Author: Marketforces Africa

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…

Geregu Power Stuck at 52-week High Ahead of Dividend Payment With two shareholders controlling more than 83% of the company, Geregu Power Plc market value has been stuck at its 52-week high with near zero price volatility on the long range despite mouthwatering earnings growth. Geregu Power is pocked by Amperion Power Distribution Company Limited with 78.05% interest in addition to a 5% stake for Libreville Power Limited. Director shareholding in Geregu Power is minuscule. Due to the absence of significant market activities, its share price has been flatlined at N1150 over donkey months; surprisingly, its impressive earnings could not…

Equities Investors Portfolio Grows to N67.7trn in Nigerian Exchange Equities investors achieved a weekly gain amidst mixed trading sentiment in the Nigerian Exchange, NGX, trading platform.  The domestic stock market ended the week on a positive note as investors digested inflation data and the Central Bank of Nigeria’s (CBN) monetary policy decision. Trading details revealed that the NGX All-Share Index (ASI) rose by 0.41% week-on-week to close at 108,497.40 points. Stockbrokers said the movement was driven by investors taking positions for portfolio rebalancing, prompted by pressured sell-offs across various counters and shaped by expectations and outcomes of the rebased consumer…

VFD Group Slips by 10% Amidst Investment Round in V Bank VFD Group Plc fell by about 10% week on week on the Nigerian Exchange after a round of investment worth N5 billion in its microfinance bank, or V Bank. The sell pressures reduced the diversified investment company’s share price to N52.40 on the Nigerian Exchange, from N58 at the beginning of the trading session this week. Sell pressure occurred only once at the beginning of the trading week when about 614,000 shares were traded in the market. Thereafter, the stock price stayed flattish for the rest of the trading…

EFCC Returns Recovered Funds to Foreign Victims of Fraud The Economic and Financial Crimes Commission (EFCC) has returned $132,362.43 and N78,566,324.81 to victims of fraud from America, Spain, and Switzerland. Ola Olukoyede, EFCC Chairman, disclosed this on Friday in Abuja, explaining that the funds were recovered from local fraudsters. He stated that handing over the funds to foreign victims was part of the EFCC’s commitment to ensuring justice and restitution for those affected by fraud. Other assets, including vehicles and real estate documents, were also handed over to representatives of these countries. Olukoyede emphasised that the event demonstrated the commission’s…

Nigerian Exchange Falls by N44bn as Sell Pressures Persist The Nigerian Exchange, NGX, equities market capitalisation fell by more than N44 billion on Friday as sell pressures on stocks persisted. Investors took profit amidst corporate earnings release, and negative reactions to the monetary authority’s interest rate pause. Trading activities ended on a negative note, as key market performance indicators dropped by 0.07%. Stockbrokers said the downturn was driven by profit-taking in some medium and large-scale stocks such as OANDO, ETERNA, ACCESSCORP, and others. The market index or All-Share Index decreased by 71.10 basis points today, representing a drop of 0.07%…

Five Candidates Cleared for AfDB Presidency Race – Committee The race to lead the African Development Bank (AfDB) has officially begun with the release of the list of candidates vying for the prestigious role of president. AfDB, in a statement, said this was the outcome of a two-day meeting held at the bank’s headquarters in Abidjan, Côte d’Ivoire, by the Steering Committee of the Board of Governors. The candidates cleared to contest for the top position represent a diverse cross-section of Africa’s leadership and development expertise. “The Steering Committee, after examining the candidatures, cleared the following list of candidates for…

FG Partners WIPO to Boost SMEs’ Global Competitiveness The Federal Government has partnered with the World Intellectual Property Organisation (WIPO) to enhance the global competitiveness of Small and Medium Enterprises (SMEs). Dr Jumoke Oduwole, the Minister of Industry, Trade, and Investment, made this announcement during a Strategic Capacity-building Programme for Nigerian SMEs, organised in collaboration with WIPO, on Friday in Abuja. The minister was represented by Mr Adamu Yauri, Director of the Trademarks Registry. Oduwole explained that the programme aimed to leverage intellectual property and branding as tools to enhance the competitiveness of SMEs. She reaffirmed the ministry’s commitment to…