Author: Julius Alagbe

Interbank Rates Diverge as Financial System Liquidity Declines Interbank rates diverge as financial system liquidity reduced week on week to about N3.8 trillion amidst a sharp slowdown in aggressive liquidity management actions by the Apex Bank. The financial system liquidity remained resilient despite significant funding outflows and the Monetary Policy Committee’s (MPC) decision to maintain a tight monetary policy stance. System liquidity opened the week with a net surplus of N3.20 trillion, according to Cowry Asset Management Limited, lower than the N4.68 trillion recorded in the previous week. The funding profile largely reflected a decline in balances at the Central…

Access Holdings Surges 16% in Pre-Earnings Bets Access Holdings Plc surged by about 16% in pre-earnings bets in the equities market last week, rising to N29.2 per share from N25 at the beginning of the week. With a market capitalisation of about N1.59 trillion, the largest Nigerian financial institution remains the cheapest in the local bourse.  Access Holdings continues to see investors coming and leaving due to weak dividend and earnings performance compared with its immediate rivals. Holdco share price opened at N25 and saw consecutive positive price appreciation for four trading sessions in the domestic bourse before it flattened.…

FirstHoldco Jumps 25% on Post-Earnings Momentum, Firm Cuts TP First Bank of Nigeria (FBN) non-operating holding company, FirstHoldco, extended its pre-earnings bargain hunting on the Nigerian Exchange (NGX) as shareholders and investors increased their holdings in the financial services group. The Marina-headquartered elephant-branded financial services company consolidated its market re-rating following a significant year-on-year spike in earnings performance. Its share price, with a 5-day gain of 25.6% last week, extends year-to-date price appreciation to approximately 233%, trading data review at MarketForces Africa indicates. Meanwhile, equity analysts at CSL Stockbrokers Limited have just reduced the target price (TP) for First Holdco…

FCMB Gains 11% as Group Hints at H1 2026 Earnings, Incentive Plan Financial services company FCMB Plc gained more than 11% in a week as investor sentiment improved ahead of the first-half 2026 earnings schedule, due to be released in the latter part of the month. The banking group’s share price is projected to see additional uptrend as analysts anticipate robust earnings performance to drive the group’s next stock market re-rating. FCMB Group Plc has announced a plan to release its unaudited financial statement for the first half of 2026 on or before July 31, according to a regulatory disclosure…

The Central Bank of Nigeria (CBN) is scheduled to auction Nigerian Treasury bills totalling N700 billion…

GCR Affirms Nova Bank Ratings, Revises Outlook to Stable GCR Ratings (GCR) has affirmed Nova Commercial Bank Limited’s national scale long- and short-term issuer ratings of BBB(NG) and A3(NG), respectively, with the outlook revised to stable from evolving. According to GCR, Nova Bank’s ratings balance its improved capitalisation metrics and adequate liquidity against an elevated credit risk profile, weak earnings quality, and modest competitive position within the Nigerian banking sector. Nova Bank, a regional commercial bank, has operated under its current licence for two years following its transition from a merchant bank in July 2024. The bank’s total assets declined…

BUA Foods Drops 10% after N28 Dividend Payment BUA Foods Plc’s market value declined by 10% after the food producer paid its shareholders a N28 dividend per share at the annual general meeting held in mid-July, 2026. The food producer’s share price declined to N845.10 amidst thin trading volume relative to its 18 billion outstanding shares in the stock market. The market, investors, and equities analysts are anticipating the group’s earnings release to drive fresh re-rating, a pattern that has continued following the release of its financial scorecards. The company’s share price, which reached an all-time high of N967 on…

XRP price edged up slightly to $1.10, still hovering around a strong support line after a failed attempt to breach resistance in the just concluded week.

Global Crypto Market Cap Rises as Investors Rotate Capital to Altcoins The total cryptocurrency market capitalisation increased by 0.96% to reach $2.30 trillion, primarily driven by price appreciation in Bitcoin, Ethereum, and other altcoins. The key driver of the latest crypto market surge is demand for altcoins, though Bitcoin also saw a moderate positive price movement that pushed the market value of all digital assets upward. Bitcoin (BTC) rose 0.87% to trade at $64,800, while Ethereum (ETH) gained 2.13% to hit $1,910, and Binance Coin rose 1.23% to $573. Most sectors posted gains between 0% and 3%, with the Meme…

Ethereum (ETH) price is up 2.5% to $1,911, outperforming a flat Bitcoin and primarily driven by sustained institutional accumulation via spot ETFs and on-chain staking demand.