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Author: Julius Alagbe
Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.
ARM Securities Upgrades GTCO Target Price after Earnings Beat Investment analysts at ARM Securities Limited have raised the 12-month target price of GTCO Plc to N59.44 kobo following the financial services group’s earnings beat in the first half of 2024. In recently released audited H1:2024 results, GTCO’s gross earnings jumped by 107.04% year on year to N1.39 trillion, mainly due to the spike in interest income and non-interest related income. Specific details from the financial services warehouse revealed that interest income increased by +173.47% year on year to N617.89 billion. This significant surge was propelled by high interest rate environment…
In contrast to expectations, Nigeria’s fixed income market strengthened amidst concerns over the direction of the yield on local assets, analysts said.
FG to Pay Accrued Pensions Shortly – PenCom The National Pension Commission (PenCom) has assured that all outstanding pension liabilities will be paid soon. Ms Omolola Oloworaran, Acting Director-General, PenCom, gave the assurance at a workshop on the Online Enrolment Application for Pension Desk Officers (PDOs) of Treasury-funded Ministries, Departments and Agencies (MDA) of the Federal Government. Oloworaran noted that concerted efforts by critical stakeholders had reached advanced stage, to clear all the Federal Government’s outstanding pension liabilities under the Contributory Pension Scheme (CPS). She said that the efforts put in place would also provide lasting solutions that would address…
The average on Nigerian Treasury bills increased in the secondary market as investors continued to dump the short term borrowing instruments. Investors’ moods swung due to sustained spot rates decline at the primary market.
The interbank rates slid as bullet payments from matured OMO bills and inflows from FGN bond coupons boosted the liquidity level in the financial system….
Yield Slumps as Investors Increase Bets on Nigerian Bond The benchmark yield on Nigerian government bond fell below 19% as investors’ increased debt market asset holdings via secondary market demand. Buying interest crashed yield as market looks forward to Debt Management Office (DMO) primary market auction. The DMO shifted its monthly bond auction by week due to holiday. The bond market calendar shift in September mirrored the August experience. Last month, the Debt Management Office postponed its auction by a week and reduced the offer size from N300 billion to N190 billion. This move suggests a possible reduction in the…
Naira Touches Red Line as Exchange Rate Plummets by 7% NAIRA- Nigeria’s local importers and companies with foreign currency liabilities would continue to face tough times in the currency markets with strong daily depreciation registered in the official window on Tuesday. The Nigerian naira has recorded another worst daily exchange rate depreciation in the foreign exchange market over sustained imbalances between supply and US dollar demand. The local current re-touched a red line with more than 7% daily depreciation or loss of value in the official FX market. The naira movement doused hope that exchange rate recovery in the short…
Equities Market Cap Increases by N129bn as FBNH, FMN Rally The equities market capitalisation of the Nigerian Exchange (NGX) increased by about N129 billion as shares of FBN Holdings (FBNH) , Flour Mills of Nigeria (FMN) rallied. Resulting to an uptick in year to date return, the local bourse opened the new week on a positive note with gains seen across key indexes. The market index gained 0.23% as investors took position in financial services and consumer goods stocks. The All-Share Index climbed by 229.02 basis points to close at 97,685.64 points. Stockbrokers said the market’s positive start for the…
Naira Mixed as CBN Sells FX to Banks, Clears Forward Contracts The Nigerian naira, in a dramatic turn of events, was repriced positively against the dominant US dollar in the foreign exchange (FX) market. The exchange rate improved at the official market but weakened at the parallel market amidst supply, and demand side imbalances. In the recent past week, the market has seen some sorts of moves that signal renewed interest to back the naira up against the US dollar, threatening dominance. The rapid, and strong weekly gain registered by the naira resulted from the foreign exchange market intervention…
Equities Investors Gain N608bn as Banks, Oil Stocks Rally Equities investors in the Nigerian stock market saw about N608 billion as weekly gain as buying momentum built on banks, oil stocks. Nigerian stocks posted an upbeat performance, recording gains in three out of five trading sessions. The uptrend was supported by equities investor optimism surrounding anticipated macroeconomic developments, according to Cowry Asset Limited. Market analysts said increased expectations for favourable fiscal and monetary policies from the anticipated inflation data in the new week ahead of monetary policy committee meeting, alongside stronger corporate earnings from dividends paying banking stocks, fueled bullish…