Author: Marketforces Africa

First Holdco Declines by 8% to N2.043trn after Re-Rating The market value of First Holdco Plc’s 41.877 billion shares outstanding in the Nigerian stock market dropped by about 8% week on week to close at N2.043 trillion at the close of the trading session on Friday. The market capitalisation of the non-operating holding company of First Bank of Nigeria Limited crossed N2 trillion mark after sharp and furious directors dealing in the local bourse in December. The significant insider shares accumulation triggered First Holdco’s re-rating, with its single largest shareholder now controlling 18% of the group shares outstanding. First HoldCo…

NGX to Create Wealth in 2026, Traded in Overbought Region—Report The Nigerian Exchange (NGX) is anticipated to create more wealth in 2026 on the back of an improved macroeconomic indicators and attractive valuation. With about N100 trillion in equities market capitalisation, the Nigerian market traded in overbought region all through year 2025. Top performing companies doubled down on Nigerian Exchange (NGX) year to date gain. The local bourse created wealth for risk takers in 2025 with some companies recording 100% price appreciation of 12 months. Settling at 51.20% gain, the local bourse wrapped up the last trading session of the…

CBN Spends $7.5 billion to Defend Nigerian Naira in 2025 The naira gained 7.14% in 12 months with $7.53 billion in cumulative forex market intervention in 2025. The amount deployed to defend the local currency outpaced the year-on-year increase in the gross external reserves balance. Nigeria’s gross external reserves balance surged by $4.618 billion amidst the latest round of Eurobonds inflows, remittances and surge in crude oil output. MarketForces Africa reported that the first half of 2025 saw a significant outflows from Nigerian financial market due to U.S tariff surge which triggered a move to safe haven. The Central Bank…

Naira Climbs to N1,430 after $790 Million FX Interventions After a 24% surge in FX interventions, the naira appreciated against the US dollar at the Nigerian Foreign Exchange Market (NFEM) window on Friday, settling at N1430 for international transaction payments conducted on Friday. The naira reached an intraday high of N1438.5000 on the day from N1439.5000 in the previous session, which suggested the market was well liquidity to fund outflows or international payments. FX traders said best international payments for the day was conducted at N1427 per dollar, intraday lowest spot rate, however the same quoted rate at the last…

Fitch Rates Rolls-Royce ‘BBB+’ with Positive Outlook Fitch Ratings has assigned Rolls-Royce Holdings Plc, or Rolls-Royce, a Long-Term Issuer Default Rating (IDR) of ‘BBB+’ and affirmed Rolls-Royce plc’s Long-Term IDR and senior unsecured rating at ‘BBB+’. The outlook on both IDRs is assessed as positive, Fitch added, saying the assignment of the IDR to Rolls-Royce reflects the group’s change to its legal entity structure. Under the new structure, Rolls-Royce continues to be the ultimate reporting entity of the group with ongoing guarantees for existing debt issued by Rolls-Royce plc, while Rolls-Royce plc becomes one of several subsidiaries. According to Fitch,…

European Automakers’ 2026 Profits Stagnant Despite Growing Sales Intensifying competition and ongoing restructuring mean European automakers’ profitability and cash generation will remain subdued in 2026, despite increasing sales, Fitch Ratings says. Ratings analysts expect European passenger vehicle sales to rise in 2026 from an estimated 13 million units in 2025, supported by the launch of new mass-market models and continued regulatory incentives for electric vehicles (EVs). However, the sales mix is likely to shift towards lower-margin segments, according to Fitch with ratings analysts expecting operational profitability to improve by only about 50bp despite higher unit volumes, as protectionist measures and…

PTAD Disburses N55.9bn Monthly Pensions, Outstanding Arrears The Pension Transitional Arrangement Directorate (PTAD) has disbursed a total sum of N55.9 billion as monthly pensions and pension arrears to eligible pensioners The Next-of-Kins of (NoK) also received pensions of their deceased family members under the Defined Benefits Scheme (DBS) in December, 2025. This was contained in a statement issued by the Head, Corporate Communications Unit, PTAD, Mr Olugbenga Ajayi, in Abuja on Friday. He said that a total of N13,411,400,362.87 was paid as monthly pensions across all operations pension departments, including Diaspora Pensioners, while N42,501,348,236.06 was paid as pension arrears. Ajayi…

Naira Closes 2025 at N1435/$ with $45.488bn in External Reserves With gross external reserves totalling $45.488 billion, the naira closed 2025 strong, appreciating to N1435 per US dollar at the Nigerian foreign exchange market on Wednesday. The official exchange rate was bolstered by the Central Bank of Nigeria’s (CBN) sustained FX intervention in support of local inflows, as year-end effects led to a significant dollar outflow in the fourth quarter. The CBN funded a significant outflow amid a sharp reduction in FX inflows into the currency market, recording a 95% weekly decline, according to Coronation Merchant Bank Limited. CBN updated…

Equity Investors Gain N533bn, NGX Closes 2025 at N99.38trn Equity investors trading highs and lows in the Nigerian stock market recorded about N533 billion gained on Wednesday due to sustained bargained hunting in the local bourse. The Nigerian Exchange (NGX) sustained its upward trajectory, closing the year positively as the All-Share Index climbed 0.37% to 155,613.03 points. The stock market capitalisation expanded by ₦532.94 billion to reach ₦99.38 trillion, representing a 0.54% increase driven by the Chapel Hill Denham listing of ₦163.6 billion NREIT on the NGX. Activity metrics weakened, with trade volume reducing by 73.75% to close at 1.2…

Oil Prices Edge Higher on Russia-Ukraine Peace Talks Uncertainty Oil prices edged higher in the global commodity market on Tuesday as concerns grew that peace talks between Russia and Ukraine could falter after Moscow accused Kyiv of attacking President Vladimir Putin’s residence. Brent crude traded at $61.39 per barrel, up 0.3% from the previous close of $61.23. US benchmark West Texas Intermediate (WTI) also increased by 0.3% to $57.94, compared to $57.74 in the prior session. Russian President Vladimir Putin told US President Donald Trump during a phone call that Ukraine’s drone attack on the presidential residence in his country’s…