to a heightened demand for US dollar transactions at the official exchange rate on Thursday.
Fidelity Bank Gains 6.3% as Investors Take Positions Fidelity Bank Plc.’s market valuation climbed by 6.3% in on the Nigerian Exchange (NGX) as investors took positions as the market anticipates bumper Q4 earnings harvest. The tier-1 challenger lender surged by 6.3%, trading data obtained from the Nigerian Exchange (NGX) revealed on Thursday. The gain in Fidelity Bank and others boosted the banking index by 64 basis points. Fidelity Bank’s share price edged higher to N19.4 as about 9.5 million units valued at N179.392 million were traded in the local bourse. Stockbrokers expect this momentum to remain, driven by the expectation…
Ripple (XRP) has lost about 14% in the last 24 hours, settling at $1.35 on Thursday in the crypto market as extreme fears stoked sell pressure.