Author: Marketforces Africa

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.…

Equities Investors Gain N412bn amidst Wobbling Banking Index Despite sharp selloffs that caused the banking index to wobble, equities investors gained more than N412 billion on the Nigerian Exchange (NGX) trading platform as the market opened with positive sentiment. The strong bargain hunting drove key performance indicators higher by 0.62%. The bullish start was driven by renewed buying interest in large and moderately priced, fundamentally strong stocks across major market sectors. Improved sentiment was bolstered by first-quarter earnings and the latest round of dividend payments by some listed companies. Trading data showed that the market index, or All-Share Index, added…

Oil Falls Below $60 as OPEC+ Members Set to Boost Supply Crude oil prices fell below $60 per barrel on Monday in the global commodity market as members of the Organisation of Petroleum Exporting Countries (OPEC) and allies (OPEC+) members agreed to increase output. International benchmark Brent crude fell by around 2.69% on Monday, trading at $59.66 per barrel. US benchmark West Texas Intermediate declined by about 2.82%, reaching $56.46 per barrel, compared to its prior session close of $58.10. Eight OPEC+ nations—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—will boost oil production by 411,000 barrels per…

The Nigerian Exchange (NGX) all-share index rose by 0.27% week on week due to increasing bargain-hunting activities in the local bourse.