Author: Olu Anisere

Oil Prices Diverge as Markets Weigh Concerns over Crude Supply Oil prices diverge in the global commodity market as investors weigh concern over crude oil supply following the EU’s new sanction against Russian exports. The markets face uncertainties from Middle East unrest, as geopolitical tensions, including attacks on the Red Sea, remain negative for oil supply outlook. Trading data revealed that Brent inched higher during earning hours while WTI slipped, as cautious remarks from US Federal Reserve (Fed) Chair Jerome Powell Specifically, Brent crude was trading at $67.32 per barrel, up 0.1% from the previous close of $67.25. Meanwhile, US…

GCR Upgrades Jaiz Bank’s Rating, Outlook Revised to Stable GCR Ratings upgrades Jaiz Bank Plc’s national scale long term issuer rating to BBB(NG) from BBB-(NG) and affirmed the short-term issuer rating of A3(NG). The Islamic lender rating outlook was also revised to stable from positive, according to the rating note. The rating upgrade reflects Jaiz Bank Plc’s strengthened capitalisation, driven by equity injection and its improved earnings generation and retention, GCR said in its update. It added that Jaiz Bank ratings also balance the bank’s stable funding structure, and adequate liquidity profile against a concentrated customer deposit book and weakening…

Dangote Sugar Refinery Plunges by 10% on Huge Selloffs Dangote Sugar Refinery Plc plunged by 10% as investors reduced their interest in the company amidst looming third quarter earnings season. Investors who held position in the sugar refinery exited their positions, causing the share price decline to N54 on the back of 4.455 million units valued at N261.579 million executed in the local exchange. The selloffs reflect negative sentiment in the absence of any other disclosure with capability to fuel demand for Dangote Sugar shares in the market. Trading data from the Nigerian Exchange (NGX) showed the market price down…

First Holdco Records Significant Block Trade, MV Slides First Holdco Plc market value (MV) declined to N1.285 trillion following significant block trade outside the Nigerian Exchange trading platform on Tuesday. Its share price fell to N30.7 as 100.993 million units of First Holdco shares outstanding on the Nigerian Exchange valued at N3.151 billion were traded. A transactions totalling 63 million shares were executed at the same market price of ₦31.20 resulting in a trade value of ₦2.7 billion, Anchoria Securities Limited told investors in a note. The group market value reduced by more than N25 billion following Tuesday trading activities…

Wema Bank Slumps on Huge Trade Volume, Investors Exit Positions Wema Bank Plc lost more than 8% of its market value on Tuesday due to negative investors’ sentiment. The Nigerian Exchange closed the day negative, and some banking stocks were casualties of profit taking activities that took place in the local bourse. With 50 basis points reduction in the benchmark interest rate, banks’ earnings are projected to be strained, and small lenders are anticipated to face intense rivalry in the industry dominated by five banks. Analysts forecast banks’ earnings will continue to face pressures with regulatory adjustments, reduced FX gains,…

NGX Index Declines by 0.40%, Investors Exit Positions The Nigerian Exchange (NGX) All share index (AIS) plunged by 40 basis points as investors exited positions in banking, oil stock on Tuesday. The local bourse experienced another downturn as bearish sentiments dominating the transaction in some financial stocks. The negative sentiment dragged the All-share index down by 0.40%, closing at 140,929.60 points and year to date return moderated for second trading session. Specifically, Nigerian Exchange market capitalisation dropped by 0.4% to ₦89 trillion, and the year-to-date return fell to 36.92%. The negative trade was driven by profit-taking in medium- and large-cap…

Oil Prices Dip Below $66 as New Deals Boost Supply Outlook Oil price declined below $66 per barrel in the global commodity market on Tuesday, driven by concerns over rising supply following the announcement of a new export deal between Iraq’s central government, its Kurdish region, and oil companies. Brent crude was trading at $65.69 per barrel, down 0.57% from the previous close of $66.07. US benchmark West Texas Intermediate (WTI) decreased by 0.53% to $61.93 from $62.26 in the prior session. Iraq’s Kurdish Regional Administration (KRG) said a tripartite agreement would be signed between Iraq’s central government, the regional…

Two-State Solution: France recognises State of Palestine France, at a conference on Monday, formally recognised the State of Palestine, ahead of the annual gathering of global leaders at the United Nations General Assembly. The time has come to free the 48 hostages still being held by Hamas in Gaza and to stop the bombing, massacres and displacement in the embattled enclave, French President Emmanual Macron told delegates gathered for UN General Assembly in New York. He was speaking at the resumption of the international conference co-chaired with Saudi Arabia focused on the question of Palestine and the two-State solution with…

Rates Tighten, Banks’ Placements at Deposit Facility Rise The short-term benchmark interest rates tightened as sufficient liquidity in the financial system restricted funding costs. The absence of significant funding pressure has kept rates restricted. Banks’ borrowing activities have reduced, and some cash-rich lenders have continued to sterilise excess fund with constant placements with the Central Bank of Nigeria (CBN) deposit facility. The CBN open market operations slowdown strengthened free funds available – keeping banks away from taking bet on short term instruments to augment earnings. The system liquidity surged by N453.21 billion, according to market data released by AIICO Capital…

Nigeria’s Real GDP Grows by 4.23% in Second Quarter of 2025 Nigeria’s real gross domestic product (GDP) grew by 4.23% in the second quarter of the fiscal year 2025, according to data released by the statistics office. In a report, the National Bureau of Statistics (NBS) said the economy expanded further in the second quarter, with real GDP growing by 4.23% year on year, outpacing +3.13% growth posted in the first quarter of the year . The latest figure shows an improvement from the 3.48 per cent growth recorded in the same quarter of 2024, indicating continued recovery and resilience…