Author: Marketforces Africa

Naira Outlook Positive as All FX Forward Contracts Appreciate The naira outlook has been judged to be posiitve as all foreign exchange forward contracts appreciated amidst uncertainties about Nigeria’s export earnings due to decision of the members of the Organisation of Petroleum Exporting Countries and allies members to ramp up output. Last week, the naira strengthened against the US dollar in the foreign exchange market on growing support from the Central Bank (CBN). Forward FX contract appreciated across tenors as market anticipates a rise in value of the Nigerian naira with the Apex Bank FX injections already price in the…

Debt Office Opens Savings Bonds for Subscription at N1000/Unit The Debt Management Office (DMO) , on behalf of the Federal Government, has offered two FGN Savings Bonds for subscription at N1,000 per unit According to a statement by the DMO on Monday in Abuja, the first offer is a two-year FGN Savings Bond due on June 11, 2027 at interest rate of 16.121 per cent per annum. The second offer is a three-Year FGN Savings Bond due on June 11, 2028 at interest rate of 17.121 per cent per annum. “Offer opens on June 2 and closes on June 6;…

Abbey Mortgage Bank Lost 27% as Shareholders Get 6 kobo Dividend Abbey Mortgage Bank Plc lost about 27% of its market value in the equities market as investors trimmed their interest in the financial services company. Investors reacted negatively as the company obtained approval to raise N100 billion by way of issuance of shares, global depository receipts, loans, etc. The stock is now trading at a significant discount to N9.85 kobo, its 52-week high in the Nigerian equities market. According to data from the Nigerian Exchange (NGX) trading platform, the mortgage bank experienced strong sell pressure, closing at N5.58 on…

Aradel Holdings Surges by 15% as Shareholders Agree N22 Dividend Aradel Holdings Plc climbed by more than 15% in the equities market, supported by investors’ buy actions that bolstered the oil and gas index. The oil company share price rose to N530 in the latest upswing, from N460 at the beginning of the trading week. Investors increased their bet on Aradel in anticipation of strong earnings performance amidst its expansion drive. The oil stock price has been fluctuating negatively since it came to the market for listing. The volatility heated up as investors priced in unimpressive earnings performance in the…

University Press Plc Soars by 35% in Fresh Rally University Press Plc courted equities investors’ attention on the Nigerian Exchange (NGX) – gained more than 35% due to positive price appreciation. The strong buying momentum lifted the company’s share price, which closed at N5.90 on Friday when 1.362 million units valued at N8.215 million were traded. The selloffs slow down its market re-rating, having breached the resistance level. During the week, the stock hit its 52-week high at N6.17 before profit-taking activities reduced the momentum towards the end of the week. The market now valued University Press Plc.’s 431.409 million…

Funding Rates Mixed, Banks Deposit N1.6trn at CBN Window The money market rates closed in mixed directions as deposit money banks (DMBs) took excess funds to the standing deposit facility of the Central Bank (CBN) the absence of liquidity pressures. The short-term benchmark interest rates were mixed despite huge open market operations conducted as part of efforts to excess amidst growing money supply in the economy. Currency in circulation (CIC) expanded to N5.015 trillion in April 2025, up marginally from N5.003 trillion in March, the CBN data revealed. In a note, Cordros Capital Limited hinted that activities at the CBN’s…

CBN to Open N600bn Worth of OMO Bills for Subscription The Central Bank of Nigeria (CBN) has notified authorised market participants about the plan to conduct a fresh open market operation on June 2, 2025. The issuance will be offered across two mid tenors to reduce excess liquidity and part-finance OMO bills instrument maturing a day after. Details obtained by MarketForces Africa showed that the CBN planned to issue OMO bills worth N600 billion on Monday after two issuances with a combined allotment of over N1.6 trillion last week. The CBN has continued to keep eyes on the liquidity level…

Ecobank Rises as Enhanced Financial Stability Attracts Investors Ecobank Transnational Incorporated (ETI) market value climbed in the Nigerian stock market as investors priced in the pan-African lender’s low-cost Eurobond raise. With reduced borrowing costs, investors bet on Ecobank stock on the back of an enhanced financial stability following a recent successful foreign capital raise. Ecobank Group also received shareholders’ approval to raise up to $250 million through an Additional Tier 1 (AT1) capital qualifying instrument to further boost the bank’s capital position. Data obtained from the Nigerian Exchange showed that its share price rose N31.55, up by 7% from the…

Overweight Stocks Drive N1.7trn Equities Portfolio Growth Buying interest companies’ stocks with positive outlook or overweight drove N1.71 trillion equities portfolio growth in the Nigerian Exchange (NGX), reducing the impacts of sell-side actors’ activities. The Nigerian Exchange key performance indicators were upswing as value hunters positioned themselves in underpriced stocks seen across sectoral indexes. Investor sentiment remained upbeat, as the benchmark All-Share Index (ASI) appreciated by 2.49% week-on-week, closing at 111,742.01 points. The market index broke through the psychological barrier of 112,000 points at midweek, reaching an all-time high of 112,237.26 points before slight profit-taking pulled it back slightly. The…

CBN Defends Naira, Banks Get $120m as External Reserves Drop Sustaining its intervention in the foreign exchange market, the Central Bank of Nigeria (CBN) sold $120 million to authorised dealer banks in two tranches last week as part of an effort to defend the local currency, the naira, amidst sliding external reserves. The monetary authority conducted two foreign exchange intervention sales last week, offering a total of $120 million to authorised dealer banks. Bids cleared between ₦1,581.92 and ₦1,593 for the two FX offered to banks to drive liquidity. In its shows of strength, the local currency appreciated against the…