Author: Julius Alagbe

Naira Appreciates on Huge US Dollar Turnover in FX Market The naira exchange rate appreciated at the official FX window on the back of huge US dollar turnover in the currency market. The local currency stayed on the uptrend while the external reserves dropped down to $37.3 billion, according to data from the Central Bank of Nigeria (CBN) The local currency sustained its modest appreciation in the week, supported by intermittent foreign portfolio investor (FPI) and exporter inflows. Some oil monies were noted to boost FX inflows, keeping the supply side strong despite zero intervention from the CBN. Early in…

Coleman Opens N50bn Commercial Paper for Subscriptions Coleman Technical Limited has opened up to N50 billion in commercial paper across two series for investors’ subscription, Apel Securities Limited said in its offer document. Details from the offer document showed that series three with 180-day tenor attracts a 20.66% discount rate with an implied yield of 23%. The series four commercial paper attracts 20.92% as a discount rate with an implied yield of 24.75%. The offer was opened on Wednesday in an effort to raise working capital by issuing series three and four commercial paper under its N100 billion program. The…

Stable FX Demand, Supply Keeps Naira Stable at N1,549 The Nigerian naira spot rate saw little change on the back of stability in demand and US dollar supply volume in the forex market. FX trading data obtained from the Central Bank of Nigeria (CBN) showed that the official exchange rate for the day settled at N1549.2616 per greenback, from a previous quote of N1549.0368. The naira’s exchange rate has been projected to continue to trade between N1500 and N1600 due to sustained FX intervention supported by the CBN. The improvement in macroeconomic numbers and sustained economic reform programs have been…

Intraday Rally: Zenith Bank, Oando Boost NGX Index The Nigerian Exchange (NGX) is trending positive during the intraday trading session on Wednesday, with investors taking huge positions across sectoral indexes. The stock market index is approaching 17% as investors portfolio value increases sharply on Wednesday in the absence of a midweek Treasury bills auction. The All-Share Index, or market index, has seen an 88 basis point upswing, boosted by sustained interest in financial services stocks, with support from BUA Cement, Oando, and International Breweries. At midday, the NGX All Share Index posted a 0.88% gain, Alpha Morgan Capital Limited told…

Oil Prices Climb on Mixed Demand, Supply Expectations Oil prices climbed on Wednesday over mixed demand and supply expectations in the global commodity market. The ongoing Israel-Iran tensions raised supply concerns, but US inventory data pointed to strong demand. International benchmark Brent crude rose by 0.4%, trading at $67.15 per barrel, up from $66.86 at the previous session’s close. Similarly, US benchmark West Texas Intermediate (WTI) increased by about 0.5%, reaching $65.05 per barrel, compared to $64.72 in the prior session. Israeli Prime Minister Benjamin Netanyahu declared that the 12-day conflict had ended with Iran’s nuclear program being “dismantled,” warning…

Benchmark Yield on FGN Bond Falls after DMO Repriced Rate The average yield on Federal Government of Nigeria (FGN) bond fell in the secondary market as investors sought to fill lost bids at the main auction. Trading activities in the secondary market was influenced by huge lost bids at the primary market auction conducted by the Debt Management Office (DMO) at the beginning of the week. Local bond yields have been in decline as the market caught a low supply signal from Nigeria’s debt office, reflected in its second-quarter circular. Investors who were unsuccessful placed cards on the table with…

MTN Nigeria Delivers 78% Return on Investment Year to Date MTN Nigeria Plc has delivered a 78% return on investment from the beginning of the year to date (YTD), according to stock recommendation data released by Afrinvest Securities Limited. The company’s impressive stock market performance was driven by post first quarter of 2025 earnings reaction in the stock market. Investors confidence heightened in anticipation of better earnings outlook. The telecom company’s share price settled at N355.90 in the equities market on Friday, its latest 52-week high price, which was at a significant distance from its lowest price in the same…

First Holdco Falls as Investors Weigh Bank’s Unremediated Exposures First Holdco Plc’s market value fell by 9.56% over the last seven trading sessions in the equities market as investors exited positions. Investors reacted negatively following the Central Bank (CBN) directive that suspended dividend payments for banks under regulatory forbearance and those in breach of single obligor limits. The Nigerian Exchange’s platform revealed that First Holdco closed at N26.95 on Friday, with trading data showing huge volume executed by investors opening and closing positions on banking stock from N29.8, its peak price in 7 days. First Holdco opened the week at…

GTCO Hits N2.9T as Investors Eye Bank with Unrestricted Dividend GTCO Plc soared on investors’ confidence that pushed its market value to about N2.9 trillion at the close of the trading session on Friday. The financial services holding company’s stock market price surged by 21.3% as foreign and local investors increased their positions, eyeing banking stock with unrestricted dividend payment ahead of second quarter earnings season. The banking index saw intermittent but sharp selloffs last week following a directive that stopped banks with forbearance from paying dividends to shareholders until they are cleared. Data also showed that GTCO has one…

Debt Office to Open New 7-Year Bonds for Subscription The Debt Management Office (DMO) is scheduled to conduct its monthly Federal Government (FGN) Bonds auction on June 23, 2025, with one reopening instrument and a new 7-year issue. Analysts have mixed expectations following the decision of the authority to slash spot rates at the primary market auction conducted last month as the market reacted to disinflation and the monetary policy rate hold decision. Again, inflation eased, and the financial market is flooded with robust liquidity levels, suggesting demand would be strong. This could inform the DMO to cut spot rates…