Author: Julius Alagbe

Barbican Capital Limited Sells 15% Shareholding in FirstHoldco Barbican Capital Limited, a company related to First Holdco Plc’s former chair, Oba Otudeko, has offloaded its approximately 15.01% shareholding in the group. According to regulatory filings on the Nigerian Exchange (NGX), Barbican Capital sold 6,314,116,229 at N31.00 in a block transaction that failed to negatively affect First Holdco Plc’s market value. The transaction that happened was reported to be conducted outside the Nigerian Exchange trading platform, and it is noted to be a truce between warring influential shareholders of First Holdco. On Wednesday, First Holdco’s market value surged as its share…

Money Market Rates Increase as System Deficit Expands Money market rates increased as the liquidity deficit in the financial system expanded to N672.71 billion ahead of fresh inflows on Friday. The liquidity stress triggered a marginal spike in money market rates as a result of Central Bank of Nigeria (CBN) activities. Data from the FMDQ showed that open repo and overnight lending rates climbed 17 basis points apiece. The outflow that plunged the liquidity position into a deep deficit in the money market was driven by the CBN foreign exchange market intervention settlements and deposit money banks obligations. The market…

FirstHoldco Jumps on Significant Off-market Block Trade The equity market value of First Holdco Plc soared by about 10% on Wednesday following a sizeable transaction conducted outside the Nigerian Exchange (NGX). Data from the Nigerian Exchange showed its share price rose to N32.2 as 33.199 million units of First Holdco valued at N1.021 billion exchanged ownership in the market. This fueled a sharp increase in total volume traded on the NGX, up by 807.03% to 11.67 billion units, while total value traded soared by 1,028.44% to N363.41 billion. According to CardinalStone Securities Limited, this is largely on the back of…

US Dollar Falls Ahead of Consumer Price Index The US dollar fell against its major trading partners early Tuesday, except for a gain versus the yen, ahead of the release of consumer price index data for June. U.S. policy shifts dominate the dollar’s tone this week, along with inflation readings. The market also weighing tariffs on certain countries, namely Brazil, Canada, the EU, and Mexico, and targeted products, such as pharmaceuticals and copper, will keep uncertainty high. A quick summary of foreign exchange activity heading into Tuesday showed that USDEUR rose to 1.1677 from 1.1668 at the Monday US close…

Zenith Bank Now Value at N3trn in Nigerian Bourse Zenith Bank Plc’s potential caught the eye of investors, causing its market worth to reach approximately N3 trillion in the stock market. The bank’s shares briefly reached a yearly peak of N72 on the Nigerian Exchange but ended the trading day at N71.50 after a slight dip. The money-making banking stock has delivered on shareholders expectations ahead of the second quarter earnings release, while investors are yearning for its interim dividend, which has become annual ritual. A growing number of equity analysts have upgraded their estimates and target price after as…

FIRS to Combat Illicit Financial Flows, Boost Revenue The Federal Inland Revenue Service (FIRS) has expressed commitment to combating Illicit Financial Flows (IFFs) and strengthening the country’s domestic resource mobilisation. The Executive Chairman of FIRS, Dr Zacch Adedeji, expressed the commitment in a statement by Dare Adekanmbi, his Special Adviser in Media. According to Adedeji, before now, the FIRS had set in motion machinery to tackle IFFs by approving capacity building programmes for staff members of the agency. He said that the programmes were on how to identify and block IFFs and how to increase revenue collection from the multinational…

Africans Will Develop Africa, Dangote Tells Global CEOs President/Chief Executive of Dangote Industries Limited, Aliko Dangote, has urged African entrepreneurs, business leaders, and wealthy individuals to invest in the development of the continent. Speaking while hosting participants of the Global CEO Africa Programme from Lagos Business School and Strathmore Business School, Nairobi, after a tour of the Dangote Petroleum Refinery & Petrochemicals in Ibeju-Lekki, Lagos, Dangote emphasised that with the right investments, Africa has the potential to grow and compete globally. He asserted that what the continent needs are bold and transformative projects capable of addressing its long-standing challenges. Citing…

Lafarge Africa Hits 52-Week High, Analysts Adjust Target Price Lafarge Africa Plc has 48% upside at the current market price of N106 per share in the equities market. In its stock recommendation, Cowry Asset Limited sets N156.90 as the new target price for Lafarge after it broke out of the previous estimate. The cement company’s share price surged by 14.59% week on week, from the opening price of N92.50, according to data from the Nigerian Exchange. Investors are showing confidence as they anticipate Lafarge Africa will maintain earnings growth and boost market share amidst heightened competition in the cement industry.…

Nigerian Treasury Bills Returns Head South Ahead of Inflation The average yield on Nigerian Treasury bills (NTB) declined further across standard tenors in the secondary market ahead of inflation data scheduled for release this week. The headline inflation rate is projected to ease after the consumer price index was rebased in the second quarter, while the market anticipates potential rate cuts to begin in the second half of 2025. As the authority tightens its fists on Treasury bills and local bond supply, demand is expected to filter into the secondary market, and yields are projected to plunge until it fuels…

Nigerian Bonds Yields Roll Down as Investors Lock Positions Nigerian bond yields rolled down across the curve due to sustained hunting for the naira assets amidst supply shortage expectations and spot rates repricing in the recent past auction. Investors have gotten a whiff about policy rate probability, and the fact that the Debt Management Office (DMO) borrowing has lessened compared to a similar period in 2024 has sent jitters across the fixed income market. The average yield on federal government of Nigeria bonds tracked lower in the secondary market ahead of inflation data release in the new week. The consumer…