Author: Marketforces Africa

Transactions on NGX Fall by 16% as FPIs Exit Positions Total transactions conducted on the Nigerian Exchange (NGX) trading platform fell by more than 16% in March, according details from Domestic and Foreign Portfolio Transactions Report. Foreign Portfolio Investors (FPIs) exited positions in the month with recorded demand for US dollar. This market action affected transactions level, and value in the local bourse. The Exchange experience massive sell pressures that dragged key performance indicators downward, and this also created demand pressures for US dollar in the forex market. According to the report, total transactions at the Nigerian exchange fell from…

Wema Bank Records 135% Profit Growth Wema Bank has recorded a profit before tax of N102.51 billion. This marks an increase of 135 per cent compared to the N43.59 billion recorded in 2023. The bank has proposed a dividend of N1.00 per share following its strong financial performance in 2024. In a statement by the bank on Sunday, its balance sheet remains structured, diversified, and resilient, with total assets growing by 60 per cent to N3.585 billion in 2024. Total assets had stood at N2.240 billion in 2023. The bank also grew its deposit base year-on-year by 36 per cent…

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…