Author: Julius Alagbe

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…

The European Investment Bank (EIB) and the Development Bank of Southern Africa (DBSA) have further boosted their support for renewable energy projects

Nigeria’s crude oil production increased by 3.44% month on month to 1.352 million barrels per day (mbpd) in Augusts from 1.307 million barrels per day in July

Equities investors lost more than N50 billion on the Nigerian Exchange (NGX) platform as key indicators turn red.  The local bourse ended today’s trading session

Agusto & Co has assigned the republic of Uganda a ‘B’ rating with outlook accorded as stable, According to the agency, the rating reflects the Country’s

The Federal Government has earmarked N47.5 billion for the first phase upgrade of 50 selected senior secondary schools across the country.

Oil Hits 2021 Low as China’s Imports Fall by 7% Oil prices stayed below $70 per barrel in the global commodities market due to sustained demand pressure and geological tensions. Yesterday, oil prices weakened significantly as Brent fell by 3.69%, settling at just over $69. This is the first time Brent has closed below $70 since late 2021, ING commodities strategists Warren Patterson and Ewa Manthey said in a note. The crude oil market is entering oversold territory, according to technical signals cited by analyst. However, sentiment is clearly still bearish and Chinese trade data yesterday would have not helped,…