Author: Julius Alagbe

Lafarge Grows Profit by 837% in Q1, Declares Interim Dividend Lafarge Africa Plc grew profit by more than 836% to N48.64 billion in the first quarter of 2025, the cement company said in a regulatory filing. As a result of the cement company’s monster earnings growth in the first three months, the board has proposed an interim dividend of N4.00 per share. The amount translates to a 5.1% dividend yield based on the closing price of N79.20 as of 24 April. Details showed that Lafarge Africa’s revenue surged by 80.3% in Q1, underpinned by strong growth across all business segments—cement,…

MTN Nigeria Rallies Softly on Huge Shares Volume MTN Nigeria Plc’s market value increased by 251 basis points, or 2.51%, to N5.143 trillion on Thursday following a mild rally on the Nigerian Exchange (NGX) trading platform. Telecom companies are coming out from a rough macroeconomic patch that emanated from the devaluation of the Nigerian naira—majorly. According to data from the NGX trading platform, MTN Nigeria’s share price inched higher from N239 to N245, a floor that the telecom stock has been unable to breach since its loss-making spree. The soft rally, in spite of huge share volume traded, lifted MTN…

Euro Falls to $1.13 against Dollar in FX Market The euro fell near the $1.13 mark in the forex markets on Thursday following the U.S. move to slash tariffs on China’s exports by half. This market-related surprise development sent the U.S. dollar roaring across the board and pressured the euro after weeks of steady rally. The greenback’s strength has eaten into the euro to the point where the old continent’s currency has lost about 2.3% from its valuation, or 270 pips, in the span of less than three trading sessions. On Monday, the euro hit a three-year high of $1.1572.…

DMO to Open Nigerian Bonds Worth N350bn for Subscription The Debt Management Office (DMO) said it will reopen two Federal Government of Nigerian Bonds, valued at N350 billion for auction, at a subscription rate of N1,000 per unit. DMO disclosed this in a statement noting that the offers will be auctioned on April 28 and have their settlement date by April 30. DMO also said that it is authorised to receive applications for bonds in two tranches, with the first being N200 billion for a five-year savings bond due to mature in April 2029, at 19.3 percent per annum. According…

CBN Cuts Interest Rates on Nigerian Treasury Bills The Central Bank of Nigeria (CBN) cut interest rates on Nigerian Treasury bills as demand for the naira assets soared at the primary market auction on Wednesday. MarketForces Africa reported that the Debt Management Office (DMO) on behalf of the CBN auctioned N400 billion worth of bills across standard maturities midweek. Results of the auction revealed that investors demand came strong, with total subscriptions reaching N1.54 trillion against the N400 billion offered. The DMO ultimately sold N714.38 billion, with stop rates declining across tenors – reversing previous auction trend. Treasury bills with…

Infinity MFB Opens N2bn Commercial Paper for Subscription at 22.85% Infinity Microfinance Bank (MfB) Limited has opened up its N2 billion Series 4 Commercial Paper for investors’ subscription at a 22.8514% discount rate, FSDH Capital Limited has announced. The 270-day tenor commercial paper is opened today and is scheduled to close on 30 April 2025, and Infinity said the notes will be listed on the FMDQ Securities Exchange Limited. Infinity MfB is a leading Lagos-based microfinance bank licensed by the Central Bank of Nigeria to operate as a state microfinance bank. The bank provides banking services, including loans, leases, savings,…

The Nigerian Exchange (NGX) crossed N66 trillion in market capitalisation as investors saw more than N338 billion in gains

Naira Depreciates Despite $50m FX Injection by CBN The naira declined against the US dollar in the official foreign exchange market despite the Central Bank of Nigeria’s FX sales to banks to boost the supply side. According to data from the Central Bank, the Nigerian Foreign Exchange Market closed at N1602.63 per greenback, down from N1599.93 opening spot rate. FX traders reported that the naira-US dollar pair fluctuated between N1,598.50 and N1,610 in the official FX market on Tuesday. However, by the close of trading, the naira weakened slightly by 17 basis points to settle at N1,602.6318 per US dollar.…

Zenith Bank, GTCO, UBA Set to Pay Dividends Ahead of Q1 Earnings Zenith Bank, GTCO, and other top Nigerian banks, including their tier-2 challengers, are warming up to pay their shareholders their final dividend in April and May as the market also eyes their first-quarter earnings release. According to details from its regulatory filing, Zenith Bank Plc will pay shareholders N4 as a final dividend on April 29 following its shareholders approval at the annual general meeting. Zenith Bank, the second most valuable on the Nigerian Exchange in the banking category, was valued at N1.848 trillion following a moderate rally…

NGX Index Rises as GTCO, ZENITH, ACCESS See Intraday Rally The stock market index is climbing during the intraday trading session on the Nigerian Exchange (NGX) trading platform as Nigerian Breweries, Zenith Bank, GTCO, and Access Holdings Plc rally. The market is on a gaining track at midday, with investors showing interest in banking names and top-leading brewers stocks on the exchange. Nigerian Breweries Plc is gaining equities investors’ attention after the company halted loss-making with an impressive first quarter earnings release. International Breweries is also making a strong uptrend. At midday, the NGX All Share Index experienced a bullish…