Author: Marketforces Africa

The Nigerian Stock Exchange All Share Index (NSE ASI) and the market capitalization increased by 0.07%, while the Year-to-Date return stood at negative 4.81%.

VFD group has announced the appointment of Adewunmi Mobolaji as the new Executive Director, Finance for the group. The statement was made known by the Chief Executive Officer, Nonso Okpala. Okpala said; “I am delighted to announce the appointment of my friend, brother and business partner Adewumi Mobolaji as an Executive Director, Finance of VFD Group. By way of introduction, Bolaji- as he is fondly call by friends and associates -was one of the founding shareholders of PremiumGreen Limited (a major investor in VFD Group) and very instrumental when both companies began over 10 years ago. He said; “during our…

Tier 1 banks pull more than 70% of market share

Economic, Financial Review for the week

Olam International, a food and agri-business operators is set to acquire full ownership of Dangote Flour Mills Plc (DFM), a flour and pasta manufacturer in Nigeria, for US$ 361 million, amid growing demand for bakery and snack foods in the country.

M&A Metrics Strengthened as Access Bank Release Q1 Result Access Bank Plc has released its first post-merger financial report for the first quarter of 2019 to the investing public. The group’s gross earnings and profit after tax (PAT) rose by 16.4% and 86% respectively to ₦160.12 billion and ₦41.15 billion in the first 2019 compared to the corresponding period in 2018. The increase in gross earnings was mainly driven by a 27% year on year increase in net interest income from ₦44.65 billion in the first quarter of financial year 2018 to ₦56.84 billion in the first quarter of 2019,…

GTI Capital has said that equity derivative would signal Nigeria markets are moving

As a result, the market capitalisation inched to N11.3tn as investors’ wealth increased by N84.4bn. Nevertheless, activity level weakened as volume and value traded declined 32.8% and 30.7% to 216.0m units and N3.2bn respectively. The top traded stocks by volume wereACCESS (39.2m units), UBA (24.2m units) and LASACO (20.8m units) while the top traded stocks by value were NESTLE (N1.5bn), ZENITH (N342.5m) and GUARANTY (N311.6m). Mixed Sector PerformanceThe sector performance was mixed albeit negatively skewed as 3 out of 5 indices under our coverage declined. The Oil & Gas index shed the most, down 1.4% due to sell-offs onSEPLAT (-3.4%). In the same vein, the Industrial Goods and Banking indices dipped 0.4%…

Food prices rose in Kogi, Plateau and Lagos in the month of March as headline inflation rate declined 60 basis points to close at 11.26%. The consumer price index, (CPI) which measures inflation increased by 11.25 percent (year-on-year) in March 2019, the Nigerian Bureau of Statistic notified in its recent report. The change is 0.06 percent points lower than the rate recorded in February 2019 when inflation rate rested at 11.31 percent. Increases were recorded in all 12 Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index. NBS report shows that on month-on-month basis, the headline…

Diversifying the government’s revenue base, increasing non-oil revenues, and securing oil revenues, will all be critical, says the IMF in its latest economic health check of sub-Saharan Africa’s most populous economy. “Identifying two or three big-ticket items could lift revenue sustainably and in a timely manner—other reforms could follow,” said Amine Mati, IMF mission chief and senior resident representative in Nigeria. Challenges of a global dimension According to the report, public services and infrastructure in Nigeria are under considerable strain. Globally, Nigeria ranks first in the number of children out of school. Infant mortality is also high: 12 percent of all…