Author: Julius Alagbe

Nigerian Exchange Shrinks as Equities Investors Lose N21bn The Nigerian Exchange (NGX) All-share index shrank at the beginning of the trading week as equities investors lost more than N21 billion to sell pressure in the local bourse. The domestic market opened on a negative note, as key market performance indicators declined moderately by 0.03% apiece ahead of inflation data. The local bourse experienced profit-taking activities in some key market sectors, with the banking sector emerging as the biggest drag, recording a 1.99% decline. This decline resulted in a drop of ₦21 billion in investors’ wealth. Specifically, the market index (All-Share…

Dollar Slides against Sterling, Euro Amidst Tariffs Exemptions In the forex market, the US dollar fell against its major trading partners amidst President Donald Trump’s tariffs confusion. The U.S. has postponed implementation of reciprocal tariffs with countries except China. In a latest move, Trump has also announced temporary exemptions on key tech products — including semiconductors and smartphones — from the latest round of tariffs on Chinese imports. However, the U.S. administration later clarified that these items remain subject to existing 20% fentanyl-related tariffs, and a new special tariff targeting semiconductors and electronics is set to take effect in about…

Banking Stocks Drive Intraday Selloffs on NGX Sell pressure in banking names is currently driving down the Nigerian Exchange (NGX) All-share index lower during the intraday trading sessions on Monday. Stockbrokers executed more sell orders as profit-taking activities continued from the same pattern witnessed last week. Most of the drivers of intraday loss on NGX were financial stocks, stockbrokers said in a phone call with MarketForces Africa. It was noted that Oando Plc is also tracking downward, dragging the oil and gas index south. Stockbrokers said the market could still take a U-turn, saying the marginal drop in the All-Share…

Nigeria’s Eurobonds Yield Rises to 11.7% over Sell Pressure Nigeria’s foreign costs of borrowing spiked as benchmark yield on the sovereign Eurobonds spiked to 11.71% in the international market as offshore investors continue to exit African markets. Bearish sentiment prevailed in Nigeria’s sovereign Eurobond market, with widespread sell-offs observed across short-, mid-, and long-term maturities. The week started off bearish, with heavy selling pushing the average benchmark yield to 11.65%, its highest level since October 2023, amid lingering concerns over global trade tensions. Mid-week was marked by heightened volatility, with investor sentiment swinging between risk appetite and caution. By week’s…

Premium Trust Bank Grows Profit by 327% in 2024 Premium Trust Bank Limited grew profit by 327% to N39.817 billion in 2024, details from its audited financial report has revealed. The bank’s earnings surge was supported by core and non-core banking income. According to the bank’s report, net interest income expanded to N84.217 billion in 2024, up by 239% year on year from N24.833 billion in the comparable year in 2023. The surge was bolstered by about a 252% spike in interest income, settling at N106.548 billion from N30.290 billion in 2023. Interest expenses or payments to fund providers accelerated…

Naira Falls by 2.35% despite All Week FX Interventions The naira lost 2.35% of its competitive strength against the US dollar and closed at N1603 in the forex market despite five straight days of FX intervention by the Central Bank of Nigeria (CBN).  The market still faced foreign currency liquidity crises that continued to reduce the value of the naira in the official window due to offshore demand for greenback. The Central Bank of Nigeria intervened by selling $634.85 million across multiple sessions, which temporarily eased volatility. Despite these efforts, the Naira weakened by 2.346% w/w, closing at N1,603.78. The…

Geregu Power Plc’s profit fell by about 28% year on year to N10.431 billion in the first quarter of financial year 2025 ….

Zenith Bank Plc bucked the negative trend in the equities market as the financial company’s market value increased by more than N119 billion

Nigerian Exchange Sheds N141bn as Investors Dump OANDO, MTNN The Nigerian Exchange (NGX) market capitalisation shed more than N141 billion as investors dumped Oando and MTN Nigeria Plc shares in the local bourse. Despite recording a positive market breadth, the Nigerian stock market closed the day on a negative note, as key performance indicators dropped by 0.21%, effectively erasing the previous day’s gain. Stockbrokers highlighted that the downturn was driven by selling pressure in Oando Plc, telecom company MTN Nigeria, and other medium-cap stocks. The profit-taking activities triggered a loss of approximately ₦141 billion in investors’ wealth by the end…

T-Bills Yield Falls as Unmet Bids, Rates Hike Trigger Demand The average yield on Nigerian Treasury bills (NTB) bumped to 21% in the secondary market as investors sought to fill unmet bids at the recently concluded primary market auction. The market recorded demand for new bills sold to investors in the primary market as banks and portfolio managers continue to play actively in the bills market. Due to the bullish momentum, the average yield contracted by 8 bps to 21.1%. Across the curve, the average yield declined at the short (-1bp), mid (-1bp) and long (-14 bps) segments, according to…