Author: Marketforces Africa

Liquidity pressures in the Nigerian banking system declined as inflows from the Federal Accounts Allocation Committee (FAAC) bolstered the amount in the banking system.

FCMB Slips Amidst Public Offer Listing FCMB Group Plc market value slipped in the equities market amidst public offer listings on the Nigerian Exchange (NGX). Despite the group’s strong earnings performance, its share price declined slightly on the day as FCMB traded against the market trend. Data from the Nigerian market showed that the financial services company’s share price declined to N11, down by 3.93% on the day from N11.45. At the current market value, FCMB has surpassed the amount it sold shares in the just concluded public offer. In the market, FCMB listed 15,197,289,219 ordinary shares of 50 kobo each…

FCMB Profit Increases by 16% to N107 Billion FCMB Group Plc profit after tax climbed by about 16% year on year to N107.8 billion, according to details from its unaudited financial statement for the fourth quarter of the financial year 2024. The increased profit performance was supported by higher interest income due to sustained monetary policy tightening in Nigeria. Its numbers revealed that earnings per share rose to N5.45 at the end of the period, from N4.70 in the financial year 2023. Analysts at CardinalStone Securities Limited said despite the 75.1% increase in interest income to N621.5 billion, net interest…

European Gas Prices Climb to 15-Month High European gas prices jumped to the highest level since October 2023 as a result of unexpected supply disruptions and colder weather forecasts. The two catalysts in the energy equation amidst tariff contests in the global economy worsened the supply threats in an already tight market. The supply-side risk increased amidst the European Union plan to sanction Russia’s supply. TTF front-month futures rose over 6% to close above EUR51/MWh as of yesterday as market participants remained concerned about volatile supplies of liquefied natural gas. The fear followed the recent production issues at some export…

Transcorp, Oando Boost NGX Index with Intraday Rally Transcorp and Oando stock, among other early risers, are currently driving the Nigerian Exchange’s (NGX) all-share index higher due to better investors’ sentiment. The local bourse rebounded strongly yesterday after a downturn as companies began to release fourth quarter 2024 earnings results. The earnings festival and expectations of dividend declaration raised the level of bargain hunting while equities market capitalization inched above 64 trillion. Stockbroker said the market value of all stocks listed in the equities market has the potential to increase today, though they noted that transactions are still ongoing, making…

Oil Prices Fall as U.S Fed Reserve Keeps Rate Untouch Oil prices slid in the global commodities market as the U.S. Federal Reserve maintained status quo on Fed fund rates at the end of its January meeting amidst rising stockpiles. In a recent report, The US Energy Information Administration (EIA) reported an increase in crude stocks, signaling a bearish outlook for crude oil demand in the market. The international benchmark Brent crude decreased by 0.4%, trading at $75.46 per barrel. The US benchmark West Texas Intermediate (WTI) fell by 0.4%, reaching $72.35 per barrel, compared to its prior session close…

Telecom Tariff Hike: NLC Declares Mass Rally on Feb. 4 The Nigeria Labour Congress (NLC) has declared plans to embark on a nationwide mass rally on Feb. 4 over the 50 per cent hike on telecom services by the Nigeria Communications Commission (NCC). Mr Joe Ajaero, NLC President, said this in a communiqué issued at the end of the Congress’s National Administrative Council (NAC) meeting held on Wednesday in Abuja. He said the NAC-in-session totally rejected the 50 per cent telecom tariff hike as it was considered as too harsh for the citizens. According to him, to express our collective…

The Nigerian Treasury bills market rallied as investors seeking to park their funds in the money market instruments positioned in naira assets. As a result, the average yield on Treasury bills retreated sharply amidst inflation concerns.

Naira Rises to N1,510 as CBN FX Code Boosts Market Confidence The naira appreciated to N1510 per US dollar in the foreign exchange market as analysts claimed that the Central Bank of Nigeria’s (CBN) FX code would boost foreign investors’ confidence further.  Spot data showed that the naira appreciated by 0.79% in the official window, closing at N1,510.72 per US dollar as the CBN introduced code as part of FX reform to enhance transparency. AIICO Capital Limited noted improved liquidity in the foreign exchange market, with substantial trades conducted on Wednesday without changing the naira course. Most transactions were valued…

BIPC Sues NDIC, One Other Over Alleged Illegal Sale of Shares The Benue Investment and Property Company (BIPC) has dragged the Nigeria Deposit Insurance Corporation (NDIC) and All States Trust Bank (in liquidation) before the Federal High Court Makurdi over alleged illegal sale of shares. BIPC is demanding a compensation of more than N10.3 billion for an alleged breach of contract. It would be recalled that the case, which was instituted in 2011, could not continue NDIC requested for an out-of-court settlement, and the parties went to the Arbitration Panel in Abuja. The panel, however, could not resolve the matter,…