Author: Marketforces Africa

Oando Edges Higher Slightly after Refinery Win Oando Plc has seen a small gain in the equities market after the indigenous energy company was announced as the preferred bidder for Trinidad and Tobago Refinery. Data from the Nigerian Exchange, NGX, showed that Oando’s market value of Oando Plc increased to N658.864 billion on Thursday as 1.379 million shares valued at N73.439 million were traded in the local bourse. Its unit price increased slightly to N53, which is more than 46% discount to 52-week high of N98.4 on the Exchange. Stock analysts see strong upside potential as the company’s earnings capacity…

Prestige Assurance Dips Slightly to N13.78 Billion Prestige Assurance Plc.’s 13.252 billion shares outstanding were priced at N13.78 billion on the Nigerian Exchange as selloff triggered a slide reduction in its market value. Its net asset was valued at N18.563 billion at the end of financial year 2024, according to its unaudited report, up b6 16% year on year from N15.949 billion in 2023. Ticker: PRESTIGE dipped by 96 basis points or 0.96% to ₦1.03, from N1.07 in the previous day as about 755,000 units valued at N786,506 exchange hands. The positive price movement comes after a series of fluctuations…

Regency Alliance Insurance Climbs by 3.2% to N7.8bn Regency Alliance Insurance Plc.’s 12 billion shares outstanding were price higher by 3.17% to N7.8 billion on the Nigerian Exchange, NGX, on Thursday. Details from the local bourse showed that the insurance company’s share price inched higher to 65 kobo as investors sentiment improved. This marks a rise from yesterday’s closing price reflecting a 3.17% increase from the previous close of ₦0.63. Despite the recent uptick, the stock is still 38.10% below its 52-week high, indicating that investors are carefully evaluating the company’s growth potential before pushing the price higher. Its market…

FG Upgrades Borno Airport to International Status – Minister Festus Keyamo, Minister of Aviation and Aerospace Development, says the Federal Government has officially upgraded the Muhammadu Buhari Airport, Maiduguri, Borno to a full-fledged international status. Keyamo disclosed this at the 2025 Ministerial Press Briefing Series, organised by the Federal Ministry of Information and National Orientation. He said such development would increase international flight schedules across the country and improve interconnectivity between Nigeria and other countries. The minister said the ministry had achieved a lot including performing the foundation laying ceremony for the commencement of the Abia Airport project recently. He…

Naira Gasps for Breath as US Dollar Demand Surges Reflecting a need for stronger FX support, the naira continues to gasp for breath across foreign exchange markets due to massive demand for the US dollar seen in the currencies market lately. The exchange rate is quoted at N1600 per US dollar in the parallel market this morning, according to channel check, losing N20 already on the day after closing at N1580 on Wednesday. The naira has skidded to N1538 at the official window even with the Central Bank intervention, suggesting that demand pressure had built up sharply. Reversing the previous…

Oil Slips amidst Peace Talks, Rising OPEC Output Oil prices slipped as the U.S. continues to broker peace between Russia and Ukraine and report that the Organisation of Petroleum Exporting Countries (OPEC) gradually increased output. The commodity market reacted to US President Donald Trump’s 25% tariff on steel and aluminium imports, which took effect. Brent crude decreased by 0.19% trading at $70.56 per barrel, down from $70.70 at the close of the previous session. The US benchmark West Texas Intermediate fell by 0.05%, settling at $67.40 per barrel, compared to its prior session close of $67.44. OPEC crude oil production…

Naira Depreciates Market Wide Despite CBN FX Sales to Banks The Nigerian naira continues to fluctuate negatively amidst tight liquidity condition in the currencies markets. Exchange rates worsened at official and parallel markets as demand pressures persisted on Wednesday. According to spot FX data, the naira lost N2.53 on each US dollar paired in the official market to close at N1538.67 on Wednesday despite Central Bank intervention sales. The monetary authority sold US dollar to authorised dealer banks yesterday to boost the FX levels at the supply side amidst surging demand. The CBN sold $59.7 million within the N1,532 –…

MTNN Closed Flat as Investors Bypass NGX in Huge Cross Trade Deal Telecom Company, MTN Nigeria Plc, market value steadied in the equities after the telecom company recorded huge trading shares volume in a cross trade deal between investors, bypassing the Nigerian Exchange. Ticker: MTNN closed at N245 as 10.96 million shares valued at more than N2.687 billion were traded in the local bourse today. Hence, the telecom company market value settled at N5.153 trillion in the Nigerian Exchange on Wednesday after falling by 4% in the previous day. Its market price was unchanged because stockbrokers facilitated cross trades between…

Nigerian Exchange Sheds N48bn as Investors Eye Debt Securities The Nigerian Exchange, NGX, shed more than N48 billion on Wednesday as investors continue to park funds into fixed interest securities assets. On Wednesday, trading activities in the stock market closed on a negative note, with key market performance indicators dropping by 0.07%. Stockbrokers said the overall market downturn was primarily driven by sustained sell pressure in key stocks across major sectors, reflecting heightened investor caution. Equities market persistent sell-offs over the past two trading sessions have resulted in a cumulative loss of ₦333 billion in investors’ wealth, Atlass Portfolio limited…

AXA Mansard Plc. Climbs as Investors Bet on Earnings AXA Mansard Insurance Plc gained momentum in the equities segment of the Nigerian Exchange due to improved appetite for insurer stocks. The insurance company’s market value reached N84 billion on the Nigerian Exchange, still tracking below its 52-week high of N97.2 billion. Data from the local bourse trading platform showed AXA Mansard rose by about 4%, bucked equities market bearish performance on Wednesday. The insurance company share price rose to ₦9.35, has traded flattish over the last seven trading session on NGX amidst trading twist informed by investors channeling funds into…