Author: Marketforces Africa

Debt Office Cuts Interest Rates on Nigerian Bonds Debt Management Office (DMO) cut spot rate on Nigerian government bonds, according to details from the primary market auction results. DMO offered N300 billion worth of local bonds at its monthly auction sales to investors on Monday. The auction underperformed as the authority could only raise N295.98 billion across two tenors. Investors’ preference for duration was further reinforced at the primary market auction, AAG Capital Limited said in a note. FGN bonds maturing in May 2033 was oversubscribed by 2x, cleared at spot rate of 19.85% – this represent a 14 basis…

Zenith Bank Rises as Investment Firms Upgrade Target Price Zenith Bank Plc recorded positive price movement that listed its market value at N1.981 trillion in the equities market. The bank’s share price rose to N48.25, up by about N35 billion as investor sentiment improved. Details from the Nigerian Exchange showed that Zenith Bank was priced higher as 17.941 million shares valued at N862.207 million exchanged hands in the local bourse. At the current market price, Zenith Bank is trading at a 7.2% discount to its 52-week high in the Nigerian stock market, with analysts’ estimates showing about 43% upside potential.…

Skyway Aviation Trades at 52-Week High Ahead of Dividend Payment Skyway Aviation Handling Company Plc market value flatlined which is at 52-week high in the equities market ahead of dividend payment. According to data from the Nigerian Exchange, the aviation handling company N66.4 share price has remained unchanged in the last seven trading sessions. The company is trading at its highest price level reached in the equities market, a significant distance to its lowest price of N20.4 in 12 months. Skyway Aviation hare price reflects its shareholders perception about the company earnings outlook and dividend expectations. Its 1.353 billion shares…

Oil Prices Rise as Trump Delays EU Tariff Deadline Oil prices rose in the global commodity market on Monday as investors reacted to US President Donald Trump’s decision to extend a deadline for imposing steep tariffs on the EU. The crude oil price upticks across grades were also supported by ongoing geopolitical tensions stemming from the Russia-Ukraine conflict. International benchmark Brent crude increased by around 0.01%, trading at $64.46 per barrel. Similarly, US benchmark West Texas Intermediate (WTI) rose by about 0.2%, reaching $61.69 per barrel, compared to $61.56 in the prior session. The White House confirmed Trump’s decision to…

DMO Opens N300 billion FGN Bonds for Subscriptions The Debt Management Office (DMO) will open N300 billion in FGN bonds for subscription at the primary market auction scheduled for today. In a circular, the DMO announced a N300 billion May 2025 bond offering across two maturities. The debt office will open a 19.30% FGN bond maturing in Apr 2029 worth N100 billion for investors’ subscription on Monday. Also, 19.89% local bonds maturing in May 2033, totaling N200 billion, will be offered for subscription as part of efforts to finance the 2025 budget. Analysts said the offer will be oversubscribed, reflecting…

FG Inaugurates Intra-African Air Cargo Corridor with 50% Discount The Ministry of Industry, Trade and Investment, in collaboration with the United Nations Development Programme (UNDP) and Uganda Airlines, has inaugurated the Nigeria-East/Southern Africa Air Cargo Corridor with a 50 percent discount. The Minister, Dr Jumoke Oduwole, at the inauguration and marking of the African Day in Abuja on Sunday, said it’s a transformative export initiative under the African Continental Free Trade Area (AfCFTA) framework. Oduwole said the new air cargo corridor would provide Nigerian exporters with access to three key African hubs: Uganda, Kenya, and South Africa. She added that…

UBA Crossed N1.4trn, Rated as Top Pick by Investment firm UBA Plc’s market value crossed N1.4 trillion in the equities market after the Pan-African lender listed its rights offer on the Nigerian Exchange (NGX). Details from the equities market revealed that the bank share price rose to N34.45 on Friday as 45.144 million shares valued at N1.535 billion were exchanged. The Nigerian bourse saw the admission of 34.2 billion new ordinary shares from UBA’s Rights Issue, which effectively expanded the market float. The market priced UBA’s 41,039,305,642 shares outstanding at N1.413 trillion, trading at a discount to its 52-week high—signifying…

Otedola Hails Reforms as Investment in First HoldCo Hits N320bn Chairman of First Holdco Plc, Femi Otedola, has praised the Federal Government’s (FG) economic reforms and the Central Bank ( policies as key drivers behind his ₦320 billion personal investment in First Bank. Otedola made the remarks on Thursday at the 13th Annual General Meeting (AGM) of First Holdco Plc. “This journey aligns closely with the bold and visionary leadership of President Bola Ahmed Tinubu, who deserves credit for championing the tough but necessary reforms in our economy,” Otedola said. He noted that the bank’s journey aligns with “the bold…

Naira Sees All Week Rally, Closed at N1580 In the foreign exchange market, the Naira, which has seen steady appreciation against the dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market. Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone. This marks a 0.28 percent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window. The local currency maintained consistent strength throughout the week, recording gains daily. On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on…

Shell Sees Opportunities for Nigerian Coys in Offshore Developments Shell Nigeria Exploration and Production Company Ltd. (SNEPCo) says Nigerian companies have a lot of opportunities to grow if they can take more advantage of its offshore and shallow water operations. Ronald Adams, the SNEPCo MD, made the remark in a statement issued to newsmen by Gladys Afam-Anadu, Communications Manager, SNEPCo, on Friday in Yenagoa. According to the statement, Adams spoke at the just concluded 5th Nigerian Oil and Gas Opportunity Fair (NOGOF) in Yenagoa, Bayelsa, saying that some offshore project like Bonga Southwest Aparo could grow Nigerian businesses. Represented by…