Author: Julius Alagbe

Academy Press Slides by 7% Ahead of Annual Meeting Academy Press share price declined by 7.3% due to negative investors’ sentiment ahead of its annual general meeting. Trading data from the Nigerian Exchange (NGX) revealed that the company’s share price closed at N8.85 on Friday, down from N9.55 at the beginning of the week. The price slump occurred on the first trading session as the company traded against bullish momentum experience in the local bourse with four days of gaining streaks. The Nigerian Exchange valued Academy Press Plc. 756 million shares outstanding at N6.690 billion, trading at significant discount to…

FX Majors Ride on Weak U.S Dollar Ahead of Fed Decision Forex majors, which are currencies of leading economies, gained strength as the U.S. dollar weakened in anticipation of possible interest rate cuts by the Federal Reserve in the upcoming week. In the recently concluded week, the US dollar fell against its major trading pairs in the foreign exchange markets in reaction to weak economic data. The U.S. stirs the global trade structure with new tariffs on key partners and other nations with back-and-forth discussions. While tariff deals have been closed, the markets have seen significant adjustment to dollar holdings.…

Pound Steadies at $1.35 as U.K Rates Cut Confidence Cracks Ahead of the Bank of England (BoE) interest rates decision next week, the British pound held near $1.35, little changed from last week’s levels, after fresh data signalled a weak start to the third quarter. UK gross domestic product (GDP) stagnated in July as expected, but industrial production unexpectedly fell 0.9%, suggesting that tax hikes and tariffs are weighing on households and businesses. The release comes as Chancellor of the Exchequer Rachel Reeves prepares to announce further tax increases in November to plug a new multibillion-pound budget gap. The Bank…

South African Rand Trades at Highest Value in 10-Month The South African rand traded around 17.35 per U.S. dollar, close to its highest since early November 2024, largely supported by a rally in precious metals, with gold prices hitting new highs. The market experienced broad dollar weakness following an unimpressive consumer price index figure.The US dollar index (DXY) ended the week poorly following the below consensus US jobs data. Based on its latest sovereign rating note, Fitch affirmed South Africa’s rating at BB and maintained stable outlook on the country’s outlook. Ratings analysts said South African’s fully flexible exchange-rate regime,…

Sokoto, Kebbi Superhighway to Gulp N3 Trillion –Umahi The Minister of Works, Sen. David Umahi, says Sokoto and Kebbi states axis of superhighway project will engulf about N3 trillion. Umahi disclosed this on Friday when he inspected the 40 kilometres section 1A cleared on the ongoing superhighway project along Silame Local Government Area of Sokoto State. He dispelled the rumors that President Bola Tinubu’s administration had neglected Northwest in the execution of projects across the country. ”The legacy highway projects are part of the Renewed Hope Agenda, designed to improve road network and train service connectivity across the six geopolitical…

Fitch Affirms South Africa at ‘BB-‘ with Stable Outlook Fitch Ratings has affirmed South Africa’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB-‘ with a stable outlook. According to the rating note, South Africa’s ‘BB-‘ IDR is constrained by low real GDP growth, a high level of poverty and inequality, a high and rising government debt/GDP ratio, and a rigid fiscal structure that hampers budget deficit reduction. The ratings are supported by a favourable government debt structure with long maturities and mostly local-currency-denominated, strong institutions and a credible monetary policy framework. Fitch forecasts low real GDP growth of 1.2% in…

Investment: CBN to Open N290bn Treasury Bills for Subscription Amidst inflation data expectations, the Central Bank of Nigeria (CBN) is scheduled to open N290 billion worth of Nigerian Treasury bills (NTB) for investors’ subscription next week, its auction circular revealed. The primary market auction is expected to be led by the Debt Management Office (DMO) on behalf of the monetary authority; offers include Nigerian Treasury bills that will mature in 91, 182, and 364 days. The treasury bills market was left high and dry in the just concluded week with zero CBN action despite a robust liquidity level in the…

Naira Value Improves as CBN Intervenes in FX Market With $29m The value of the Nigerian naira improved at the foreign exchange market due to sufficient US dollar volume supplied positioned against FX demand for international payments logged by market platers. Updated data highlighted that the Central Bank of Nigeria (CBN) official exchange rate closed the week at N1501 per dollar on Friday supported by fx auction sold to banks and additional inflows across other sources. At the official Nigerian Autonomous Foreign Exchange Market window, the local currency appreciated by 0.89% week-on-week to close at N1,501.50/$1, buoyed by improved liquidity…

NSIB Report Indicts Air Peace Crew for Taking Alcohol, Substances The Nigerian Safety Investigation Bureau has indicted an Air Peace pilot and a Co-pilot for taking alcohol and other substances. The accident investigators tested the crew positive for the substances after the aircraft they flew was involved in a runway excursion at the Port Harcourt International Airport on July 13. This was contained in a preliminary report signed by Mrs Bimbo Oladeji, the Director of Public Affairs and Family Assistance at Nigerian Safety Investigation Bureau. Oladeji said the NSIB preliminary report on Air Peace 5N-BQQ incident occurred on July 13…

NGX Index Shrinks as Equities Investors Lose N81 Billion Nigerian Exchange (NGX) All-share index (ASI) shranked on Friday as equities investors lost N81 billion from their combined portfolio vlaue due to selloffs. Investors wealth decline as sell side actors dominated trading activities on Nigerian stock market, dragging key performance indicators downward after four gaining streaks this week. Trading results revealed that All-Share Index closed in the red, slipping by 0.09% to settle at 140,545.69 points. The mild downturn was driven by sell-offs in some mid to high capitalized stocks, including PZ 3.33%, DANGCEM 3.18%, UCAP 3.08%, AIICO 2.57%, INTBREW 1.21%,…