Author: Julius Alagbe

Nigeria’s Eurobond Yield Falls to 8.6% on Bargain Hunting Increased demand for Nigeria’s Eurobond has caused average yield to reduce by 31 basis points on the back of improved macroeconomic indicators, settling at 8.6%. Nigeria’s reforms have continued to boost offshore investors’ sentiment, supported by relatively strong yields compared with some benchmark global fixed interest securities assets. The 30-year US Treasury yield declined 0.043 percentage points to 4.846% at the close of the trading session on Friday, down for three weeks straight. Also, 10-year US Treasury yield declined 0.091 percentage point to 4.283% last week, and the price rose 23/32…

Nigeria’s Customs Chief Elected WCO Council Chairperson The Comptroller-General (C-G) of the Nigeria Customs Service (NCS), Adewale Adeniyi, has been elected as Chairperson of the World Customs Organisation (WCO) Council. The election took place during the concluding session of the 145th/146th WCO Council meeting held at the WCO Headquarters in Brussels, Belgium. NCS spokesperson Abdullahi Maiwada disclosed this in a statement on Saturday in Abuja. Adeniyi succeeds Edward Kieswetter, Commissioner of the South African Revenue Service, and becomes the first Nigerian to hold the prestigious office since the WCO’s establishment. WCO Council is the highest decision-making body in global customs…

FIRS Rewards MSME Operator with N2m, Car for Tax Compliance The Federal Inland Revenue Service (FIRS) has rewarded an MSME operator of Raw Food and Beauty Research Ltd. with N2 million and a brand-new car for outstanding tax compliance. The Executive Chairman of the FIRS, Dr Zacch Adedeji, represented by the Director, Government and Medium TaxPayers Group (GMTG), Mr Dick Irri, gave the award at the 7th National Micro, Small and Medium Enterprises (MSMEs) award in Abuja. Adedeji said that the reward was for the company’s diligent work. He highlighted the commitment of FIRS in recognising micro and small taxpayers.…

Neimeth Rises by 60.5% as Shareholders Approve Capital Raise Rated as the top performer in the Nigerian Exchange, Neimeth International Pharmaceutical Plc’s market value increased sharply due to 60.5% positive price movement recorded in the equities market. The pharmaceutical company has obtained approval to raise capital from the equities market; the signal triggered monster hunting for Neimeth in the market. The company is currently on track to reverse negative earnings performance. The pharma company share price increased to N5.94 on Friday as 10.466 million units valued at N56.207 million exchanged hands in the market, from N3.70 at the beginning…

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…