Author: Marketforces Africa

Transcorp Spikes by 10% after Bumper Earnings, Dividend Transcorp Plc’s market value spiked by about 10% on Monday as investors’ price in its 2024 bumper earnings. The company’s net income surged by 188% year-on-year to N94.1 billion in 2024, from N32.6 billion in the same period last year. The push has lifted the conglomerate market value higher to about N524 billion on the Nigerian Exchange, trading data tracked by MarketForces Africa revealed. Hence, its earnings per share climbed by 263% year on year to N1.45 after share reconstruction in 2024 from N0.40 in 2023. The significant improvement in its bottom…

Transcorp Power to Pay N3.50 Dividend on Tuesday Transcorp Power Plc will be paying shareholders N3.50 per share as dividend for the financial year 2024 on Tuesday. The payment was approved by shareholders in February at its annual general meeting. The company share price has been relatively flattish at N369.40 in the equities segment of the Nigerian Exchange post earnings release. “…a final dividend of N3.50k per ordinary share recommended by the Directors for the year ended December 31, 2024 be, and is hereby, approved”, the company said in its regulatory filing. #Transcorp Power to Pay N3.50 Dividend on Tuesday#…

Atlass Places Conoil, Eterna, Seplat Stocks on Sell Recommendation Equities analysts at Atlass Portfolios Limited have exhibited their bearish mood on oil stocks with buckets of sell ratings.  In its stock recommendation for the week, Atlass Portfolios recommends that investors should offload their interest in Conoil, Eternal, Seplat, and Total.  The top oil and gas names are noted to have negative upside potential if investors chose to continue to hold, suggesting that these top names are already overpriced as per Atlass Portfolios estimate. Conoil, which closed at N368 per share on the Nigerian Exchange on Friday, has a target price…

Oil Dips, Saudi Excludes U.S from April Loading Price Cut Oil prices slide in the global commodities market amidst uncertainties following a slowdown in China’s inflation slowdown and Saudi differential pricing. Brent crude decreased by 0.16%, trading at $70.08 per barrel, down from $70.19 at the close of the previous session. The US benchmark West Texas Intermediate fell by 0.19%, settling at $66.72 per barrel, compared to its prior session close of $66.85. China’s latest inflation figures signaled weak domestic demand. The Consumer Price Index (CPI) dropped by 0.7% year-on-year in February, while the Producer Price Index (PPI) declined by…

CBN to Offer Treasury Bills Worth N550bn for Subscription The Central Bank of Nigeria (CBN) is set to open N550 billion worth of Nigerian Treasury bills for subscription this week, according to its calendar. The monetary authority will offer investors opportunities to subscribe to Treasury bills at the primary market auction on Wednesday. The amount in offer is expected to be split across standard maturities of 91 days, 182 days, and 364 days. In separate discussions with MarketForces Africa, analysts predicted the offer will be significantly oversubscribed, reflecting the current market mood. Also in the week, a total of N162.17…

Due to a mixed trading outing, the average yield on Nigerian government bonds declined slightly in the secondary market to 18.46%. 

Money Market Rates Increase over Huge Banking Deficit Banking system ended at N1.32 trillion deficit, causing the short term benchmark interest rates to increase week on week. A huge deficit in the banking system triggered surge in the short-term benchmark interest rates in the money market. In separate market updates, analysts said the financial system remained tight despite the N50 billion OMO bill maturity and the gradual absorption of the N1.72 trillion FAAC inflow. As a result, money market rates trended higher, with the Overnight Nigerian interbank borrowing rate (NIBOR) climbing 2.14 percentage point’s week-on-week to 30.68%, according to Cowry…

Broadstreet Tempers Stocks Buying as Interest Rate Runs Ahead Inflation What is driving sell pressures in the equities market? Stockholders combined wealth fell by more than N460 billion due to sell pressures. The value of all listed went down more than that but latest new shares listed by Ellah Lake and Fidelity Bank Plc reduced the heat. Investors appear to have shifted attention to fixed income markets, where yields are nearing boiling points. Since inflation started to run behind interest rate benchmark, the Broadstreet mood has changed. Investors continue to take negative actions on stocks. The sell down pressures have…

United Capital Falls by 10% as investors Sentiments Weaken Investment banking firm, United Capital Plc, shed 10% of its market value as investors deteriorated sentiment triggered sell pressures in the equities market. Ticker: UCAP fell to N19.95 per share in the equities market as investors took profit amidst 2024 earnings following an impressive earnings performance in 2024. Last week, investors price down the investment banking firm downward by 10.1% week on week to N359.1 billion in the equities market. The financial stock has not had significant price volatility in the past 3 months compared to the Nigerian market, according to…

Eterna Plc Slumps by 19% as Investors Sentiments Switch The stock market value of Eterna Plc slumped by about 19% over twisted investors’ sentiments on oil stocks. The price slumped reflects investors decision to take quick profit with a 40.53% year-to-date return record on the Nigerian Exchange. The company’s share price declined by about 19% in the equities as a result of the activities of sell-side actors that exited their positions in the downstream oil company. Eterna share price fell from N42 at the beginning of the trading week to N34.15 in the equities market. The negative price movement dragged…