Author: Marketforces Africa

NigComSat Now Commercially Viable, Says DG The Director-General, Nigerian Communication Satellite Limited (NigComSat), Jane Egerton-Idehen, says the agency has become commercially viable. Egerton-Idehen said this at the March edition of the monthly DevsInGovernment organised by the Federal Ministry of Communications Innovation and Digital Economy on Monday in Abuja. The event was to commemorate the International Women’s Day in honour of women in tech within Ministries, Departments, and Agencies of Government. This event was tagged: “Women in Tech and Leadership”. According to the D-G, every limited liability company should generate revenue for government and not rely solely on government for funds.…

FCMB Jumps as Investors Price 42.5m Block Trade FCMB Group Plc saw about 6% increase in its market value following a huge block trade priced at N9 outside the Nigerian Exchange (NGX) trading platform on Monday. Data from the local bourse revealed that FCMB share price increased by 5.56% as more than 49.586 million shares valued at N449.084 million exchange hands. This lifted the financial services group market value to N376.251 billion, tracking at a huge discount to its 52-week high in the equities market. “We did see a block trade in FCMB (+5.56%) of 42.5 million units at N9.00…

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…