Author: Julius Alagbe

NGX Intraday Rally: Investors Place Huge Bets on Banks Stocks Zenith Bank, UBA and others are driving the equities market index upward during intraday trading session on Thursday. The Nigerian Exchange is currently making a new uptrend that could possibility push key performance indictors to fresh highs. Investors are returning to taking position in banking names, reversing the previous trend stoked by Central Bank suspension on dividend due to loans forbearance. The market started to reach positively as banks addressed laon forbeaance directive with pledge to shareholders to maintain dividend payments. Since yesterday, the local bourse has started fresh momentum,…

Transcorp Power Rebounds on Fresh Hunting Transcorp Power Plc rebounded sharply in the stock market as value hunters spotted upside potential ahead of the second quarter of 2025 earnings season. The company’s market value had dropped in the previous week due to a selloff pushed by investors’ weak sentiment. The company’s share price rose sharply to N320 in the equities market on Wednesday, up by 8.22% from N295.7, as investors traded more than 7 million units of the power stock. The transaction that pushed Transcorp Power Plc share price boosted its market value to N2.40 trillion, according to trading data…

CBN Cuts Treasury Bills Rates, Rejects N1.07trn Excess Bids The Central Bank of Nigeria (CBN) hacked spot rates on Nigerian Treasury bills across standard maturities, its primary market auction result has revealed. The authority offered N162 billion worth of Nigerian Treasury bills to investors across 91-day, 182-day, and 364-day maturities at the auction. Total subscription was significantly heavy. Investors staked N1.233 trillion, outpacing the offer size by multiple folds, with the highest demand from instruments with long durations. Details from the midweek auction showed that the CBN offered N22.02 billion worth of Nigerian bills with a 91-day tenor. Total subscription,…

Nigerian Exchange Hits New High as Investors Gain N1.18trn Nigerian Exchange (NGX) market capitalisation, all share index reached new highs as equities investors gained about N1.18 trillion on a heavy rally supported by increased demand for heavyweight stocks. Trading activities in the local bourse closed on a positive note, and the hunt for upside bolstered key market performance indicators—year-to-date return also climbed to 13.47%. Stockbrokers said today’s bullish performance has effectively reversed the recent bearish trend, driven by renewed buying interest across major market sectors, particularly in blue-chip and mid-cap stocks. Buoyed by sustained demand in MTNN (+4.79%) and renewed…

Nigeria Opens N50bn Green Bond for Subscription at N1,000 Per Unit The Federal Government of Nigeria (FG), through the Debt Management Office, has offered Green Bonds valued at N50 billion for subscription at N1,000 per unit. This is contained in a statement by the DMO on Tuesday in Abuja. According to the statement, it is a 5-year Green Bond offer due in 2030, at interest rates of between 18.75 and 19.25 per cent per annum. “The opening date is June 16, closing date, 18, and settlement date, 23. “It is offered at N1, 000 per unit, subject to a minimum…

CBN Introduces Time-Bound Measures for Nigerian Banks The Central Bank of Nigeria (CBN) has introduced time-bound measures for some banks still completing their transition from the temporary regulatory support provided in response to the economic impact of the COVID-19 pandemic. According to a statement issued by Mrs Hakama Sidi-Ali, CBN’s Acting Director, Corporate Communications Department, this is part of its ongoing efforts to strengthen the banking system. Sidi-Ali said that the step was part of the CBN’s broader, sequenced strategy to implement the recapitalisation programme announced in 2023. She said that the programme, designed to align with Nigeria’s long-term growth…

Naira Falls against Dollar as External Reserves Dip Further The naira slid against the US dollar in the official foreign exchange market, settling at N1545.26 from N1544.62 at the previous close. The local currency has enjoyed some unusual level of stability in the recent weeks, supported by the Apex Bank FX interventions. Data from the Central Bank of Nigeria (CBN) showed that the dollar was quoted at an intraday low of N151 and a high of N1547.90 per greenback. Analysts at Zedcrest Limited said in a macro update that Nigeria’s foreign exchange landscape is expected to be turbulent through the…

Banking Index Falls Sharply as CBN Directive Provokes Selloffs Nigeria’s top five banks’ market value declined sharply on Monday as investors reacted negatively to the Central Bank (CBN) directive on forbearance phaseout. The sell pressures heated as investors sought to take cover against the regulator’s latest directive on forbearance granted to banks five years ago. MarketForces Africa research revealed that the tier-1 banks lost more than N361 billion due to sell pressures that reduced their combined market value to about N7.6 trillion. Investors rotated out from all the top banks, causing the Banking Index to ease by 403 basis points…

CBN Offers 24.59% on OMO Bills, Raises N1.07trn from Investors UPDATED: As part of its liquidity management efforts, the Central Bank of Nigeria (CBN) conducted open market operations (OMO) where N600 billion worth of bills were offered to investors across two tenors. The authority raised N1.07 trillion with minimal rejection ahead of huge OMO bills maturing on Tuesday. The authority floated its auction on Monday to keep the liquidity level in the money market in check, as N985 billion in inflows from OMO bills will mature on Tuesday. The Apex Bank opened N600 billion worth of Nigerian OMO bills for…

NGX Lost N121bn as Forbearance Phase Out Provokes Selloffs The Nigerian Exchange (NGX) shed about N121 billion on Monday as the Central Bank’s forbearance phase out notice to banks provoked profit-taking in banking stocks. Key performance indicators eased 17 basis points as banking stocks became target for profit-taking in reaction to negative effects of the post-COVID-19 forbearance phase out for deposit money banks. The bearish play on the exchange was driven by sell-offs in some large- and medium-cap stocks across major market sectors, while the banking index dropped sharply by 3.98%. Price depreciation was visible in NNFM, ACCESSCORP, ZENITHBANK, UBA,…