Author: Marketforces Africa

Nigeria US Dollar Bonds Rally, Yield Falls Below 10% The average yield fell below 10% as Nigeria’s US dollar bonds rallied in the international market, thanks to foreign portfolio investors’ improved sentiment on the sovereign asset trading activities. The renewed demand for the Eurobond papers reversed the previous trend where offshore sell-down interest—a trend that has become a norm across African papers—was part of portfolio rebalancing. Nigeria’s sovereign curve experienced increased demand despite pressures on oil-linked issuers like Angola. African Eurobonds mixed amid broad-based profit taking across sub-Saharan and North African curves, with sell orders dominating total flows. Investor demand…

Seplat Production, Reserves Double Post Mobil Acquisition—Chairman Seplat Energy Plc says its acquisition of Mobil Producing Nigeria Unlimited (MPNU) in 2024 has doubled the company’s oil and gas production and also expanded its reserves. Its chairman, Mr. Udoma Udo Udoma, during the company’s 12th Annual General Meeting (AGM) in Lagos on Wednesday, said this marked a significant milestone in the company’s growth and expansion in the oil and gas sector. Udoma reaffirmed the company’s commitment to further invest in production growth to ultimately benefit stakeholders. He said, “The acquired assets have a world-class history as some of Nigeria’s most important…

MTNN Slides as Stockbroker Matched 10m Buy, Sell Order MTN Nigeria Plc.’s market value declined slightly in the equities market amidst unusual trade volume driven by block deals in the telecommunication company’s shares. According to data obtained from the Nigerian Exchange trading platform, MTN Nigeria’s share price fell to N270 as 20.219 million units valued at N5.589 billion were traded on Wednesday. NGX records revealed that MTN Nigeria topped the chart in terms of total value in the equities market as stockbrokers crossed 10 million units at a price of N279 between buyer and seller. The block trade in MTN…

GTCO Slides to N2.341trn amidst Substantial Block Trades The market value of GTCO Plc slid in the stock market amidst huge block trades with foreign interests dominating transactions in the orange-branded financial services company. According to trading data obtained from the Nigerian Exchange, GTCO’s share price declined slightly to N68.6 as 53.274 million units valued at N3.675 billion were traded in the market. Out of this, 30 million shares at a unit price of N69 were crossed by stockbrokers between willing buyers and a willing sellers in a deal outside the Nigerian Exchange trading platform. Foreign portfolio investors have continued…

Oil Prices Decline Amidst Weak Demand Outlook Oil prices declined amidst a weak demand outlook triggered by rising crude inventories in the United States and uncertainties in Chinese imports. The US crude inventories tempered market optimism fueled by a temporary easing of trade tensions between the United States and China. International benchmark Brent crude decreased by around 0.13%, trading at $66.16 per barrel.  The US benchmark West Texas Intermediate decreased by about 0.2%, settling at $63.09 per barrel, compared to its prior session close of $63.22. Both benchmarks fell after data from the American Petroleum Institute (API) showed US crude…

Nigeria Attracts $8bn Deepwater, Gas Projects Investment The presidency says Nigeria attracts over 8 billion dollars, or about N12.8 trillion, in investments in deepwater projects and gas Final Investment Decisions (FIDs) in one year. Olu Verheijen, Special Adviser on Energy to President Bola Tinubu, disclosed this on Wednesday at the 2025 Africa CEO Forum held in Abidjan, Côte d’Ivoire. A statement on the address of Verheijen at the event was made available to the News Agency in Abuja by Mr Senan Murray, the Team Lead, Communications, in the Office of the Special Adviser. According to Murray, the special advisor told…

Top 10 Stock Pick for May –CSL Stockbrokers Equities analysts at CSL Stockbrokers’ top rated stocks for the month of May have just been released. The investment firm has estimated target prices for each top stock across sectors, guiding investors to take positions due to expected upside potential. So far, the Nigerian Exchange has recorded significant capital gain as bargain-hunting activities improved sharply. CSL Stockbrokers highlighted that from a low of 103,852 points on April 16, 2025, the NGX All-Share Index has rebounded strongly, surpassing the 106,000-point mark. “This upward movement reinforces the prevailing positive bias that has supported the…

Lagos Plans Industrial Innovation Zone to Boost Local Production The Lagos State Government is planning to establish an industrial innovation zone as part of efforts to significantly boost local production. The government also re-affirmed commitment to boosting investor confidence and improving ease of doing business through a range of initiatives. Mrs Folasade Ambrose-Medebem, the state Commissioner for Commerce, Cooperatives, Trade and Investment, gave the assurance on Tuesday at the Lagos State 2025 Ministerial Press Briefing at Alausa, Ikeja. The briefing is in commemoration of Gov. Babajide the Sanwo-Olu’s second year of second term in office. The commissioner said that the…

The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS)

Naira Value Improves on FX Inflow, External Reserves Boost The naira reclaimed additional value against the US dollar at the Nigeria Foreign Exchange Market (NFEM), the official FX spot platform of the Central Bank, supported by offshore inflow. At the same time, the gross external reserves balance continues to rise with the latest round of inflows from various sources. The interbank market remained liquid, driven largely by inflows from Foreign Portfolio Investors (FPIs), AIICO Capital Limited said in its investor note. The external market sentiment improved as Nigeria successfully settled its $3.4 billion debt obligation to the International Monetary Fund,…