Author: Marketforces Africa

Nigerian Exchange Expands as Investors Gain N365 billion The equities market capitalisation of the Nigerian Exchange, NGX, expanded as investors gained about N365 billion. The equities market ended today’s trading on a positive note, as key market performance indicators climbed by 0.57%. The rebound from yesterday’s downturn was fuelled by renewed buying interest in some medium- and large-cap stocks, such as ARADEL, STANBIC, and others. The earnings release from Nigerian listed companies supported the bargain hunting experience in the domestic bourse. The Nigerian Exchange All-Share Index increased by 590.99 basis points today, representing a rise of 0.57% to close at…

US Dollar Rises Ahead of FOMC Announcement The US dollar rose against its major trading partners early Wednesday, except for a decline versus the yen, as markets turn their attention to the Federal Open Market Committee’s meeting announcement. The CME’s FedWatch Tool sees a 99.5% chance of no change to the current 4.25% to 4.50% target range for the federal funds rate and a 0.5% chance of a 25 basis point rate reduction to a range of 4.00% to 4.25%. The dollar snapped back higher across the board late yesterday as Trump revamped the relatively dormant theme of universal tariffs.…

Aradel Holdings Grows Profit by 142% to $167.5 million Aradel Holdings Plc grew profit by 142% year on year in 2024, details from its audited financial report submitted to the Nigerian Exchange revealed. The oil company profit was primarily supported by a significant surge in share of profit from associate companies. The company’s revenue profit rose to $167.47 million at the end of 2024, from $69.112 million in the comparable period in 2023, its audited results showed. The bottom line growth was bolstered by about 15% year on year in revenue in the period. Revenue grew to $392.67 million, from…

U.S. to Pull Out of Paris Agreement January 2026 The United States, U.S., has officially notified the Secretary-General of its withdrawal from the Paris Climate Agreement, effective January 27, 2026, UN spokesperson Stéphane Dujarric has said. Dujarric said this at a news briefing on Tuesday in New York. The historic accord reached by 193 countries in December 2015 in a bid to keep temperature rises to below 1.5°C above pre-industrial levels was signed by the U.S. on April 22, 2016. During the first Trump administration, the U.S. withdrew from the agreement effective November 4, 2020, before his successor took the…

Dangote Refinery to Buy 12m Barrels of Crude Oil from U.S. The Dangote Petroleum Refinery is awaiting up to 12 million barrels of crude oil from the United States (U.S.). The refinery resorted to crude importation as local supply challenges hindered the new $20 billion refinery’s push to reach full refining capacity. Recall that the refinery plans to reach its 650,000 barrels per day capacity in June this year. However, low local crude supply from the Nigerian National Petroleum Company Limited is currently a challenge to this plan to ramp up daily production. The 12 million barrels of crude has…

Yield Rises as Investors Trim Nigerian Treasury Bills Holding The average yield on Nigerian Treasury bills climbed near 25% in the secondary market due to sell pressures on naira assets amidst economic uncertainties. The fixed income market exhibited a generally muted trend, with mixed sentiments prevailing despite ample liquidity within the financial system, traders said in a note. With real return widening to 7.3%, inflation (34.80%), and the interest rate benchmark (27.50) are expected to rise further in the short term but at a slow pace amidst a plan to rebase Nigeria’s consumer price index in 2025. Analysts said investors…

Dangote Cement Trades at 50% Discount over Sell Pressures Investors’ weak sentiment on Sub-Saharan Africa’s largest cement company, Dangote Plc, has continued to drag its market value despite positive expectations about the group earnings outlook. Dangote Cement Plc lost about N256 billion in the equities market due to sustained sell-offs that started last few days amidst earnings expectations. Its market price declined to N385 billion on Tuesday as about 1.27 million of the cement company’s shares were transacted in the local bourse, from N400. In absolute terms, Dangote Cement Plc lost N15 on each of its 17.040 billion shares outstanding…

Money Market Rates Ease as System Liquidity Climbs to N810bn Money market or funding rates fell further as liquidity levels in the banking system increased as a result of cash reserve refunds and inflows from matured OMO bills worth N317.66 billion. These inflows increased the amount in the financial system to about N810 billion on Tuesday from N402 billion, ready to be tapped by local deposit money banks that require funding. This happened as demand for liquidity from banks and other financial institutions in relation to the total amount in the banking system on Tuesday. This resulted in both open…

FG to Reduce Costs of Doing Business in Nigerian Ports by 25% The Federal Government (FG) has announced plans to implement the National Single Window (NSW) to reduce the cost of doing business in Nigerian ports by at least 25 per cent. The Minister of Marine and Blue Economy, Mr Adeboyega Oyetola, disclosed this at a stakeholders’ forum on the establishment of the NSW in Lagos on Tuesday. He said that the implementation of NSW could enhance efficiency, therefore reducing these costs by at least 25 per cent. The World Bank had said that the cost of doing business at…

With a huge share volume traded on Tuesday, FBN Holdings Plc.’s market value plunged by about 5.5% on the Nigerian Exchange (NGX) as investors’ sentiments waned ahead of the earnings release.