Author: Julius Alagbe

First Holdco Climbs by 4.5% on Significant Trade Volume First Holdco Plc’s market value increased by about 4.5% as the Nigerian Exchange (NGX) recorded significant market activities on the financial services company shares on Tuesday. The Holdco share price climbed amidst historical fluctuation that keeps its movement restricted. First Holdco is expected to release its Q3 earnings in coming weeks, and the market anticipates the scorecard to trigger investors’ action. According to its trading data from the Nigerian market, First Holdco share price climbed to N33.95, up by 4.46% from its previous close over a huge trading volume executed by…

BUA Foods Hits N12.465trn, Highest in Nigerian Market The stock market value of BUA Foods Plc’s 18 billion shares outstanding on the Nigerian Exchange (ngx) surged to N12.465 trillion as investors increased their bet on the market mover. In absolute terms, BUA Foods market value increased by N765 billion, up from N11.700 trillion to N12.465 billion because of not so much trade volume executed. Trading data showed that the consumer goods company reached a new height on Tuesday as 311, 019 units of BUA Foods valued at N212.169 million were executed in the local bourse, driven by buy side actors.…

Naira Climbs to N1463/$ as FX Reserves Reach $42.792bn The Nigerian local currency, the naira, appreciated against the dominant US dollar at the official FX market, trading at N1463 per greenback on Tuesday amidst growing external reserves. The local currency touched an intraday high of N1466 per dollar at the official market, reflecting a significant improvement from N1470 the previous day. The Central Bank of Nigeria (CBN) daily FX update showed that the spot rate closed at N1463.4520 in the absence of significant demand for US dollars. Exporters and inflows from international oil companies helped strengthen the supply side, while…

NGX Market Cap Surpasses N96trn, Equity Investors Gain N961bn The Nigerian Exchange (NGX) market capitalisation surpassed N96 trillion as bargain hunting boosted investors’ equity portfolio value by more than N961 billion, boosting year-to-date return to 47.2%. The local bourse maintains its bullish run, and key market performance indicators climbed by 1.01%. The market’s sustained rally was driven by increased buying interest in medium- and large-scale stocks with noticeable interest BUAFOOD, VITAFOAM, ARADEL, CADBURY among others. Investors’ optimism on oversold stocks strengthens amid expectations of stronger corporate earnings from listed firms.  The Nigerian Exchange All-Share Index grew by 1,516.10 basis points…

British Pound Falls Against USD as UK Budget Deficit Spikes The British pound fell to around $1.34 at the foreign exchange market on Tuesday due to spiral sell pressure following a significant spike in UK government borrowing to fund public sector spending ahead of consumer data. The sterling hits its week low versus the dollar as the UK government borrowed £7.2 billion more than forecast in the first half of the fiscal year.  The UK public finances report showed that the deficit edged up.  The Office for National Statistics reported that the current budget deficit was £13.4 billion in September…

Tinubu Approves N250,000 Grant for Outstanding MSMEs President Bola Tinubu has approved an unconditional grant of N250,000 for each outstanding Micro, Small, and Medium Enterprise (MSME) exhibiting at the Expanded National MSME Clinic in Katsina State. Vice-President Kashim Shettima announced the grant Tuesday during the inauguration of the ninth edition of the MSME Clinic, designed to support small businesses and stimulate economic activity across local communities. He said the Federal Government established the Expanded MSME Clinic to bring services closer to entrepreneurs and foster innovation, employment, and access to resources through direct engagement with key institutions. “MSMEs remain the backbone…

Coca-Cola HBC Acquires Africa Bottling Business for $2.6bn The Coca-Cola Company and Gutsche Family Investments have agreed to sell a 75% controlling interest in Coca-Cola Beverages Africa Pty. Ltd. (CBCA), with a $3.4 billion value, to Coca-Cola HBC AG, the companies announced today. CCBA is the largest Coca-Cola bottler in Africa, with operations spanning 14 countries on the continent, and accounts for about 40% of all Coca-Cola product volume sold across Africa. Coca-Cola HBC is one of the largest Coca-Cola bottlers in the world, with operations in 29 countries across Europe and Africa, including Nigeria and Egypt. Coca-Cola will sell…

Treasury Bills, Bonds Yields Gap Widens Ahead of Auctions The yields gap between Nigerian Treasury bills and local bonds has increased as investors selectively choose assets to enhance their portfolios through transactions in the secondary market. The average benchmark yield on Nigerian government bonds settled at 15.97% in the secondary market on Monday. Meanwhile, the average yield on treasury bills surged to 17.35%, according to a separate note released by fixed income market traders. The fixed income market is anticipated to experience a sharp decline in yield, and the trend will be broad-based, except for the OMO bills papers. To…

Naira Appreciates to N1,465 as FX Reserves Rise to $42.696bn The naira appreciated against the US dollar at the Nigerian Foreign Exchange Market (NFEM) even after an update showed there was a sharp weekly decline in FX inflows.  FX inflows in the official market fell by about 33% week on week to $1.1 billion, an update from Coronation Merchant Bank Limited revealed. The decline in US dollar volume provides a partial explanation for the exchange rate fluctuation at the official currency market last week, analysts told MarketForces Africa, maintaining a positive outlook on the spot rate. Updated FX data from…

Naira Projected to Trade Strong Post FX Injection A slew of forex traders in some sampled investment banking firms expressed positive views about the naira exchange rate for this week. The local currency will claw back the previous week’s losses, some analysts said, citing the Central Bank of Nigeria (CBN). The naira exchange rate is projected to trade between N1450 and N1460 range at the official window, some commercial banks’ FX traders said, adding that the market experienced a surge due to the usual year end drive. The naira traded on a volatile note at the FX market, pressured by…