Author: Marketforces Africa

FIRSTBANK WINS 2019 OIL AND GAS BANKER AWARD. First Bank of Nigeria Limited has won Oil and Gas Banker of Year 2019 award. The award was presented at the Patrons’ Dinner and Industry Awards of the Nigeria International Petroleum Summit held recently at Transcorp Hilton, Abuja.

Analysts say Electricity cost may fuel core inflationary pressures. Analysts at Cardinalstone Partners have stated that electricity cost may stoke core inflation pressures from April onward

Year to date return turns red as stock market extends losing streak Investors’ fortunes decline as the Nigerian Stock Exchange  extends losing streak to five consecutive trading sessions. The equities market continued its loss-making trend as the All-Share Index dipped 62 basis points (bps) to 26,808.24 points following price declines in STANBIC (-6.2%), GUARANTY (-2.2%) and FBNH (-5.6%). Jaiz, Law Union and Nacho led the gainer charts as sell-offs in bellwether stocks pushed market indicators down. The year to date (YTD) return turned negative, down to -0.1% while market capitalisation dropped ₦86.6 billion to ₦14.0 trillion. Activity level rose as…

“Borrow to transform Nigeria’s economy, investment firm tells FG” Contrary to high level criticisms on Nigeria’s rising debt profile, experts at FBNQuest Capital Limited have towed a different path; say Federal Government should borrow to transform the economy. In January, the Central Bank of Nigeria’s Governor, Godwin Emefiele, after the Monetary Policy Committee cautioned FG about debt level on the ground of sustainability. In the same manner, the International Monetary Fund in its assessment also added that debt stock is fast rising and could portend great danger. Fitch, an international rating organisation, downgrade the nation’s sovereign rating having assessed the…

AU Executive Council endorses Adesina for second term The Executive Council of the African Union has supported Dr. Akinwumi Adesina’s candidacy for a second term as President of the African Development Bank. The decision was taken during the thirty-sixth Ordinary Session of the AU Executive Council, held during the AU Summit in Addis Ababa, Ethiopia. During his first term, the Bank’s shareholders approved a landmark $108 billion capital increase in late October. Adesina was elected to his first term as President by the Bank’s Board of Governors at its Annual Meetings in Abidjan on 28 May 2015. He is the…

Equity analysts advise investors to offload Unity Bank, Unilever, Guinness stocks. Equity pickers have advised investors to adjust portfolio with recommendation to Buy UBA, Sell UBN Hold FCMB, and Reduce Sterling but Accumulate Stanbic IBTC shares.

Experts say GDP growth uninspiring, seek market-friendly policies. The Nigerian economy size expanded some 17 basis points above the 2.10% growth rate estimated by the International Monetary Fund (IMF) to settle at 2.27%, but experts refuse to celebrate, say the growth is uninspiring.

Unattractive yields: investors wait on sideline, hold for medium-long term instruments

Sell-Offs In Banking Stocks, Others Drag Nigeria’s Bourse Lower. Investors’ fortune decline significantly as the Nigerian Stock Exchange on Monday recorded that thirty three companies stock value nosedived.

Fidelity Bank Plc says it has doled out N68 million to its customers to support the Federal Government financial inclusion under Get Alert in Millions (GAIM) promo season 4.