Author: Marketforces Africa

FBNH: Analysts Raise Price Target on Account of Solid Balance Sheet. First Bank of Nigeria Holdings Plc traded at ₦5.30 on Wednesday, though analysts have estimated price target that is more than double this market price.

Bargain Hunting Lifts NSE Market Cap by ₦60.4 billion.

Gold Mining: Segilola Will Begin Operation in 2021 – CEO. Segun Lawson, the Chief Executive and Managing Director of Thor Exploration Limited, a company with focus on early stage gold exploration has confirmed that Segilola project in Osun state will commence operation in 2021.

African Banks are small but Profitable – The Banker. African banks are small in world terms but they punch above their weight in profits, according to The Banker’s latest ranking of the Top 1000 World Banks.

Oil prices climb on improve demand in United States. Oil prices rose on Wednesday after an industry report showed crude stockpiles in the United States staged a bigger drop than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world.

Conoil Lifts Revenue by 14.4%, declares ₦2 dividend per share. Conoil Plc has lifted its revenue as the company recorded a turnover of ₦139.8 billion in its audited financial statement for 2019.

NSE Reviews Eligibility Criteria for Pension Index. The Nigerian Stock Exchange (NSE), on Tuesday, announced the review of the eligibility criteria for the NSE Pension Index in line with changes in the regulatory and market requirements.

Zenith Bank: Profitability to Remain Best in Class in 2020 – Vetiva. Equity analysts at Vetiva Capital have said Zenith Bank Plc.’s profitability will remain best in class for financial year 2020.

Debt Distress Rising in Sub-Saharan Africa, says Fitch. Sub-Saharan Africa (SSA) government debt burdens are rising at a faster pace and to a higher level than for other emerging markets (EM), heightening the risk of further downgrades and defaults, Fitch Ratings says.

FSDH Advises PFAs to Adjust Risk Appetites, Rally Return on RSAs. FSDH Merchant Bank Limited has advised Pension Fund Administrators (PFAs) about the need to take on more risk to generate superior inflation-adjusted return on their clients’ retirement savings accounts (RSAs).