- NEAR Protocol Dips 10% Over Alleged Stolen Patented Technology
- XRP Seeks Catalyst to Halt Downtrend, Breaks Below $1.30
- Bitcoin Drops to $80.5k on Spot ETFS Outflows, AI Stocks Rout
- Naira Touches N1,395 to US Dollar as FX Order Book Surges
- Nigeria’s Gas Reserves Rise 3% to 215.29 Trillion Cubic Feet
- Oil Prices Edge Higher, Brent Rises 5% Week-on-Week to $115
- FirstHoldco Soars on Earnings Beat, Otedola, RC Hold 50% of All Shares
- XRP Upside Rises to 35% as Ledger Upgrade Delayed to Nov.
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.
Benchmark Yield on Nigerian Bond Rises to 19.70% Trading activities on the Federal Government of Nigeria (FGN) bond ended on a bearish note in the secondary market, resulting in a 0.25% increase in the average yield. In their separate market updates, traders said the benchmark yield inched higher due to sell pressures or profit taking activities witnessed across tenor instruments in the secondary market. Yield hungry bond investors continue to reshuffle portfolios in a bid to optimsed return. Interest yield on Nigerian Government bond has been negative but strong enough to reduce banks appetite for creating credit. According to fixed…
Naira Trades at N2,061 to Pound Sterling in FX Market The Nigerian naira plunged deeply against the British pound sterling in the official window, according to data from the Central Bank. The local currency saw market wide depreciation last week, despite additional FX sales to authorised dealer banks. The apex bank recently lauded the narrow spread in the foreign exchange market, saying the price discovery has successfully curbed arbitrage and speculation. Other foreign currencies also swung as the naira lost ground against major primary market currency amidst liquidity challenges. In the parallel market, sterling was sold above N2,100 with currency…
Nigerian Exchange Sheds N1.32trn as Investors Exit Positions The equities market capitalisation of the Nigerian Exchange (NGX) fell by N1.32 trillion last week after minority shareholder selloffs in Dangote Cement Plc after a profit margin decline that affected non-controlling interest shareholders share of profit. Generally, the market temperature was weak after interest rate hike caught yield hungry investors attention, resulting to portfolio rebalancing amidst flood of earnings releases in the local bourse. As a result, the benchmark index lost 2.33% week-on-week to settle at 98,201.49 points, according to data from the local bourse. Consequently, the market capitalisation of the exchange…
Market Value of Tier-1 Banks Shrinks to N4.8 Trillion Nigerian big banks combined market valuation shrank to N4.8 trillion on the Nigerian Exchange (NGX) amidst an ongoing recapilisation programme. The Tier-1 banks saw mixed performance on the local bourse, with negative trading activities on three out of five big banks. Two of the Tier 1 banks recorded positive share price movement last week, three saw a valuation decline that plunged the banking index lower week on week. The ongoing public offer and rights issues have given investors opportunities to boost their stakes in banking stocks. The majority of the banks…
Geregu Power Plc posted about 149% year-on-year growth in profitability in the first half of 2024, according to details from its unaudited financial statement for 2024 submitted to the Nigerian Exchange.
The Nigerian local currency, the naira, has crossed a new red line in its latest deadly spiral as the exchange rate hit N1520 in the official window on Thursday. The sustained negative exchange rate movement is reducing hope for recovery.
The Nigerian Exchange (NGX) lost about N134 billion on Thursday as equities investors trading highs and lows sold down shares in MTN Nigeria, Lafarge WAPCO, and Champion Breweries, among others.
With plan to raise N351 billion, Access Holdings Plc has opened its rights issue to shareholders at N19.75 per share, the financial services group said at its signing ceremony held in Lagos on Tuesday.
Untamed demand for foreign currencies shadowed purchasing power of the Nigerian naira, gasping for strength after 40% year-to-date depreciation in the forex market.
To understand the new politics stance and other pro nationals of recent times, we should look to Silicon Valley and the quantified movement of the latest generation. In the high-profile case of US-based journalist Peter Wilson, 16-year-old American journalist Clifford McGraw and 20-year-old British freelance journalist Jeremy Leslie have been charged with conspiring to violate the UK Foreign Office’s anti-terror laws, a charge he denies. On Monday, UK attorney Andy McDonald revealed that he had spoken. “Few worry about catching Covid anymore, as it’s just a matter of time before they do,” says Tea, a teacher at a school for…