Author: Marketforces Africa

Airtel Africa Valued at N8.1trn amidst Capital Reduction Plan Dual-listed telecom company Airtel Africa Plc’s 3.758 billion shares outstanding on the Nigerian Exchange (NGX) were priced at N8.105 trillion as the telecom company announced a plan to cancel purchased shares from its latest buyback program. Maintaining its position as the most valuable listed brand on the NGX, Airtel Africa’s share price of N2156.9 has refused to budge in months despite significant earnings growth in the first quarter of 2025 due to thin activity in the Nigerian market. The telecom giant with a presence in 14 African countries has continued to…

Naira Puts on ‘Show’ Against Dollar in FX Market The naira put on a show against the US dollar in the foreign exchange market on Friday amidst Nigeria’s lack of economic structure and fundamentals that could help in retaining the local currency’s transactional value in international markets. The naira appreciated to N1,598.72 against the U.S. dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency. According to figures published on the Central Bank of Nigeria’s official website, the naira strengthened by N0.60k against the dollar on Friday. This upward movement represents a 0.03 percent appreciation compared…

Niger to Get Additional $40.9 million Loans from IMF Niger has unlocked access additional $40.9 million in loans from the International Monetary Fund (IMF) as part of an effort to drive economic growth and fiscal balance. The IMF and Nigerien authorities reached an agreement at the staff level on the seventh review of Niger’s economic program under the Extended Credit Facility (ECF) and the third review under the Resilience and Sustainability Facility (RSF). The country’s economic growth is expected to remain robust at 6.6 percent in 2025, despite headwinds, IMF said in a statement. The fund, however, noted that there…

Electricity Shortage Poses Threat to Zambia Economic Recovery Zambia’s recovery is gaining pace, the International Monetary Fund (IMF) said following its fifth review with the authority, projecting that growth will strengthen in 2025. The multilateral lender has been providing economic support to Zambian authorities following the country’s debt default and subsequent programmes to unlock access to external markets. While the country’s economic condition has started to improve, the recent electricity shortage has added another layer of pressures that could affect Zambia’s economic growth. The IMF said sustaining progress in a volatile environment requires stronger buffers and accelerated structural reform implementation.…

NGX Index Hits All-Time High, Investors Gain N153bn The Nigerian Exchange (NGX) All-Share Index hit an all-time high, with investors seeing about N153 billion gain on the day. The market sustained its upward momentum, bolstered by strong buying interest in large- and mid-cap stocks across major market sectors. The trading record highlighted that key performance indicators expanded by 0.22% as investors continued to take positions. The insurance sector led the charge, posting an impressive 1.10% daily gain. The market index added 242.50 basis points in today’s trading session, reflecting a 0.22% increase to close at a new all-time high of…

Oil Prices Dip amidst Excess Supply Concerns Oil prices declined over excess supply concerns in the global commodity market, boosted by optimism about a potential nuclear deal between Iran and the US. International benchmark Brent crude fell by around 0.09%, trading at $64.18 per barrel, down from $64.24 at the previous session’s close. Similarly, US benchmark West Texas Intermediate (WTI) declined by about 0.21%, settling at $61.08 per barrel, compared to $61.21 in the prior session. Oversupply concerns continued to weigh on the market as the US reportedly proposed a new nuclear deal to Iran during the fourth round of…

Nigeria Eurobond Yield Jumps on Risk Facing Oil-linked Issuers The average yield on Nigerian Eurobond inched higher by 19 basis points to 9.98% in the international capital market as sell pressure was seen across African sovereign papers, reversing the previous day’s trend. Some investment firm said the riskoff pressures was driven by a possible monetary tightening easing, as the Nigerian government could hold down rate hikes with the potential to drag the yield curve low and reduce real return on investment. But the selloff trend wasn’t particular to Nigerian sovereign Eurobonds but rather a reflection of offshore investors’ and market…

Nestle Nigeria Crosses N1 trillion at 52-Week High Nestle Nigeria Plc rose by 10%, adding about N96 billion to its market value as the consumer group company returned to the trillion naira capitalisation group in the equities segment of the Nigerian Exchange (NGX). According to trading details, Nestle Nigeria’s share price appreciated by N121 on Thursday to N1331, its highest quoted price in 12 months, as investors continue to react positively to the company’s earnings and prospects. The consumer stock has seen increased demand from value hunters and alpha seekers following a stronger-than-expected Q1-25 performance, characterized by lower cost and…

FCMB Slides Softly Amidst Huge Cross Deal FCMB Group Plc saw a slight decline in market value amidst huge shares volume transacted off the Nigerian Exchange (NGX) trading platform. According to data from the local bourse, FCMB share price declined to N9.45 per as 273.035 million units valued at N2.566 billion were traded on Thursday. Out of the total share volume that exchange hands, there was 265 million units that were traded as cross deal, reducing the bank share price movement. Stockbroker crossed 265 million shares of FCMB at ₦9.40 between a seller, and buyer – thus slowdown the price…

Naira Skids as Dollar Shortage Resurfaces in Nigeria FX Market The naira retreated against the US dollar across the foreign exchange (FX) market due to tight supply, which triggered the Central Bank of Nigeria’s (CBN) intervention. The local currency lost N3.38 per dollar to close at N1599.32 at the Nigerian Foreign Exchange Market (NFEM), while the exchange rate worsened to N1620 at the parallel market. On Thursday, foreign exchange supply in the interbank market remained limited amid a modest uptick in demand. However, the Central Bank intervened to boost liquidity. The USD/NGN pair traded within a tight band of N1,597.10…