Author: Marketforces Africa

Upbeat on Earnings: Afrinvest Raises Airtel, MTN Nigeria Target Price Afrinvest Limited has increased target price of telecom stocks Airtel Africa and MTN Nigeria Plc., citing upbeat earnings expectations. In its weekly stock recommendation report, the investment firm increased target price for Airtel Africa to N3,458 per share from N1,988.87. Also, analysts raised target price for MTN Nigeria to N304.26 from N254.87 per share. “We have revised upward our 12-month target price for AIRTELAF and MTNN to N3458 from N1988.87 and N304.26 from N254.87, respectively, in reflection of its 2024/25 performance and our upbeat earnings projections for the 12 coming…

Nigeria’s Eurobonds Yield Climbs as FPIs Offload Portfolio Reflecting shifting global risk sentiment, the average yield on Nigeria’s sovereign Eurobonds rose due to sell pressures as foreign portfolio investors (FPIs) reacted to the U.S. Fed rate decision. The sell-offs witnessed across the short-, mid-, and long-term segments of the curve provoked a 9 basis points increase in benchmark yield, which settled at 19.51% on Friday. Last week, the financial markets reacted generally to U.S. Federal Reserve meetings, alongside geopolitical tensions and the imposition of new tariffs. The Fed’s decision to maintain rates at 4.50% sparked a rally, as Chair Powell…

Liquidity: Banks Borrow N9.2trn from CBN to Fund Operations Nigerian deposit money banks accessed more than N9 trillion to fund operations as the liquidity shortage bit last week. The financial system came under liquidity pressures in the absence of significant inflows and soaring outflows. The market had a sequence of outflows that brought the liquidity balance down, beginning with a massive open market operation (OMO bills auction) early in March and Treasury bills offers debits. As a result, money market rates have remained elevated while the banking deficit hit about N2 trillion on Friday due to the absence of significant…

First Holdco Falls below N1 Trillion in Equities Market First Bank Holdings Plc, now First Holdco market value fell below N1 trillion market capitalisation ahead of its official capital raise announcement on the Nigerian Exchange. According to information obtained from the local bourse, First Holdco declined four out of five trading sessions with fluctuation around its daily trading volumes. Hence, its market value tracked below N1 trillion last as confirmed by data obtained from the Nigerian Exchange. The financial services group’s 35,895,292,792 shares outstanding were priced at N969.172 billion on NGX at the close of trading session, down by 5.6%…

Seplat Energy Trades Flat Despite Price Sensitive Corporate Actions Seplat Energy Plc.’s market value stagnated at N5,700 per share on the Nigerian Exchange, NGX despite its 2024 earnings performance and its price sensitive moves. Nigeria’s leading independent energy company continues to make strategic operational and financial moves that have failed to impact its stock market performance. Strong operational and strategic progress in 2024 culminating with the transformational acquisition of Mobil Producing Nigeria Unlimited, renamed Seplat Energy Producing Nigeria Unlimited, it said in its earnings release. The company said its confidence in business outlook underpinned by special dividend, lifting total 2024…

Jaiz Bank Rises Amidst Huge Off-Market Trade Volume Jaiz Bank Plc.’s’ market value climbed slightly, reflecting improved investors’ confidence after selloffs experienced by the Islamic lender. The Islamic banking stocks saw a strong block trade on its shares last week, helping to stem negative price movements. Data from the Nigerian Exchange, NGX showed that the non-interest lender’s share price climbed by 123 basis points in the last five trading sessions to close at N3.29 on Friday. The Islamic banking stock price rose on Friday on the back of about 18.4 million shares valued at N58.196 million that exchanged hands in…

BUA Cement Pulls Back to 52-Week Low after Earnings Call BUA Cement Plc has slipped back to its lowest market price in 52 weeks, according to trading data obtained from the trading platform of the Nigerian Exchange. The cement company lost 10% to settle at N83.70 last week due to sell pressure, days after investors’ conference with equities analysts. The company’s 33.864 billion shares outstanding were priced at N2.834 trillion in the equities segment of the Nigerian Exchange by investors trading highs and lows. The market value of BUA Cement is behind its 52-week high by about 42%, having peaked…

eTranzact Plunges Sharply as Investors Exit Positions Nigerian leading payment processing company, ETranzact plunged sharply in the stock market as investors sell down the company shares as sentiment dropped. In successive negative price movement, the Nigerian leading payment and switching company share price fell to N4.80 from N6.50 at the beginning of the trading week. Data from the Nigerian Exchange showed that the market value of ETranzact declined to N44.159 billion on Friday when 545,000 shares valued at N2.879 million exchanged hands. Data showed that ETranzact is close to its 52-week low on NGX following the sell pressures that last…

Transcorp Hotels Hits Record High Ahead of Dividend Payment Investors have started raising bet on Transcorp Hotels Plc shares in the stock market in anticipation of the hospitality’s first quarter earnings release and plan to pay dividend to shareholders on April 10. The company’s market valuation reached its all-time high on Friday after more than 8.8 million shares valued at N1.205 billion exchanged hands in the local bourse. Data from the Nigerian bourse showed that Transcorp Hotels Plc.’s share price jerked up by 8% week on week to settle at N136 from N126.10 at the beginning of the same week.…

Neimeth Soars by 21% on Renew Interest in Pharma Stocks Neimeth Plc soared by about 21% on the back of renewed interest in pharmaceutical stocks despite Nigerian Exchange, NGX, negative performance. In the market, the company stock price climbed to N3 as investors sentiment improved, trading sharply against the local bourse direction. According to data from the Nigerian bourse, the company’s market value increased by 20.5% week on week to close at N12.819 billion, spread over its 4.273 billion shares outstanding. At its latest market value, Neimeth Plc trades at fair discount to its 52-week high in the local bourse.…