Author: Marketforces Africa

Champion Breweries Edges Higher by 10% on Fresh Rally With huge ownership concentration, Champion Breweries Plc’s market value increased by about 10% in the stock market as a results of renewed investors demand. Demand came strong as the company prepared to release its audited financial statement for 2024. According to data from the Nigeria Exchange, the brewer’s stock surged to N4.12 at the end of the trading session on Friday from N3.75 opening price in the week. The rally that lasted for a day lifted the market value of Champion Breweries Plc’s 8.947 billion shares outstanding to N36.865 billion. The…

Bonds Rally as Investors Capitalise on Real Return Ahead of Auction The Nigerian bonds market traded on a bullish note ahead of the Debt Management Office’s (DMO) monthly auction scheduled for Monday. Investors increased their positions on local borrowing instruments, capitalising on real returns on naira assets following a sharp inflation drop and steady benchmark interest rate. Hence, trading activities were largely positive, supported by demand for the FEB-31 (-136bps), JUL-30 (-110bps), JAN-35 (-92bps), and MAR-35 (-75bps) papers. Investors parked funds into 2035 FGN bonds following the release of the February bond auction circular, which confirmed that the 10-year bonds…

The Central Bank of Nigeria (CBN) rejected a huge amount of bids from investors who sought to bet on Treasury bills at the main

With the deposit money banks borrowing spree, the short-term benchmark interest rates ended on a mixed note

We Have Over N600bn Worth of Petrol in Store ― Dangote President of Dangote Industries Limited (DIL), Aliko Dangote, has revealed that his company—the Dangote Petroleum Refinery—has enough Premium Motor Spirit (PMS) otherwise known as petrol in storage to sufficiently meet the local needs of Nigeria. Speaking at the weekend, Dangote disclosed that the oil refinery has “more than half a billion litres of petroleum and over 600 billion Naira worth of products in its tanks. Dangote said, “…as we speak right now we have more than half a billion litres. The Refinery is producing enough refined products, like gasoline,…

Oil Prices Retreat over Buckets of Uncertainties In the global commodities market, oil prices surged throughout the week, driven by the EU’s expanded sanctions on Russia and reports of a Ukrainian strike on a Caspian Pipeline Consortium (CPC) oil pumping station. But just as momentum seemed set to hold, the market took a sharp turn on Friday, wiping out all gains and dragging prices below $75. Brent crude, which closed the previous week at $74.40, rose on Monday following reports that Ukraine had attacked a CPC station carrying Kazakhstani oil in a ‘reaction to the US.’ The attack pushed Brent…

Naira Rallies as CBN Defends Local Currency with $66m Exchange rates improved across foreign exchange markets as the Central Bank of Nigeria (CBN) spent $66 million to defend naira. According to data from the forex markets, the naira appreciated by 0.6% to N1,501.08 per US dollar at the Nigerian Foreign Exchange Market (NFEM) in the just concluded week, reflecting support from the monetary authority. The naira rally was driven by increased foreign exchange supply from foreign portfolio investors (FPIs), international oil companies (IOCs), and the CBN market interventions. iIn its investors note, AIICO Capital Limited emphasised that trading activity was…

BUA Foods Hits Record High on 5.02% Free Float With 5.02% free float in display, BUA Foods Plc, hit a record high in the equities market as investors returned to take position. About 95% of BUA Foods is concentrated within its founder, and directors reach but the company claims it met the NGX free float requirement. Abdulsamad Rabiu CFR, CON controls 89.55% of BUA Foods in the local bourse, in addition to indirect shareholdings of 2,78%, representing BUA Industries Limited. Also from the billionaire dynasty, Rabiu Isyaku has 2,63% in BUA Foods, leaving 5.02% available for others. “BUA Foods Plc…

Dangote Sugar Soars by 15% as Board Plans Earnings Release Dangote Sugar Refinery Plc.’s market value soared by 15% on the Nigerian Exchange, NGX, due to improved sentiment. Sub-Saharan Africa’s largest sugar refinery, with a combined installed refining capacity of 1.49 MMT per annum, was in the market to raise N50 billion, an offer that closed last week. Over the last five trading sessions in the equities market, the ticker DANGSUGAR rose to N41.40 as investors increased bets ahead of the release of its 2024 audited financial statement. The price appreciation registered in the stock market lifted Dangote Sugar Refinery’s…

Abbey Mortgage Bank Rises by 16% Amidst Transition Plan Abbey Mortgage Bank Plc gained investors’ attention on the Nigerian Exchange, NGX, as the financial services company’s share price surged by more than 16% week on week. The mortgage company’s market value increased due to positive sentiment amidst a mixed trading session in the local bourse last week. Its share price climbed to N3.6 on Friday on the back of 381,143 volume transacted at a total value worth N1,404,102.30. Abbey Mortgage Plc moved higher twice in the week. The first gained recorded was on Thursday. The renewed investors’ interest in the…