Author: Marketforces Africa

UBA Target Price Raised to N58.28 on Earnings Growth Projection Analysts at Cordros Securities Limited have increased UBA Plc target price to N58.28 per share following the group’s impressive earnings performance in the first quarter of 2025. This suggest a strong upside potential of about 70% at stock market reference price of N34.50 in the Nigerian Exchange (NGX). UBA gross earnings grew by 37.3% in the first quarter of the year, the performance that a slew of analysts adjusted as great start to the year. The group’s hefty top line was driven by strong income from interest yielding assets and…

Otudeko: Court Adjourns to Allow for Continuation of Settlement Talks A Federal High Court in Lagos, on Thursday, adjourned until June 11, for continuation of settlement talks, in a suit against Chairman of the Honeywell Group, Oba Otudeko and others. Justice Chukwujekwu Aneke adjourned the case for report of settlement, following information by first defence counsel, Mr Bode Olanipekun (SAN), that parties were still negotiating settlement. Olanipekun had told the court that settlement had not broken down but still on. Recall that at the last adjourned date of March 17, Chief Wole Olanipekun had informed the court that a meeting…

NGX Soars Intraday as Investors Hunt Banking Stocks The Nigerian Exchange (NGX) All-Share Index and market capitalisation soared sharply during the intraday trading session as investors showed significant interest in banking stocks. With significant intraday bets on some banking names, including Ecobank and GTCO, trading activities from the buy-side actors in the equities market pushed the key performance indicators higher amidst a fresh boom in Nigerian stocks. The market saw more than N1 trillion in capital appreciation yesterday, and the current trend has also signaled there will be huge gains on Wednesday. Apart from banking stocks, investors are also taking…

Oil Prices Rise Ahead of US-China Trade Talk Oil prices increased as markets and investors reacted positively to the US and China agreement to talk this weekend about retaliatory tariffs, while forecasts show a decline in US crude inventories. Brent crude increased by around 1.76%, trading at $62.98 per barrel, up from $61.89 at the previous session’s close. The US benchmark West Texas Intermediate declined by about 0.22%, reaching $58.84 per barrel, compared to its prior session close of $58.71. Prices rose following reports that U.S. and Chinese officials will meet this week to discuss tariff-related trade issues while OPEC+…

Nigerian Treasury Bills Yield Falls Ahead of Midweek Auction In the secondary market, the average yield on Nigerian Treasury bills declined to about 21% ahead of the Central Bank of Nigeria (CBN) primary market auction (PMA) on Wednesday. Investors still showed preference for the naira assets amidst spot rates fluctuation and widening real return gap post-disinflation. On Tuesday, The Treasury bills yield curve shifted in the secondary market following an improved demand for the naira assets ahead of the midweek auction. Trading activity tightened, though some interest was noted in the March and April papers, causing a 10 basis point…

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…