Author: Julius Alagbe

With expectation of a slowdown in bond supply, investors ramped up the Federal Government of Nigeria (FGN) in the secondary market ahead of the auction on Monday.

Nigeria’s top investment banking firm, CardinalStone Limited, has slashed Airtel Africa’s 12-month price target amidst expectation that the telecom company will return to profitability in the financial year 2024/2025.

Fidson Healthcare Plc’s market valuation increased by about 22% in the equities market after the pharmaceutical company announced strategic deals it closed with three Chinese firms.

Nigerian Big Balance Sheet Banks Rise by N145bn to N5.079Trn A strong buy side activities in the equities market lifted the combined market value of the Nigerian top 5 banks to N5.079 trillion, MarketForces Africa reports. The market is pricing these five banks for an amount equivalent to about $3.3 billion at the latest official exchange rate. Details obtained from the Nigerian bourse revealed that all the tier-1 lenders recorded positive price movements in the local bourse as investors sentiment on banking names improved. Value hunters, and alpha seekers on the Nigerian Exchange increased positioning in growth stocks; boosted Nigerian…

Caverton Offshore Support Group topped performers on the Nigerian Exchange with more than 45% positive price appreciation…

The market value of Fidelity Bank Plc rose by more than 24% week on week as investors accumulated the tier-1 lender shares.

Uncertainties Keep Ethiopia at Edge Amidst Debt Shakeup Ethiopia’s economic growth expectation remains under threat due to a series of macroeconomic pressures facing the country even after the International Monetary Fund (IMF) extended a helping hand. Fiscal performance remains weak with negative impacts on government spending. Low revenue generation had resulted in borrowing until an external borrowing window was locked against Ethiopia due to a high interest rate in the global market and blockage due to payment default. With a subtle currency crisis, inflation, and unemployment rate, the government has been working tirelessly to push the country’s economic pole to…

The Federal Government (FG) has signed a Memorandum of Understanding (MoU) with the Russian firm, Tyazhpromexport (TPE), the original builders of the Ajaokuta Steel Plant

Liquidity: Nigerian Banks Trim Investment in Nigerian Bills The average yield on Nigerian Treasury bills climbed by 24 basis points as flexible market dynamics, and liquidity pressure in the financial system triggered naira asset selloffs. In the secondary market, sell side actors remained active on Thursday, with profit taking activities witnessed across the short, belly, and long ends of the curve. Some fixed income experts told MarketForces Africa the sustained selloffs were a result of a tight liquidity level in the financial system. The funding system has remained tight, and banks that have investment securities were noted to be major…

Interbank Rates Rise as Banks Borrow to Close Funding Gap The short-term interest rates climbed further in the money market due to sustained liquidity pressure in the financial system. While there have been outflows relating to auctions by the apex bank, the inflows from maturing instruments have been limited. The system has seen huge amounts taken out for FX auctions, Nigerian Treasury bills sales to investors who are somewhat local deposit money banks that invest in short term securities, and other related system outflows that kept liquidity balance in negative for a long while. A number of authorised dealer deposit…