Author: Ogochukwu Ndubuisi

Trading activities on FGN bonds securities ended on a bearish note in the secondary market as investors began to price in interest

The Debt Management Office (DMO) has raised cumulative sum of N4.3 trillion from the local debt capital market since the beginning of the year to date. This

Paris 2024 Olympics : Falcons Lose Second Game to Spain Nigeria’s Super Falcons, on Sunday, lost their second group C game at the Paris 2024 Olympics to World champions Spain, by a lone goal. The defeat means Nigeria will continue the search for their first points of the tournament as they regroup to face Japan on Wednesday, The nine-time African champions, however deserve credit for holding out for 85 minutes against the world champions before conceding a lone goal that handed the Europeans all the three points in Nantes. Spain dominated possession, expectedly, and only a masterclass defensive performance by…

Transcorp Hotels Market Price Sticky Despite Earnings Beat One of the top hospitality players in Nigeria, Transcorp Hotels Plc’s market value was flat at N1.07 trillion on the Nigerian Exchange despite strong earnings record in the first half of 2024. The company’s share price has been steady at N98.4 over the last seven trading sessions on the Nigerian Exchange while its healthy earnings announcement failed to move a needle. Shareholdings The Hotels has 10.242 billion outstanding shares in the market. Transnational Incorporation Plc and Ministry of Finance Incorporated are controlling 87.20% of the entire shareholdings as of June, 2024, the…

Rates Crash as FAAC Credit, Coupon Payment Boost Liquidity The short term benchmark interest rates nosedived in the money market as flood of inflows saturated the liquidity level in the financial system. Banks borrowing spree from the Central Bank of Nigeria’s (CBN) standing lending facility last week followed an adjustment to monetary policy rate and decision to tighten asymmetric corridor which affected borrowing rate from the apex bank window. Data from the FMDQ securities exchange platform showed that the overnight lending rate declined by 536 basis points to 26.7%, after reaching a peak of 35.5% midweek, Cordros Capital Limited said…

Weak Oil Demand Outlook in China Keeps Prices in Check Oil prices are on track for a third consecutive weekly decline for the week ending July 26, driven by sluggish demand in China, the world’s largest crude oil importer. Recent estimates from China Petrochem show that overall oil consumption in China might fall 3.8% year-on-year to 184mt in the second half of the year, ING commodity strategists Ewa Manthey and Warren Patterson said in a note. The nation’s gasoline and diesel demand could fall by 3.2% year on year and 6.4% year on year respectively over this period, which could…

NBET to Exit Electricity Market as NERC Licence Multiple Firms The Nigerian Bulk Electricity Trading Plc (NBET), is set to exit the electricity market as the Nigerian Electricity Regulatory Commission (NERC) licences multiple firms. These firms are to buy and sell electricity in bulk from the Power Generation Companies (GenCos). This is according to an Order signed by NERC Chairman, Mr Sanusi Garba and Mr Dafe Akpeneye, the Commissioner, Legal, Licencing and Compliance on Sunday in Abuja. The order said that the directive took effect from July 25. The order said that NBET shall forthwith cease to enter into new…

Fidelity Bank to Accept Oversubscriptions, Creates Additional 8.2bn Shares Fidelity Bank Plc has revealed its board of directors decision to accept oversubscription from its ongoing rights issue and public offers in the capital market, it said in a regulatory filing on the Nigerian Exchange. On the local bourse, the tier-2 lender market valuation printed at N342.530 billion on Friday as its share price steadied at N10.70. The bank anticipates that the ongoing N127.10 billion combined rights issues and public offering ending this week will be oversubscribed by investors seeking to own a slice of the company. As a result, its…

Moody’s Affirms Mauritius’ Ratings, Maintains Stable Outlook Moody’s Ratings has affirmed the Government of Mauritius’ long-term foreign and local currency issuer ratings at Baa3 and maintained a stable outlook. The affirmation of Mauritius’ Baa3 rating balances the country’s high and stable growth rates and political stability against an elevated debt burden and the economy’s small size, according to the rating note.  Moody’s stated that the rating reflects progress on fiscal consolidation as well as our expectations for a further reduction in the debt burden. However, Mauritius’ debt burden and debt affordability will remain weaker than those of similarly-rated peers. Effective…

Reps to Investigate Dangote Refinery, NMDPRA, NNPC rift The House of Representatives has said that it would investigate the ongoing spat between Dangote Petroleum Refinery and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The investigation would also include the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian National Petroleum Company Ltd (NNPCL). Rep. Philip Agbese, the deputy spokesperson of the House, said this while speaking with newsmen in Abuja on Saturday. The News Agency reports that the investigation is coming amid the biting fuel crisis across the country and the allegations that Dangote’s fuel is of low…