Author: Julius Alagbe

Meta to Use Public EU User Content to Train AI Models Meta Platforms would soon start training its Artificial Intelligence (AI) models with public content shared by adults in the European Union. The company made the announcement on Monday, adding that people can also object to their data being used. Meta would use public content such as posts and comments as well as interactions people have with its AI, including questions and queries, to improve its models for European users. Content used to train its models would include the platforms Facebook, Instagram, WhatsApp and Messenger. The move followed the rollout…

Naira Falls Slightly as Market Normalises CBN FX Interventions The naira fell against the US dollar, albeit at a slow pace, due to successive FX intervention supports by the monetary authority. Exchange rates across the official and parallel markets are also inching to converge, though with intermittent fluctuation around N1600 range. In the Nigerian Foreign Exchange Market (NFEM)—which the Central Bank said is derived at Volume Weighted Average and stands as the official exchange rate for the day—the naira lost  ₦0.70 to close at $/₦1,604.48 from N1603.78 the previous day. Last Friday, the CBN intervened yet again, selling $167 million,…

Zenith Bank Nears 52-Week High on Soft Rally Zenith Bank Plc equities market activities bucked the trend on the Nigerian Exchange (NGX) platform, inching near its 52-week high. The bank share price increased to N50 in the local bourse on Monday, despite sell pressures witnessed across key indexes. During the trading session, Zenith Bank actually reached N51 but retreated due to depressed equities market investors’ sentiment. Trading activity on the bank stock was relatively heavy, driven by buy- and sell-side actors ahead of the first quarter earnings release and dividend payments. Data showed more than 55.428 million shares of Zenith…

AVA Infrastructure Fund Pays N98.189/Unit to Unitholders AVA Infrastructure Fund has announced distribution of more than N400.122 million to its unitholders on April 14, according to its regulatory filing on the Nigerian Exchange. The closed-end fund registered with the Securities and Exchange Commission distributed N98,189.60 kobo per unit to unitholders for the six-month period from Oct 9, to April 2025. With 4,075 outstanding units, details from the Nigerian Bourse showed that AVA Infrastructure is worth N4.075 trillion, at a unit price of N1 million.  During 2024, the fund’s total income was ₦798.61 million, according to its financial report. The net…

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…