Author: Marketforces Africa

Finance experts have said that the appointment if Ebenezer Onyeagwu as Zenith bank chief as a right step for the bank. They are of the view that the incoming Chief Executive Officer/Group Managing Director has a strong profile, expertise and experience relevant to take the group to a new height. Zenith International Bank Plc. has in the week announced appointment of Ebenezer Onyeagwu as it new Managing Director and Chief Executive Officer. The bank disclosed this in a notice to the Nigerian Stock Exchange (NSE) on Monday. It, however, said the appointment was subject to the approval of the Central…

The earnings season has not been strong enough to reverse the market from bearish move as money market continues to edge out equity for significant part of the first quarter trading session. Tracking the index and volume of trades, it has been observe that the investing communities have shifted focus into the fixed income market as yield from money market instruments excite both local and foreign investors. The stock market witnessed more bearish run in the first quarter, as investors lost significant chunk of their fortune on the back of massive selloffs, increased risk and inability of earnings season to…

Market index gained further at the end of yesterday trading session on the back of bullish performance sustained by bargained hunting. The domestic equities market advanced 0.5% on Thursday trading session to settle at 29,347.62 points following gains in bellwether stocks – GUARANTY (+2.1%), FBNH(+6.1%) and UBA (+2.4%). As a result, market capitalisation rose by N57.9 billion to N11.0 trillion while yield to date (YTD) return moderated to -6.6%. However, activity level weakened as volume and value traded shed 45.5% and 18.2% to 224.0 million units and N2.0 billion respectively.  Read Also: 8 out of 10 most valuable stocks record negative return ZENITH (45.4 million units), LASACO (42.3…

American investors in Nigeria have urged the National Assembly to review some provisions in the Nigeria Postal Commission Bill currently before it toward boosting investors’ confidence and economic growth. Mrs Margaret Olele, the Chief Executive Officer, American Business Council (ABC), made the appeal in an interview with the News Agency of Nigeria (NAN) on Wednesday in Lagos. NAN reports that the American Business Council is an affiliate of the U.S Chamber of Commerce that promotes trade and investment between U.S and Nigeria, and also interests of American businesses in Nigeria. Olele said that American courier companies were worried with the…

Expert Advises Private Property Operators to Embrace PPP Scheme

Price of onion crashes in Katsina —NAN survey The price of onions has crashed from N30,000 per 100kg to N10,000 in Katsina, the  News Agency of Nigeria (NAN) reports. A market survey conducted by NAN on Thursday in Katsina showed that two months ago 100kg bag of onions was being sold at N30, 000.00. The survey indicated that the commodity two months ago was being obtained from Borno State where the traders travel to source for it. Contacted, the state Chairman of Vegetable Sellers Association, Alhaji Ahmed Mohammed attributed the development to the availability of the commodity in the area.…

“We Advocate a Hike in Tax Rate”, FBNQuest

Multi-Tiered FX Policy Regime to remain-FBNQuest FBNQuest capital, an investment banking firm has said that, multi-tiered foreign exchange policy regime to remain, as there have been significant improvement in the Central Bank of Nigeria’s intervention. Some experts are of the opinion that the recent regime has achieved significant success, and it will be sustained, at least for financial year 2019. “The past ten days have seen some very large inflows at the investors’ and exporters’ FX window (NAFEX). The main source is said to be foreign portfolio investors (FPIs) in the fixed-income market. We see several compelling reasons for such…

FBNQuest Capital asks FG to Hike Tax Rates Selectively

Experts laud MPR reduction, say industrial operators to benefit Experts have lauded the Monetary Policy Committee for the bold step taken to reduce the nation’s monetary policy rate from 14% to 13.5%, say fast moving consumers goods and other productive sectors stand to gain more as lending rate will be re-priced. After holding the monetary policy rate at 14 percent since July, 2016, the monetary policy committee of the Central Bank of Nigeria taper on rate as macroeconomic indicators enter green zone. Jide Famodun, Senior Consultant at LSintelligence is off the opinion that lending rate will be repriced, just as…