Author: Olu Anisere

Ellah Lakes Launches N235bn Offer for Subscription Ellah Lakes Plc, Nigeria’s pioneering integrated agro-industrial enterprise, on Monday launched a N235 billion offer for subscription on the floor of the Nigerian Exchange Ltd. (NGX). The event took place during a Facts Behind the Offer presentation at the Exchange in Lagos. The initiative reinforced NGX’s role as a catalyst for capital formation and highlighted its commitment to improving access to long-term financing for businesses. Ellah Lakes is raising N235 billion through the issuance of 18.8 billion ordinary shares of 50 kobo each at N12.50 per share. The Offer, led by Rand Merchant…

GCR Assigns Abbey Mortgage Bank BBB, A3 Ratings, Outlook Stable African-focused ratings agency GCR has assigned Abbey Mortgage Bank Plc national-scale long- and short-term issuer ratings of BBB (NG) and A3 (NG), respectively, with a stable outlook. GCR said the ratings assigned to Abbey Mortgage Bank Plc balance its strong capitalisation metrics and sound liquidity position against an intermediate risk profile and modest competitive position. Abbey is a primary mortgage bank (PMB) in Nigeria with an established track record of about three decades, according to GCR. The rating agency said the bank’s mandate is to provide mortgage finance to individuals,…

Bitcoin, Ethereum Rally Boosts Crypto Market Cap to $3.6trn Bitcoin and Ethereum are driving crypto market capitalisation higher on Monday as investors rush to buy the dip. Top cryptocurrencies are trading positive on hope that the U.S. government’s shutdown will end. This expectation boosted risk sentiment at the start of the week as international stock markets tracked U.S. futures higher, and the dollar perked up slightly. Increased demand for top heavyweight in the crypto market lifted market capitalisation higher by more than 5% to $3.6 trillion on Monday Trading data showed that other tokens, altcoins, are supporting the bullish charge,…

Nigeria’s Oil, Gas Income Declines by 43% to N1.08trn Nigeria’s income from crude and gas sales fell by 43 per cent, accounting for only about 8 per cent of total oil and gas revenue, despite a rebound in oil production, according to figures from the latest Budget Implementation Report for the fourth quarter of 2024 released by the Budget Office of the Federation. Oil revenue fell by ₦824.66 billion to ₦1.08 trillion during the year, from ₦ 1.90 trillion in 2023, representing a 43.32 per cent decline in the year under review. The decrease in revenue highlights a drift toward…

Investors Double Down Bets on Nigerian Bonds as Equity Market Bleeds The benchmark yield on Federal Government of Nigeria (FGN) bonds declined as appetite for naira assets across the belly and long end of the curve increased. Trading patterns in the local bonds secondary market reflected investors’ persistent interest in duration as the treasury bills auction signalled potential repricing at the November bonds auction. Last week, the Nigerian bond market closed on a bullish note, buoyed by strong investor appetite across most maturities. Sentiment improved markedly as investors sought refuge in fixed-income instruments amid growing volatility in equities and global…

Kenyan Private Sector Sees Significant Expansion in Oct.– PMI Business activity in the Kenyan private sector expanded markedly in October, according to the latest survey data, as companies highlighted a further improvement in sales intakes amid broader economic strengthening. According to Stanbic IBTC purchasing manager index (PMI) released by S&P Global, rising demand encouraged firms to increase their purchasing activity for the first time since April. The improved economic environment was also supported by a milder increase in business expenses, with input costs rising at the slowest pace in just over a year. The PMI registered in expansion territory for…

NCR Hits 52-Week High after Earnings, Internal Restructuring IT company NCR Nigeria Plc hit its highest valuation in 52 weeks on the Nigerian Exchange (NGX) as investors increased bets in post-earnings release reactions.   Its unaudited financials for the nine-month period in financial year 2025 showed that NCR returned to profitability as the naira stabilised after a sharp depreciation of the local currency damaged performance in the equivalent period in 2024. At the close of the trading session on Friday, NCR share price reached N19.35, its highest in 12 months, as 156.663 units of the company valued at N2.977 million were…

NGX Shrinks to N94.99trn as Equity Investors Lose N2.83trn The Nigerian Exchange (NGX) market capitalisation shrank to N94.99 trillion as equity investors trading highs and lows lost N2.83 trillion in a week. Stock market extended its bearish momentum this week as profit-taking dominated trading sentiment amid a combination of domestic and external headwinds. The benchmark All-Share Index (ASI) fell by 2.99% week-on-week to close at 149,524.81 points, stockbrokers said in separate reports. The slide in market index reflects sustained selling pressure as investors adjusted portfolios in response to geopolitical tensions surrounding the US-Nigeria diplomatic face-off. Market value of listed equities…

Euro Climbs Against Dollar amidst US Data Blackout Recovering from recent price depreciation, Euro US dollar or EURUSD pair climbed on Friday to $1.1567, a key long-term support level. The US dollar weakened against the single currency amidst heated debate over Fed rate cut in December. The Federal Reserve’s latest statement offered little in the way of dovish conviction — policymakers stopped short of committing to another rate cut this year. It dicey what the Fed plans to do after concern raised by Federal Open Market Committee and Jerome Powell hawkish laced tone. Traded favourable for most part of the…

Crypto Market Cap Rises to $3.44trn as Bitcoin, Ethereum Rebound The global crypto market capitalisation rose 3% over the last 24 hours to about $3.44 trillion, according to data from CoinMarketCap.com. The market rebounded from a 7-day decline when it yanked off 6.93% of the valuation of listed digital assets as sector-specific catalysts offset broader caution. The market surged as New AI tools and institutional inflows boosted. Sentiment. Capital rotated into high-beta sectors despite Bitcoin’s stagnation. The Altcoin Season Index (28) remains low, but selective narratives thrived. The market now watches for Sustainability of AI/DeFi volume and Bitcoin’s ability to…