Author: Olu Anisere

NGX Losses Deepen, Investors Lose Additional N6112bn The Nigerian Exchange (NGX) losses deepen as selling pressures persisted into the second trading session in the new week.  The local bourse has continued to bleed due to negative investors’ sentiment across sectorial indices in the midst of third quarter earnings releases. Banking names’ unimpressive earnings performance took away the stock market’s usual flavour that attract significant bargain hunting.  Instead, the local bourse has been moving negatively, with the year-to-date return down to 48.29% due to losses in oil and gas, financial and consumer stocks, among others. Data from the Nigerian Exchange showed…

Oil Prices Drop over Weak US Demand Outlook Oil prices dropped on Tuesday over a weak demand outlook in the US as the latest data showed a contraction in the manufacturing sector amidst the longest government shutdown. The price also reflects the decision of eight members of the OPEC+ group, including both OPEC and non-OPEC producers, to postpone planned production increases in the first quarter of next year. Brent crude was trading at $64.56 per barrel, down around 0.4% from the previous close of $64.81. The US benchmark West Texas Intermediate (WTI) also decreased by 0.4% to $60.66, compared to…

Interbank Rates Stable as Banks’ Placements with CBN Climb Interbank rates steadied as the money market maintained an excess liquidity profile that kept tightening funding costs. Amidst weak lending appetite and lower yields on Treasury bills, banks have stepped up activities at the standing deposit facility of the Central Bank to boost their earnings. To Nigerian lenders, it costs money to keep money in low yields asset and 24.5% rate at the CBN standing deposit facility has become alternative private sector’s lending with attendant default risks. The market remained relatively flooded with excess funds, settling at ₦3.1 trillion, reflecting an…

13 of 17 Expected Vessels to Arrive With Petroleum Products – NPA The Nigerian Ports Authority (NPA) says that 17 ships are being expected at Apapa and Tin-Can Island ports in Lagos from Nov. 3 to Nov 7. The NPA made this known on Monday in a document it published daily known as the Shipping Position. The document stated that 13 of the expected 17 ships are laden with petroleum products such as crude oil, diesel, aviation fuel, gas oil, gasoline, and petrol. It said that the remaining four ships being expected contained containers of different products. The document noted…

Nigeria’s Private Sector Output Growth Hits 6-Month High As macroeconomic indicators continue to improve, Nigeria’s private sector output growth has continued to maintain momentum.  Stanbic IBTC purchasing manager index (PMI) report for October released by S&P Global highlighted that output hit a six-month high with modest job creation. According to the PMI, October data pointed to improved growth momentum in the Nigerian private sector, with both output and new orders increasing at sharper rates than in September. In turn, companies took on extra staff and expanded their purchasing activity, the report added. S&P reported that the pace of input cost…

Lagos Introduces Separate Screening Fee for Building Plan Approval The Lagos State Government has introduced a separate screening fee for building plan approvals as part of ongoing reforms to strengthen safety and transparency in the state’s construction sector. The Special Adviser to Governor Babajide Sanwo-Olu on e-GIS and Urban Development, Dr Babatunde, disclosed this in Lagos while addressing professionals and members of the public on recent changes within the Lagos State Building Control Agency (LASBCA). Babatunde said the new billing system separates the screening fee from the stage certification fee. He said that LASBCA would now handle its billing independently…

CBN Raises N7trn from Six OMO Auctions, Introduces New Bills The Central Bank of Nigeria (CBN) raised about N7 trillion from six open market operations conducted in Oct to mop up excess liquidity and attract FX inflows from offshore investors. The Apex Bank step up its OMO actions pace with six auctions, a significant deviation from one action in Sept. A total of N6.99 trillion worth of OMO bills were allotted to eligible investors – deposit money banks and foreign portfolio investors, up from N620.65 billion sold in Sept. The authority decision to absorb excess liquidity that lingered in the…

15% Petrol Import Tax Requires Cautious Implementation -Analysts Nigeria’s headline inflation rate could reverse from the sustained downward trend as the authority plans 15% on imported fuel. Despite a stable local supply source, Nigerian crude importers maintain their stance to stay in business and continually seek a level playing field. Despite significant issues facing Nigeria’s refineries, President Bola Tinubu has recently approved a 15% ad valorem import duty on petrol and diesel. The move marked a significant policy shift in Nigeria’s downstream oil sector, according to analysts’ notes. The measure, which took effect following a presidential directive dated October 21,…

Julius Berger Jumps by 13.3% as Investors Bet on Earnings Market value of Julius Berger Nigeria Plc jumped by more than 13% in a race against the trend in the Nigerian Exchange as investors bet on bumper earnings performance in Q3. The construction company share price reached N151.80 on Friday when 510,094 units valued at N76.178 million were traded in the local bourse. Trading data from the Nigerian Exchange showed that the counter gained 13.3% week on week following a two times swing triggered by investors that sought to take positions in anticipation of robust 2025 earnings performance. Reflecting the…

Aso Savings Gains 106% Since Mortgage Institution Returns to Market With a 106% re-rating since it returned to the Nigerian Exchange in October, Aso Savings and Loans is one of the financial stocks not to underrate for potential upside. Fast and furious gain is a common trend for companies returning to the stock market for trading or a new listing. Aso savings and loans, a primary mortgage institution in Nigeria, is announcing its return to active trading with more than a 56% price gain on the Nigerian Exchange. The sustained positive price upticks seen in the two weeks have been…