Author: Ogochukwu Ndubuisi

Manchester United Draw 1-1 at Sociedad, Alkmaar Edge Tottenham Hotspur Manchester United took the lead through Joshua Zirkzee but were held to a 1-1 draw at Real Sociedad in the first leg of their Europa League last-16 tie on Thursday. Tottenham Hotspur however suffered a 1-0 defeat at AZ Alkmaar. Manchester United had the only real chance of the first half against Sociedad when Bruno Fernandes had a goalbound shot blocked and Zirkzee’s follow-up effort was saved. Alejandro Garnacho hit a shot into the side netting but 12 minutes into the second half he pulled a pass back to the…

Interbank Rates Rise as OMO Bills Debit Drags Liquidity Interbank rates rose as the financial system liquidity was dragged by the settlement of the latest round of OMO bills auction offer, sold to banks and foreign investors. With the liquidity slowed, money market rates adjusted negatively. The short-term benchmark rates climbed sharply, and analysts think pressure will persist this week. Hence, the Nigerian Interbank Offered Rate (NIBOR) declined across most tenors, except for the overnight rate, which rose by 0.17% to 26.96%. Data from the FMDQ platform revealed that the open repo increased by 164 basis points to settle at…

The Lagos State Government (LASG) has officially released the 2025 Land Use Charge (LUC) bill with 15 percent discount for early payment. A statement signed by the Commissioner for Finance, Mr Abayomi Oluyomi, reaffirmed the government’s commitment to continuous world-class infrastructure and service delivery to residents.

Court Orders Final Forfeiture of $1.4m Linked to Emefiele A Federal High Court sitting in Lagos has ordered the final forfeiture of another $1.4 million linked to a former Governor of the Central Bank of Nigeria, Godwin Emefiele. Justice Olayinka Faji in his ruling on Thursday, agreed with the Economic and Financial Crimes Commission (EFCC) that the sum was proceeds of unlawful activities and must be forfeited to the Federal Government. Through its counsel, Bilkisu Bahari-Bala, the EFCC had told the court that the sum of $1,426,175.14 was found in the account of Donatone Limited at Titan Trust Bank (Account…

Transcorp, Guinness Nigeria Drive Intraday Rally in Equities Market The equities market is trading positive for the first time since the beginning of the week on renewed buying interest in Transcorp, Guinness Nigeria Plc, and some banking names. The Nigerian Exchange (NGX) all-share index (ASI) climbed as a result, albeit moderately, as bear and bull traders stayed side by side in the equities market at noon. In the absence of significant sell pressures, stockbrokers told MarketForces Africa that the Nigerian bourse could reverse downhill trading on Thursday amidst an ongoing 2024 earnings festival and dividend declaration. At midday, the NGX…

Oil Prices Rebound from 3-Year Low on Tariff Exemption Oil prices rebounded slightly on Thursday in the global commodities market after hitting a 3-year low as the U.S. eased tensions with tariff exemptions on cars from Canada and Mexico under mutual agreement. Brent crude increased by 0.47%, trading at $69.65 per barrel, up from $69.32 at the close of the previous session. The US benchmark West Texas Intermediate increased by 0.48%, settling at $66.54 per barrel, compared to its prior session close of $66.22. Sentiment remains negative in the oil market, with ICE Brent falling close to 2.5% yesterday. It…

Caverton Slides by 10% to N8.44bn after JV Deal One of Nigeria’s leading oil services companies, Caverton Offshore Support Group Plc.’s market value declined by 10% to N8.44 billion in the equities market due to selloffs.  The company’s share price fell to N2.52 in the market as more than 1.805 million shares valued at N4.569 million exchange hands in the market. Transactions on the company shares were for sell-side actors, causing the offshore support group valuation to decline.  Caverton’s 3.350 billion shares outstanding were valued at N8.443 billion as the price declined by 10% on the day. Recently, the company…

Parallel Market Premium Disappears as Naira Exchange Rates Converge The naira declined across Nigeria’s foreign exchange markets as the Central Bank paused intervention. However, the slight downward movement has wiped off the parallel market premium as the two FX market rates converged again. FX spot data from the FMDQ platform showed that the official US dollar to naira rate depreciated to N1500.80 per US dollar. Transactions were consummated between $/₦1,497.10 and $/₦1,505.00 at the Nigerian Foreign Exchange Market on Wednesday. US dollar demand in the market surpassed the amount of foreign currency available to meet FX users requests for offshore…

Banking Stocks Face Sell Pressure, NGX Down Intraday Sustaining negative sentiments in the equities market, the Nigerian Exchange (NGX) All-Share index is tracking lower midday as sell pattern showed investors appear to have lost interest in banking stocks. During the intraday trading session, the equities market is still bleeding profusely after about a N345 billion decline posted on Tuesday. The local bourse saw investors exiting positions across sectoral indexes amidst earnings releases. Opening with weak sentiment, the local bourse has seen more investors selling than buyers on Tuesday. Stockbrokers said the equities market is probably going to close negative as…

Oil Drops, U.S Gives Chevron Deadline to Stop Venezuela Operation Oil prices continue to decline in the global commodities market amidst uncertainties, tariff combat and latest deadline the U.S administration gave Chevron to window operation in Venezuela. The crude price also face pressure from latest resolve of the Organisation of Petroleum Exporting Countries and allied members (OPEC+) to increase production output amidst President Donald Trump’s threats. On Wednesday, OPEC+ confirmed its plan to increase production in April, adding more oil to the global market and supporting lower prices, while US tariffs on trading partners raised concerns about demand. The international…