Author: Julius Alagbe

Equity Investors Gain N521bn as Nigerian Bourse Stops Losses The equity investors gained N512 billion on the Nigerian Exchange (NGX) as the local bourse stopped three straight days of losses that plunged key performance indicators down. The market closed on a positive note ahead of the Eid -ul Mawlid holiday, as key market performance indicators advanced by 0.60% on Thursday. The NGX recovery was supported by renewed buying interest in recently moderated medium and large cap stocks, such as ELLAHLAKES, HONYFLOUR, AIICO, TRANSCORP, among others across major sectors. Specifically, the All-share index added 823.67 basis points to close at 138,980.83.…

CBN Reprices Interest Rates on Nigerian Treasury Bills Details from the midweek primary market auction showed that the Central Bank of Nigeria (CBN) raised the spot rate on Nigerian Treasury bills maturing in one year by 25 basis points, following adjustments on short and long-dated bills. The authority floated N480 billion worth of Nigerian Treasury bills instruments across standard tenors at the primary market auction (PMA), with more than N1 trillion in aggregate subscription from yield hunting fixed interest securities investors. MarketForces Africa reported that the auction was conducted by the Debt Management Office (DMO) on behalf of the monetary…

NGX Index Dips Intraday as Investors Sell Banking Stock Banking stocks selloffs continue to drive down the Nigerian Exchange (NGX) All-share index (ASI), according to intraday trading data, the local bourse has declined by 14 basis points on Wednesday. The local bourse is trading negative, reflecting investors’ weak sentiment. The NGX has been trending downward since three weeks after previous monster rallies which broke key indexes into new highs. But the momentum is receding strongly in the absence of key market catalysts that could fuel a fresh rally in the stock market. Hence, some risk averse investors are rotating their…

Benchmark Yield Declines as Nigerian Government Bonds Rally The average yield on Federal Government of Nigeria (FGN) declined by 5 basis points (bps) as investors increased bets on the local bonds. Trading activities picked up as asset managers, portfolio investors sought to optimise their holdings. Trading activates reflects investors expectation of yield repricing after a surprise adjustment made by the Debt Office in August primary market auction amidst improved macroeconomic conditions. The authority raised bonds supply at the auction, and spot rates were adjusted upward, in contrast to market expectation. This happened despite sustained disinflation, which has widened real interest…

Money Market Rates Surge as CBN Tightens Liquidity Money market rates rose ahead of Nigerian Treasury bills auction scheduled for Wednesday as activity of the Central Bank of Nigeria (CBN) tightened liquidity in the financial system. The interbank market remained highly liquid following ₦459 billion in OMO maturity inflows. The liquidity level in the financial system closed stronger, settling at N1.470 trillion on Wednesday. To absorb excess liquidity in the financial system, the CBN offered ₦600 billion in a short-dated OMO auction. The open market operations attracted ₦1.179 trillion in subscriptions and the allotted OMO bills worth ₦620.65 billion to…

UBA, Mastercard Launch Prepaid Card to Promote Financial Inclusion Africa’s Global Bank, United Bank for Africa (UBA) Plc, in collaboration with Mastercard, announced the launch of the Mastercard prepaid card to further accelerate financial inclusion and expand access to digital payment solutions across Africa. The card, which does not require a traditional bank account, is designed to serve individuals who have historically lacked access to formal financial services, particularly young adults, gig workers, and low-income earners. It enables users to top up funds easily, transact both locally and internationally, and manage spending with flexibility and security. With more than 28.9…

Naira Trades at N1526, External Reserves Hit $41.42 Billion The naira traded steadied against the US dollar as data showed that Nigeria’s gross balance in the nation’s external reserves reached $41.422 billion on September 1, updated FX data from the Central Bank (CBN) revealed. At the Nigerian foreign exchange market (NFEM),  the official spot FX rate held steady, with the naira trading between ₦1,523.0/$ and ₦1,528.50/$ during the day.  The local currency appreciated, closing at ₦1,526.0565/$ from N1526.0940 the previous day.  The naira is expected to continue to trade within CBN acceptable range as the authority continues to make FX…

Lafarge Africa Shrinks Amidst Legal Tussle Lafarge Africa Plc lost about 10% of its market value on the Nigerian Exchange on Tuesday as investors’ sentiment weakened amidst an ongoing legal tussle. The bearish grip on the cement company extended while equity analysts estimates show potential upside in the cement company stock on increase volume drive, and capital spending. But the ongoing legal tussle with a minority shareholder over transactions involving Holcim and Chinese investors appears to have put a lid on bargain hunting. Trading details from the Nigerian bourse showed that the cement company has seen sharp price depreciation, put…

Wema Bank Slumps by 10% as Investors Exit Positions Stock market value of Wema Bank Plc plunged as some investors exited positions on Tuesday following sharp year to date return, trading data from the Nigerian Exchange (NGX) showed. In the stock market, the bank share price fell by 10% to close at N20.7 on Tuesday as more than 5 million units valued at N107.361 million exchange hands. The negative transaction pull by sell side actors dragged Wema bank market value down by 10% to N467.177 billion. MarketForces Africa reported that Wema Bank outperformed its peers in the banking sector, with…

Rates Hike Anticipated as CBN Sets to Auction Treasury Bills Market anticipates spot rates hike as the Central Bank of Nigeria (CBN) is set to launch its midweek primary market auction for Nigerian Treasury bills. The CBN is set to conduct its first Treasury Bills auction for the month on Wednesday across standard tenors -91-day, 182-Day and 364-day. The midweek auction will be led by the Debt Management Office (DMO), and some fixed interest securities analysts are expecting rates repricing to match the CBN energy on juicy rates offered to foreign portfolio investors on its OMO bills. Amidst unattractive yields…