Author: Julius Alagbe

FGN Bonds Yield Slides to 16.59% as Investors Boost Holdings The average yield on Federal Government of Nigeria (FGN) bonds fell to 16.59% in the secondary market as investors anticipate higher supply for September. The monthly auction for September will be held in the coming days, and analysts believe the Central Bank of Nigeria (CBN) interest rate decision will influence yield directions. Trading in the fixed income market was marginally bullish this week, with most activity concentrated at the short- and mid-segments of the curve. Investors continue to build naira portfolios with Nigerian bonds across short, mid and long duration…

Equity Investors Gain N822bn, Looming Q3 Earnings Present Upside Equity investors gained N822 billion, and stockbrokers are anticipating a fresh rally in the Nigerian Exchange (NGX) listed companies in anticipation of the third-quarter earnings release. The market capitalisation expanded week on week as a result of renewed interest in stocks with strong fundamentals, though overall trading activity was somewhat muted as weak sentiment in the banking sector weighed on momentum. The NGX All-Share Index advanced by 0.92% week-on-week to close at 141,845.35 points, driven by renewed investor interest in fundamentally sound names. This came against the backdrop of fresh half-year…

Wike Approves FCT Resident Doctors’ Request The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has approved the demands of resident doctors that have been on strike since Sept.15, over unpaid arrears. Wike made this known on Friday while inaugurating the construction of the Northern parkway from Ring Road II to Ring III on Shehu Yar’Adua way in Abuja. He also commended the doctors for calling off the strike in the interest of patients and the territory. “All the files containing the requests on my table have been duly signed. “I must commend the resident doctors for calling off…

GCR Affirms Aradel Holdings AA-, A1+ Ratings with Stable Outlook GCR Ratings, a ratings agency focused on African issuers, has confirmed the national scale long-term and short-term issuer ratings for Aradel Holdings Plc at AA-(NG) and A1+(NG), respectively. According to the rating note, the African-focused ratings agency also affirmed the national scale long-term issue rating of AA-(NG) accorded to Aradel Holdings Plc’s N10.318 billion Series 1 Senior Unsecured Bonds. The outlook on the ratings is accorded as stable, while GCR said its ratings affirmation reflects Aradel Holdings Plc’s consistent earnings growth and sound cash generation, which have supported a very…

2025 Budget: NASS Seeks Withdrawal of Contracts Circulars The National Assembly has called for the withdrawal of all circulars already issued for contract awards in the 2025 fiscal year. The resolution for withdrawal of circulars already issued for contract awards for the 2025 fiscal year by the Executive was jointly taken by committees on Appropriations of both the Senate and the House of Representatives in Abuja. The parliament strongly indicated that the N23.9 trillion capital component of the entire N54.99 trillion 2025 budget will extend to 2026 fiscal year. The joint resolution was sequel to the earlier one taken by…

Investors Step Up Treasury Bills Hunting after CBN Rejects Bids Investors stepped up hunting for Nigerian Treasury bills in the secondary market amidst recent spot rate cuts at the Central Bank of Nigeria (CBN) primary market auction – where N1.25 trillion in excess bids were rejected. The CBN slashed spot rates across the standard tenors -91, 182 and 364-day bills as real return on investors surged to 7.38% post disinflation. Demand for local treasury papers increased as the authority rejected N1.25 trillion of the aggregate subscription of about N1.6 trillion at the midweek auction. Hence, trading activities at the Treasury…

Short-Term Rates Mix as Cross-Currency Swap Tightens Liquidity Interbank rates closed on a mixed note as financial system liquidity continues to fluctuate. The open repo rate held firm, but the overnight lending rate inched higher as a huge outflow related to cross-currency swap repayment on Thursday by the authority tightened liquidity flow in the money market. The short-term benchmark interest rates, however, stood firm even with the liquidity fluctuation; movement was limited due to excess funds in the financial system. The market recorded inflows from FAAC inflows even with treasury bills auction. Still, Banks continue to place funds with the…

Naira Falls as FX Demand Spikes, External Reserves Near $42bn The Nigerian naira experienced increased pressures from the official market due to heightened demand for foreign currency, US dollar in particular. The US dollar volume declined at the Nigerian foreign exchange market, highlighting reduced ability to meet rising demand as the strength of previous inflows eased. FX analysts said the official spot rate was roughened as FX log revealed dollar demand surged after more than $38 million FX intervention last week. Intraday FX spot rate weakened to N1510 on Thursday, while exchange rate traded at lowest point of N1487, data…

UBA Grows Profit by 6.1%, Declares 25k Interim Dividend United Bank for Africa (UBA) Plc grew profit by 6.1% in the first half of 2025 amidst tight regulatory situation.The Pan African lender’s profit after tax grew by 6.1% year on year to N335.53 billion from N316.36 billion in the comparable period in 2025. Due to increase share outstanding, earnings per share (EPS) marginally declined to N8.86 in H1-25 from N8.90, reflecting the dilutive impact of new share issuances. The Board proposed an interim dividend of N0.25/share, a sharp decline from N2.00/share paid in the comparable period, translating to a dividend…

Zenith Bank Increases Interim Dividends by 25%, Profit Slides Zenith Bank Plc posted N532 billion as net profit for the first half of 2025, according to the audited financial statement submitted to the Nigerian Exchange. The group reported a 7.9% year on year decline in profit after tax which settled at N532.18 billion from N578.00 billion in the comparable period in 2024. Hence, earnings per share dropped to N12.95 as against N18.4 the bank delivered in the comparable period in 2024. According to analysts, the bank’s earnings momentum in H1-25 was constrained by weaker trading income and significantly higher credit…