Author: Marketforces Africa

United Capital Grows Profit by 64% to N5.89bn in Q1 United Capital Plc, a pan-African financial services group, has posted N5.89 billion as its profit after tax (PAT) for the first quarter of 2025. This is against the N3.59 billion recorded within the same period in 2024. The group, in a document posted on the Nigerian Exchange Group (NGX) platform on Tuesday, said the figure represented a 64 percent increase from the amount recorded within the same period in 2024. The group also declared N13.1 billion as its gross earnings for the first quarter, representing a 113 percent increase from…

Naira Diverged as FX Interventions Take $2.48bn in April The Nigerian naira traded on a mixed note across foreign currency markets as Central Bank FX interventions took $2.48 billion in April, while data showed gross external reserves pick up further, currently above $38 billion. The Apex Bank became aggressive in driving FX inflows with $2.48 billion spent to defend the local currency in the currency market in April. According to data from the CBN, the official exchange rate declined to N1606 per US dollar amidst expectationss that the local currency will continue to trade range bound with FX interventions. The…

Equities Investors Gain N1.04trn as Nigerian Stocks Boom Equities investors gained N1.044 trillion as the Nigerian Exchange (NGX) boomed with heated-up bargain hunting.  The local bourse closed trading activities for today in the green, as key market performance indicators advanced by 1.56%. Sustaining the positive momentum from the previous session, the local bourse witnessed robust buying interest across major market sectors, particularly in blue-chip and mid-cap stocks. Notable gainers included ETI, NESTLE, MTN NIGERIAN, and OKOMUOIL, among others, contributing to the overall market uptrend. This marks the third consecutive session of gains, propelling the market index above the 108,000 mark…

Renaissance Confirms Oil Leak, Shuts Crude Feed into Facility The Renaissance Africa Energy Company Limited has confirmed an oil leak from its facility in Ikata, Rivers State. Renaissance Africa Energy is a consortium of five Nigerian oil and gas companies that acquired Shell’s onshore assets in Nigeria. Its spokesman, Mr Michael Adande, said in a statement in Tuesday that the company had shut crude feed into the 14-inch Okordia-Rumuekpe Pipeline. Adande said that the move was to isolate and discontinue production into the pipeline in order to minimise potential environmental impacts. He further said that Renaissance was working with regulators…

How to Use Treasury Bills for Rent, School Fees Payment Plan Most Nigerians pay their bills between one day and three hundred sixty-five days, and investment in treasury bills is also periodic: 91-day, 182-day, or 364-day to maturity. Many people don’t know how to treat money well, and they continue to complain about things they can control. It is simple: every financial obligation that has a date can be planned before it matures. But most people wait, thinking the amount needed will always come around: ‘in somehow-somehow expectations.’ For bill payers, parents, and tenants, it doesn’t make sense to keep…

Money Market Rates Mixed as Liquidity Stays Strong In the money market, the short-term benchmark interest rates movement remained in check due to robust liquidity in the financial system. Demand for funding eased following buckets of inflows that lifted system liquidity in April. The banking system closed in surplus again in the absence of significant funding demand. Local deposit money banks are taking their free cash to the Central Bank to earn floored interest rates. The Apex Bank Standing Deposit Facility (SDF) window attracted ₦4.93 trillion last week, and analysts are projecting that excess liquidity will keep the trend ongoing.…

GTCO Dips Slightly over Huge Cross Trade GTCO’s share price declined slightly in the equities market as an unidentified broker crossed huge share volume outside the Nigerian Exchange (NGX) trading platform. The financial stock declined to N63.45 in the equities market as trading records showed that more than 87 million of GTCO, valued at about N5.558 billion, exchanged ownership on Monday. A Lagos-based investment firm, AIICO Capital Limited, hinted in its market update that 40 million shares of GTCO were priced at ₦63.80 in a crossed deal. At the close of the trading session, GTCO’s market value declined by 86…

First Holdco Slides amidst Unusual Volume Trade First Holdco Plc saw a soft price decline in the equities market as a huge volume of shares of the financial services company were traded in block on Monday. According to data from the Nigerian Exchange, First Holdco’s share price declined to N24.7 as more than 106 million units valued at N2.64 billion were traded at the beginning of the week. The structure of the deal limited First Holdco price volatility amidst health equities market activity, supported by corporate earnings and dividend payments. A Lagos-based investment firm, AIICO Capital Limited, told investors in…

Naira Lost N3/$ as Data Shows FX Inflow Declines In the absence of FX intervention sales, the naira lost about N3 per US dollar at the Nigerian foreign exchange market (NFEM) to close at N1605.62 on Monday from N1602.18 on Friday, data from the Central Bank (CBN) revealed. In the parallel market, the naira appreciated by 1.25% to N1,600 as the market anticipated the end of FX sales to Bureau de Change (BDC) scheduled to end in May by the Apex Bank. The CBN was absent in the forex market to boost FX liqudity, though analysts have maintained that the…

Investment Firm Sets N65.66 Target Price for Zenith Bank Analysts at a Lagos-based investment firm have set a higher target price for Zenith Bank Plc following an impressive earnings performance in the first quarter of 2025. In its latest update, analysts at AAG Capital Limited put Zenith Bank’s target price at N65.66 per share versus N47.60 reference price, citing robust growth in net loans and investment securities as core earnings drivers in the first quarter of 2025. This suggests about 38% upside potential for investors that took a position at the referenced close price in the equities market last week.…