Author: Julius Alagbe

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has sealed four petrol stations in Uvwie and Udu Local Government Areas

The Sokoto  Executive Council has approved N119 billion for submission to the state House of Assembly as supplementary budget.

The National Bureau of Statistics (NBS) says Nigeria’s total merchandise trade stood at N31,892.46 billion in the second quarter of 2024.

Nigeria Generates N14.6trn from Crude Oil in 12-Month The Nigerian government generated about N14.6 trillion from crude oil exported to other countries in the last 12 months, according to the statistics office trade report. The amount represents about 191% year-on-year growth in export receipts, which printed at N5.005 trillion in the second quarter of 2023. The latest report revealed that Nigeria’s total exports grew by about 202% year on year amidst a drive to diversify from oil sales and generate foreign receipts in the country. In its trade report, the National Bureau of Statistics (NBS) revealed that total exports in…

Oil Prices Climb as Hurricane Francine Threatens Supply Oil prices rebounded amidst supply risk in the global commodities market. Brent climbed higher above US$70 per barrel yesterday and the front-month contract settled more than 2% higher on the day, according to ING. Supply risks from Hurricane Francine in the US Gulf of Mexico nudged crude oil prices higher amidst uncertainties in demand. Weak economic indicators suggest a bearish expectation from the world largest oil consumers – China and the United States. Downward price movements were also influenced by OPEC’s revision to its global oil demand growth forecast for this year.…

VFD Group Targets N1.056 Profit for Q4 VFD Group Plc has revealed its expectation to deliver a profit after tax in the sum of N1.056 billion between October and December 2024, according to its regulatory filing. The company expects to generate N16.124 billion as gross earnings for the last quarter of the financial year 2024. Net interest income is expected to contribute N4.68 billion to the top line in the last three months in 2024. The company eyes N1.024 billion from other income sources in the same period. VFD projected its operating income to settle above N5.7 billion in the…

Oil, Gas Index Rises as Investors Keep Eyes on Energy Stocks The oil and gas index bucked negative performance in the equities market segment of the Nigerian Exchange (NGX) as the index rose by 1.73%. The index popped higher due to buying interest in Con Oil Plc and others overshadowing losses sustained by Oando Energy Plc—the company’s market capitalisation slumped by about N100 billion. Stockbrokers reported that NGX market index moved in negative direction as investors dumped stocks that recently rally. The selloffs knocked out more than N50 billion from the equities market capitalisation of the Nigerian Exchange as a…

GTCO Grows Profit by 223% to N906bn, Declares 3% of EPS as Dividend Guaranty Trust Holding Company (GTCO) Plc grew profit by about 223% year on year to N905.547 billion in the first half of 2024 from N280.482 billion in the comparable period in 2023, according to its latest audited financial statement. The board of directors declared an interim dividend of N1 per share, which is a little more than 3% of the group earnings per share despite a significant improvement in the group profitability. MarketForces Africa details review showed that GTCO grew earnings per share by 223% year on…

Investors Up Bond Buying Ahead of DMO Auction, Inflation Data The secondary market for the Nigerian government bonds saw very little trading activity, with isolated transactions occurring at longer maturities ahead of the debt office main auction and inflation data from the statistics office. Despite huge bets on short term borrowing instruments at the primary market on Wednesday, investors still increased their interest in local bonds. This dragged the benchmark yield downward while market actors expect supply tightening by the Debt Management Office. DMO is expected to conduct its monthly bond sales for Sept. Inflation data for August is expected…

Nigerian Treasury Bill Yield Bends Rates Slump at Main Auction The average yield on Nigerian Treasury bill declined in the secondary market on the back of sustained demand for Naira assets. The elevated yield in the fixed income securities market has become a center of attraction for local investors. The fixed income asset rally has reduced positive trading activities in the equities market. Asset managers’ appetite increased on the expectation that inflation conditions would improve further. At the main auction, investors staked huge bets on Treasury bills. The lost bids at the primary market auction conducted by the apex bank…