Author: Olu Anisere

Interbank Rates Increase as OMO Auction Saps Liquidity Interbank rates increased as OMO bill auction debits sapped liquidity levels in the financial system. Money market rates adjusted moderately in reaction to the liquidity squeeze, without exerting much pressure on key indicators. The Nigerian Interbank Offered Rate (NIBOR) declined across all tenors, reflecting liquidity conditions in the banking system, according to investment banking firm Cowry Asset Management Limited. Meanwhile, key money market indicators showed upward movement, as the Open Repo Rate increased by 0.08% to 26.58%, and the Overnight Lending Rate rose by 0.21% to 27.17%. The Nigerian Interbank Treasury Bills…

Oando Climbs as Energy Stock Attracts Attention Oando Plc.’s market value surged in the equities market as energy stock caught investors’ attention in the local bourse. The company’s share price surged on the back of improved market activity that showed investors taking positions amidst earnings expectations. According to data from the Nigerian Exchange (NGX), Oando’s share price increased by 6.71% to close at N43.75 as 2.199 million shares valued at N93.602 million exchanged hands in the market. The price recovery pushed the energy company’s market value to about N544 billion in the equities market, an amount that is significantly below…

Euro Settles at $1.13 Ahead of Fed Policy Decision The euro held above $1.13, supported by easing trade tensions after U.S. President Donald Trump reiterated that China remains open to a deal. For today, the dollar is weak with the risk mood leaning towards the softer side. S&P 500 futures are down 0.7%, and that’s seeing the dollar down across the board as well. So, those are the more important things to note. Investors also looked ahead to key monetary policy decisions from the Federal Reserve, Bank of England, Norges Bank, and Riksbank. The Fed is widely expected to keep…

Oil Rebounds as China Responds to Trade Talks Oil prices climbed in the global commodity market after China indicated it was open to new trade talks with the United States, fueling optimism of a potential thaw in the prolonged trade war that has unsettled global markets. Brent crude increased by around 0.84%, trading at $62.32 per barrel. US benchmark West Texas Intermediate increased by about 0.86%, settling at $59.25 per barrel, compared to its prior session close of $58.73. China’s Ministry of Commerce said it was evaluating a proposal from Washington for renewed negotiations. The possibility of reopening dialogue helped…

Ecobank Profit Grows by 16.6% in Q1-2025 Ecobank group profit grew by 16.6% year on year to $122.5 million in the first quarter of 2025, according to details obtained from the pan-African banking group unaudited report submitted on Nigerian Exchange platform. Hence, Ecobank earnings per share (EPS) climbed to $0.34 from $0.28 in the comparable period in 2024. Analysts said the strong earnings performance in Q1-2025 was supported by growth in non-interest revenue and net interest income. Gross earnings grew by 2.4% year on year to close at $675.5 million, from $659.9 million in the comparable period. Net interest income…

Euro Retreats as US Dollar Hit 2-Week High The euro retreated to $1.13 on Thursday in the forex market as the US dollar rallied for two weeks on improved trade optimism. The EUR-USD pairs had climbed to $1.15 because forex traders were dumping the greenback as the US disrupted globalisation of trade. According to FX market data, the euro edged toward $1.13 in thin trading on the first day of May, after gaining more than 5% against the U.S. dollar in April. The DXY dollar index rises to a high of 100.0260. This happened as the greenback found support amid…

Oil Prices Slump over Excess Supply Concerns In the global commodity market, crude oil prices fell further on Wednesday, weighed down by demand concerns stemming from the trade war between the world’s two largest oil consumers, the US and China, and growing expectations of a supply glut. Brent crude fell by around 1.09%, trading at $62.31 per barrel. The US benchmark West Texas Intermediate declined by about 1.25%, settling at $59.19 per barrel, compared to its prior session close of $59.94. Both benchmarks fell to their lowest level in four years on April 9, after a sharp drop triggered by…

Nigerian Bonds Yield Steady after DMO Auction Pricing The benchmark yield on Federal Government of Nigeria (FGN) bonds steadied in the secondary market after the Debt Management Official (DMO) monthly primary market auction at the beginning of the week. In the secondary market, Nigerian bonds continued to trade on a calm note, with significant interest seen at the belly of the curve, notably the 2031s and 2033 papers. The 2031 paper was offered at 19.60%, about 20 bps lower on the day, while yields remain stable at the long end, CardinalStone Securities Limited said in a commentary note. At the…

INTBREW Hits New 52-Week High in Non-Stop Rally Beer producer, International Breweries Plc (Ticker: INTBREW) set a new 52-week high in the equities market as the company’s shares continued to gain attention. According to data from the Nigerian Exchange, the share price of International Breweries rose to N8.47 on Monday as 11.249 million shares valued at N93.078 million exchanged ownership. The brewer with more than 96% foreign ownership saw a monster rally last week. Its market value rose by +40% week on week to close at N7.70. The company with highly concentrated shareholding is expected to reverse its loss-making streak…

REA Signs Grants with 9 Companies to Expand Energy Access The Rural Electrification Agency (REA) on Monday signed grant agreements with nine renewable energy companies to provide electricity access to 17.5 million Nigerians. The companies are, Privida Power Limited, Baobab Plus, Salpha Energy, Asolar, NTA-StarTimes, A4&T Power Solutions, Sunking Greenlight Planet, Bboxx, and D.Light. This marks the first signing under the World Bank-funded Distributed Access through Renewable Energy Scale-Up (DARES) project, following its official launch in 2024. “This initiative also contributes to the broader Mission 300, a global effort to deliver energy access to 300 million people in Sub-Saharan Africa…