Author: Marketforces Africa

Presco, MTN Nigeria, Access Holdings, and FCMB are currently trending positively in the equities segment of the Nigerian Exchange (NGX), according to stockbrokers. Data obtained from the NGX trading platform confirmed the bargain hunting across key segments.

Nigerian Treasury Bill Yield Falls to 22.5% Ahead of Auction The average yield slipped as investors’ appetite for the Nigerian Treasury bill increased in the secondary market. Separate investors’ notes obtained revealed that the average yield on Nigerian bills slumped by 4 basis points due to increased demand. On Monday, trading activities ended on a bullish note ahead of the Central Bank’s midweek primary market auction for Nigerian Treasury bills. Notable demand was seen in the fixed income market at the beginning of the week as investors anticipated further guidance on the direction of rates. Yields moderated slightly across the…

Oil Slides after Trump Suspends Tariffs on Mexico, Canada Oil prices fell as US President Donald Trump suspended tariffs imposed on Canada and Mexico for one month to allow a workable agreement. Brent crude fell by 0.6%, trading at $75.17 per barrel, while the US benchmark West Texas Intermediate (WTI) declined by 0.9%, settling at $71.77 per barrel, compared to its prior session close of $72.48. Trump imposed a 25% customs tariff on imports from Canada and Mexico, and a 10% duty on imports from China from Feb. 1. On Monday, Trump and Mexican President Claudia Sheinbaum spoke on the…

MTN Nigeria Plc recorded a gain in the equities market on Monday as investors continued to increase bets on the telecom stock ahead of its fourth quarter of 2024 earnings. Data from the Nigerian Exchange, NGX, showed that the telecom stock surged by 1.24% on the day of N253.1 as more than 2.8 million exchanged hands in the local bourse.

Interbank Rates Spike over Liquidity Squeeze in Banking System The banking system slipped into deficit as huge OMO auction settlements drained liquidity balance in the financial system at the beginning of the week. The deficit has negative impacts on money market rates direction, which trend above 32% level apiece at the beginning of the week as per data from the FMDQ platform. Liqudity deficit in the market was spurred by increased borrowing from the Central Bank of Nigeria’s (CBN) standing lending facility, according to TrustBanc Financial Group Limited, up by N585 billion from N188.78 billion on Friday. As a result…

Naira Lost N20.82 after Two Months Gaining Streaks The naira declined against the US dollar by N20.82 after two months of gaining streaks. In December, the local currency appreciated by more than 8%. In January, the exchange rate also improved by more than 4%. In Dec, exchange rates fluctuated between N1,500 and N1,693, with the naira closing at N1,535.82, appreciated by 8.18% in the NFEM window, investment firm AIICO Capital Limited said in its market note. In January, the local currency exchange rate improved by 4.3%, MarketForces Africa reported. The two-month exchange rate rally in favour of the naira was…

FG Approves Establishment of Creative, Tourism Infrastructure Corporation The Federal Executive Council (FEC) has approved the creation of the Creative and Tourism Infrastructure Corporation, Hannatu Musawa, the Minister of Art, Culture, Tourism, and Creative Economy, announced. The corporation is aimed at developing critical infrastructure for Nigeria’s creative and tourism industries Speaking to State House correspondents after the FEC meeting on Monday, Musawa explained that the approval was granted under a Public-Private Partnership (PPP) arrangement. She described the initiative as transformative, aiming to elevate Nigeria’s creative and tourism industries by unlocking their immense potential for economic growth. “The establishment of the…

NEFUND Disburses N20bn to 192,906 Students The Nigerian Education Loan Fund (NELFUND) as of Feb.3, has disbursed a total of N20,074,050,000 for institutional fees, benefiting no fewer than 192,906 students across various tertiary institutions in the country. This is contained in a statement by Akintunde Sawyerr, Managing Director, NELFUND, and made available to newsmen in Abuja on Monday. Sawyerr also disclosed that the Fund had so far received loan applications from no fewer than 364,042 students. He added that about 169,114 students had also so far benefitted from the NELFUND’s monthly stipends disbursement, with N12, 818,960,000 disbursed and each student…

Euro Declines against US Dollar as EU Inflation Rises The euro, the currency of 20 nations, weakened more than 1% to $1.024, nearing its lowest level since November 2022 amidst an inflation surge. U.S President Donald Trump late Sunday reiterated his threat to slap punitive tariffs on EU goods imported into the country. Trump’s decision to impose 25% tariffs on Mexican and Canadian imports, along with a 10% levy on Chinese goods, weighed on market sentiment. He also threatened tariffs on the EU, citing the US trade deficit with Europe, which he called an “atrocity.” While Canada retaliated and Mexico…

Transcorp, Oando Drive Thin Intraday Gain in Equities Market Transcorp, Oando, and some other early risers are driving momentum in the equities segment of the Nigerian Exchange, NGX, on Monday. Investors were seen taking bets on value and growth stocks amidst ongoing earnings releases on the local bourse. The market is trading tight, with tiny upside supported by gains in lightweight stocks, and the number of early risers remains minimal. Still, buying sentiment remains upbeat after NGX posted a 1.5% return for January. Stockbrokers expected trading activities to pick up strongly on the back of final dividend declaration expectations. At…