Author: Marketforces Africa

NVIDIA Slides as Analysts Set High Target Price NVIDIA Corporation (NVDA) continues to be a focal point in the financial markets, reflecting its pivotal role in the AI and semiconductor sectors. The stock closed at $109.67, experiencing a decline of $1.81 (-1.62%) from the previous trading session. Throughout the day, NVDA fluctuated between a high of $112.83 and a low of $109.00, with a substantial trading volume of approximately 229.87 million shares. Over the past year, NVIDIA’s stock has demonstrated significant volatility, with a 52-week range spanning from $75.61 to $153.13. This fluctuation underscores the dynamic nature of the tech…

FX Traders Sell US Dollar Position Ahead of Reciprocal Tariffs With FX traders exiting position, the US Dollar fell against trading partners on Monday as reciprocal tariffs is expected to affect all countries starting from April 2 as American President Donald Trump revealed on Sunday. During early trading hours, forex trader exited positions in US dollar amidst negative impacts of trade war on U.S economy. Analysts said Trump has taken protectionism into another dimension, with market expectation that global inflation would be heated up. Market analysts are anticipating lower demand for US dollar in the short to medium term before…

Nestlé Nigeria Hits Highest Price in 52-Week Nestlé Nigeria Plc hit its highest price level in the last 52-week in the equities market as offshore investors made strategic bets amidst annual general meeting of the shareholders. The consumer goods stock rose by about 5% in the equities segment of the Nigerian Exchange as investors sentiment improved following negative earnings per share of 207 kobo reported. On Friday, Nestle Nigeria share price climbed to N1020 as more than 2.352 million shares valued at N2.398 billion exchanged hands in the local bourse, a rally driven by offshore interest in the company stock.…

In March, naira (NGN) rates worsened against the US dollar (USD) across the foreign exchange markets despite significant FX interventions in the official and parallel markets. The naira lost 3%, though the Central Bank of Nigeria (CBN) pumped more than $1 billion official window to oil the forex market inflows.

GTCO Jumps by 18.2% on Sky-high Earnings, Dividend GTCO Plc reached new height in the equities market last week following a sky high earnings performance, and its strong dividend proposal. The orange branded financial services group posted more than N1 trillion in net income for financial year 2024, and declared N7.03 per share as the final dividend. As a results of the feat, equities investors hunting for high performers rushed the bank’s stocks, with about 69 million shares valued at N4.574 billion exchanging hands on Friday alone. Briefly, GTCO tested N70 per share and retreated on the back of mild…

CSCS Group Posts 11.95bn Profit After Tax in 2024 The Central Securities Clearing Systems (CSCS) Group has announced a profit after tax (PAT) of N11.95 billion for the 2024 financial year. This reflects 18.7 per cent increase from the N10.08 billion recorded in 2023. According to the company’s financial report, released on its website on Friday, CSCS also reported a profit before tax (PBT) of N13.84 billion in 2024, up from N11.20 billion in 2023. Additionally, the company’s total operating income rose from N19.02 billion in 2023 to N26.09 billion in 2024. This underscores a significant growth in its financial…

Aradel Holdings Generates N581.2bn Revenue in 2024 Aradel Holdings Plc says it has recorded N581.2 billion revenue for the financial year ended Dec. 31, 2024. This is represents an increase of 162.8 per cent compared with N221.1 billion recorded in 2023. Aradel Holdings unveiled this in a corporate disclosure through the Nigerian Exchange Ltd., on Friday. The company’s profit before tax also grew by 182.4 per cent from N112.2 billion in 2023 to N316.8 billion in 2024, while its profit after tax rose by 382.1 per cent from N53.7 billion to N259.1 billion. Aradel Holdings also declared a final dividend…

Nigerian Exchange Rebounds, Equities Investors Gain N147bn Equities investors gained N148 billion on the Nigerian Exchange, trading platform as GTCO, MRS oil, TotalEnergies stock court investors’ attention after sell pressures. Today, the Nigerian bourse delivered an impressive performance, rebounding from its previous loss to close 0.22% higher and end the day in positive territory. Stockbrokers said today’s positive sentiment was driven by buying interest in medium and large cap stocks, such as GTCO, NASCON, MRS, and others. The uptick was further driven by the release of full-year financial performance and corporate action from some quoted companies, which spurred increased investor…

IMF Review: Kenya Faces Heighten External Financial Risk –Fitch The cancellation of Kenya’s ninth and final review under its current Extended Fund Facility (EFF) and Extended Credit Facility (ECF) programmes will add to the government’s fiscal and external financing challenges, Fitch Ratings says. Analysts said they believe the development is most likely due to Kenya’s failure to meet revenue and budget deficit targets under the two facilities. Fitch had assumed the programmes would end normally at their expiry date in April 2025, and that a successor facility would be negotiated with the IMF, when the rating agency affirmed Kenya’s ‘B-’…

MRS Oil to Delist from Nigerian Exchange, Moves to NASD MRS Oil Nigeria Plc has announced a decision to voluntarily delist from the Nigerian Exchange Limited (NGX) and move to the NASD OTC Securities Exchange. The company gave the notice following its shareholders approval at the Extraordinary General Meeting (EGM) held on June 25, 2024, in compliance with NGX delisting rules and regulatory requirements. The company said the transition to NASD OTC aligns with its strategic objectives and will provide an alternative trading platform for its shares. The voluntary delisting reflects MRS Oil’s restructuring efforts and its decision to operate…