Author: Marketforces Africa

Transcorp Falls by 18% Before Earnings, Dividend Notice Transcorp Plc declined by about 18% as investors exited their positions in the conglomerate stocks before its earnings scorecard was released. Sell pressures that lasted for three out of five trading sessions on the group stocks dragged its share price to N46.90 in the equities market. This caused its market value to decline by 17.7% to N476.597 billion on Friday, spread over its 10.161 billion shares outstanding at a unit price of N46.90. At the current market price, Transcorp Plc is treading at 24.29% discounts to its 52-week high in the local…

Monetary Recoveries Funding Nigeria’s Education Loan – EFCC The Economic and Financial Crimes Commission (EFCC) said the over N50 billion monetary recoveries from fraudsters in 2024, were part of the funds invested into the Nigerian Education Loan Fund (NELFUND). This information is based on the EFCC’s 2024 statistical report, made available to journalists on Sunday. NELFUND was established by the Students Loans (Access to Higher Education) Act, 2024, signed into law by President Bola Tinubu on April 3, 2024. The initiative is a programme established by the Federal Government of Nigeria to break financial barriers in higher education. The anti-graft…

Nigerian Exchange Drops by N476bn on Huge Executed Sell Orders The equities market capitalisation of the Nigerian Exchange, NGX, dropped by more than N476 billion due to huge sell orders executed in the local bourse trading platform. The All Share Index (ASI) dipped 1.19% to close at 106,538.60 points as sell side actors went on rampage. In a note, stockbrokers at Cowry Asset Limited said investors hit the sell button, swayed by a mix of portfolio rebalancing and the ripple effects of Trump’s tariff pronouncements, which sent shockwaves through global markets. The slump came despite a flurry of positive corporate…

Tantalizers Bursts Bubbles with 36% Gain after Diversification Notice Downtrend was more of a possibility that positive price appreciation until Tantalizers Plc made a strategic entry into blue economy and signed deals to boost its fisheries business. Tantalizers Plc saw sharp price uptick as shareholders investors reacted positively to the quick service restaurant Diversification move.In the stock market, the market value of the QSR company surgery by 36.3% week on week as its price jumped to N2.59 from N1.9 at the beginning of the week. Equities investors who spotted potential value in the consumer goods stock increase their stock holdings…

UBA Jumps Ahead of Bumper Earnings Expectations UBA Plc market value jumped in the equities market despite tight weekly trading performance in Nigerian Exchange. The banking group added 3.1% to its market value as price jumped as a result of increased positioning ahead of earnings release. The market expects 2024 earnings scorecards to be posted as soon as it obtained the CBN approval as well, the results of its capital raise is currently hanging. With a positive corporate governance rating by the regulator, UBA has pending regulatory report that’s currently mission as reflected on MRF tag on its NGX account.…

Bitcoin Price Falls Below $86k on Extended Selloffs Bitcoin, the world’s largest cryptocurrency, plunged below $86,000 over extended sell pressures. Retail investors have continued to be taking profit amidst uncertainties, dragging the global cryptocurrency market valuation down by about 2% in the last 24 hours. According to data from CoinMarketCap.com, the global crypto market cap printed lower at $2.82 trillion due to exit trading, a 1.81% decrease over the last day. The market report revealed that the total crypto market volume over the last 24 hours slowed down to $87.22 billion, which makes a 33.61% decrease. The total volume in…

Nigeria, UK Deepen Cybersecurity Partnership The United Kingdom’s Department for Business and Trade (DBT) says it has successfully concluded its cybersecurity inward trade mission to Nigeria, strengthening cybersecurity collaboration between the two nations. The British High Commission in Nigeria said this in a statement on Friday in Lagos. It said the trade mission, which was held in Abuja and Lagos, fostered trade relations between the UK and Nigeria, promoting a resilient digital ecosystem in the country. The commission said the mission brought together 13 UK experts and Nigerian stakeholders to build capacity and promote UK cybersecurity solutions. It said the…

Nigeria Among 4 Pilot Countries for Women Exporters’ Fund The Women Exporters in the Digital Economy (WEIDE) Fund, launched by the WTO Secretariat and the International Trade Centre (ITC) in February 2024, announced the selection of Nigeria as one of the four pilot countries on 7 March ahead of International Women’s Day. Business support organizations in the Dominican Republic, Jordan, Mongolia and Nigeria have been selected from a competitive call for proposals to implement programmes that can empower women entrepreneurs to grow their business through international trade and digitalization. WTO Director-General Ngozi Okonjo-Iweala said: “As you all know, digital trade…

Afrinvest Initiates Coverage on Aradel, Sets TP at N688.40 Investment firm, Afrinvest Limited, has initiated coverage on Aradel Holdings Plc, the firm said in an emailed note on Friday. “We initiate coverage on Aradel Holdings Plc with a blended 12-month target price (TP) of ₦688.40”. Analysts said its price target on the oil company is supported by base case revenue and profit projections of $$426.3 million and $192.9 million for financial year 2025. In naira term, the figure is equivalent to ₦713.1 billion and ₦322.7 billion respectively using an exchange rate of ₦1,672.7/$. Afrinvest said relative to the closing market…

UBA Sees Intraday Gain amidst Unusual Trade Volume UBA Plc is trending positively in the equities market with share price uptick of 2.7% during early trading hours in Nigerian stock market. The Pan African lender share price rose to N38 on Friday as the local bourse continue to recover from three days losing streaks. The midday rally on UBA was spurred by strong trading volume, according to data from the Nigerian Exchange. At noon, more than 17.33 million ordinary shares of UBA valued at N645 million have exchanged hands in the local bourse. Stronger trading volume which moves share price…