Author: Julius Alagbe

Analysts See 37% Upside in MTN Nigeria on New Target Price Investment firm, CardinalStone Securities Limited, has projected 37% upside for MTN Nigeria Plc as analysts revised the telecom company target price to N336.60. Data from the Nigerian Exchange showed that Ticker: MTNN closed at N245 amidst rising block trade and offshore investors interest in the telecom stocks. “We revise our 12-month target price to N336.60 per share, up from N301.49 previously, reflecting a 37.4% potential upside from its current ref price and an unchanged BUY recommendation”, CardinalStone said in an update. The investment firm said its valuation of MTNN…

GCR Places Dangote Cement Plc on Rating Watch Negative GCR Ratings (GCR) has placed Dangote Cement Plc’s national scale long-term and short-term issuer ratings of AA+(NG) and A1+(NG) respectively on Rating Watch Negative. The African markets focused rating agency also placed the national scale long-term issue rating of AA+ (NG) accorded to each of Dangote Cement Plc’s related bonds on Rating Watch Negative. It said the Rating Watch Negative on Dangote Cement Plc and the bonds follow similar rating action on its parent, Dangote Industries Limited, given the sub-group credit analytical approach with a cap to DIL’s ratings. “This is…

UBA Increases Dividend Payment as Profit Grows by 26% The United Bank for Africa (UBA) Plc grew profit by 26.14% year on year to N766.568 billion in 2024 from a total amount of N607.696 billion the group posted in financial year 2023. In its audited report released on the Nigerian Exchange, the pan African banking group performance was supported by significant improvement in revenue amidst high interest rate environment in its key markets. UBA’s net interest income rose sharply to N1.530 trillion, up by 116% year on year from N707.540 billion in the financial year 2023. Net fees and commission…

Crude Oil Prices Surge Supported by Sanctions Risks Oil prices posted a weekly gain, the first time since January, on the back of the latest round of sanctions against Iranian crude exports. In the global commodity market on Monday, Brent has climbed close to $72 while U.S. West Texas hovered around $69 per barrel. The prices of crude oil are well supported as supply-side risks increased following tougher sanctions on Iranian oil exports last week, according to commodities strategists at ING. Brent surged 2.2% while U.S. West Texas Intermediates saw a similar uptrend after a sequence of price declines since…

High Interest Rate to Keep Naira Range Bound – CIO A high interest rate environment is expected to keep the naira within N1450 to N1550 in 2025, according to a prediction made by Erad Partners Limited. Oluwadamilare Oladeji, its Chief Investment Officer (CIO), told MarketForces Africa that the company is guiding an exchange rate that fluctuates around N1500 +/- 10%. “Our initial view would be (1500 +/- 10%); this is based on the premise that local interest rate would remain elevated to retain foreign portfolio investors (FPIs) flows. Elevated yield on fixed interest securities continues to boost foreign portfolio investors’…

CBN to Open N700bn Treasury Bills for Subscription The Central Bank of Nigeria (CBN) is set to open Treasury bills worth N700 billion to investors for subscriptions at the primary market auction scheduled for Wednesday The total bills that will be offered to investors’ midweek is expected to be distribute across standard maturities of 91 days, 182 days, and 364 days, according to a financial market notice. Specifically, the CBN will offer 91-day bills worth N80 billion, 182-day bills worth N120 billion, and N500 billion, respectively. The last two auction sales saw an increase in spot rates across standard maturities.…

Nigeria to Open N300 Billion Bonds for Subscriptions Nigerian government has revealed plan to open its monthly bonds auction worth N300 billion for investors subscription on Monday, according to an offer circular released by the Debt Management Office. The Debt Management Office (DMO) announced the March 2025 auction, replacing the February 2031 paper with the May 2033 paper and offering ₦200 billion on the April 2029 paper and ₦100 billion on the May 2033 paper. As scheduled, the DMO will raise N300.0 billion for the Federal Government, as part of a broader initiative to secure up to N1.8 trillion in…

As weak sentiment clouds its strong fundamentals and growing earnings capabilities, investors lower market value of Oando Plc.’s 12.431 billion shares outstanding in the stock market to N634 billion, according to trading details obtained from the Nigerian Exchange.  

Money Market Rates Mixed as Banking Deficit Hits N1.7trn The short-term benchmark interest rates moved in opposite direction in the money market as the banking deficit expanded to N1.7 trillion, affecting total subscriptions made at the Central Bank of Nigeria’s (CBN) auction. Money market rates stayed elevated in the absence of significant inflows to douse an extended liquidity crunch in the banking system. At the Treasury bill auction on Wednesday, demand or total subscription reduced strongly compared with previous experience, a development attributed to a huge deficit in the financial system at the time. Banks reportedly raised more than N1.8…

Access Bank Opens N193.23bn Commercial Papers for Subscriptions The wholly owned subsidiary of Access Holdings Plc, Access Bank, has opened N193.25 billion in commercial papers for subscription, a separate investment banking firm said in their investors’ notes. The financial institution plans to raise the total sum from series 3 and series 4 commercial papers to augment its short-term funding demand under its N400 billion Commercial Paper Programme. The offer is scheduled to close on Tuesday, March 25, 2025, Comercio Partners Capital Limited told investors in an emailed note on Thursday. The wholly owned subsidiary of Access Holdings Plc, is a…