Author: Marketforces Africa

Equities Investors Lose N294bn as FBNH, Dangote Plunge Equities investors lost more than N294 billion due to price depreciation posted by Dangote Cement, FBN Holdings, MRS, and other decliners on the Nigerian Exchange. On Tuesday, the local bourse ended the trading session in the red with key market performance indicators dropping by 0.44%. The profit-taking activities reversed the previous day’s rally. The downward equities market performance was driven weak investors’ sentiment in some medium- and large-cap stocks like MRS, FBNH, DANGCEM, and others. Stockbrokers said the market index, or the All-Share Index, decreased by 460.20 basis points, representing a decline…

CBN Unveils New FX Code to Reform Market Practices The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, on Tuesday unveiled a new Foreign Exchange (FX) Code to the market. At the event in Abuja, Cardoso stated that it would establish clear and enforceable standards for ethical conduct, transparency, and good governance in the foreign exchange market. He emphasised that the FX Code represents a decisive step forward, providing a firm signal that ‘business-as-usual will no longer suffice’. “It is also a blueprint for the future, grounded in the hard lessons of the past. We must not forget…

Oil Prices Increase Ahead of U.S Interest Rate Decision Oil prices increased in the global commodities market after the U.S. and Colombia governments’ tariff combat ahead of the Federal Reserve’s decision on fed fund rates this week. The commodity market has seen negative sentiment as Donald Trump administration tariff threats and national energy emergency policies stoke uncertainties on price movements. Prices surged on the back of the European Union’s decision to extend its sanctions on Russia. Brent crude increased by 0.5%, trading at $76.52 per barrel while the US benchmark West Texas Intermediate (WTI) rose by 0.5%, reaching $73.21 per…

USSD Debt: NCC, Telcos Rule Out Deadline Extension for Banks The Nigerian Communications Commission, NCC, and telecommunications companies have ruled out a deadline extension after Nigerian banks’ disconnection notice from Unstructured Supplementary Service Data over unpaid debts elapsed on Monday. The Chairman of the Association of Licensed Telecommunications Operators of Nigeria, Gbenga Adebayo, made this known in a statement. This decision leaves defaulting lenders scrambling to meet the deadline by the close of business on Monday. Recall that in a notice, on January 15, 2025, NCC warned nine Nigerian banks to clear their debts by January 27, 2025, or risk…

Oando Dips as Board Sets to Discuss Bonus, Dividend Oando Plc.’s market value declined by about 6.4% in the equities market due to sell side actors activities as board has been schedule to meet Thursday to distributes shares or pay dividend to shareholders. The company stock market price fell to N67.4 in the Nigerian Exchange as more than 6 million shares exchanged hands on Monday amidst a rock-solid rally that pushed equities market capitalisation above N64 trillion on Monday. The market now priced Oando’s 12.431 billion shares outstanding for about N838 billion ahead of the board meeting scheduled for January…

The funding rates dipped further in the money market due to robust liquidity balance in the financial system.

Nigeria Priced Local Bonds at Higher Rates, Raised N606 billion Nigeria priced local bonds at higher rates across 5-year, 7-year and 10-year maturities at the monthly primary market auction conducted in an efforts to closed 2025 budget funding gap amidst inflation concerns. The consumer price index peaked at 34.80% in December, and the authority’s inflation fighting has lifted benchmark interest rate to 27.50%. With expectation that inflation rate will increase further in the short-term until base effects set in, Broadstreet expects the Central Bank of Nigeria (CBN) to continue monetary policy tightening in 2025 amidst plan to rebase. Spot rates…

Zenith Bank Rises to N1.6Trn after Capital Boost Investors reacted positively to Zenith Bank Plc.’s recapitalisation achievement in the stock market as its valuation spiked on the day. Today, Zenith Bank Plc has clicked a record high on the Nigerian Exchange due to a surge in demand that lifted its market value to N1.601 trillion. Share price and market value increased as the bank’s stock became attractive ahead of the 2024 earnings release. Some stockbrokers hinted that some foreign portfolio investors are parking funds into top banking names, and this has triggered a strong market value re-rating. In a notice…

Nigerian Exchange Rises by N795bn as Banking, Consumer Stock Rally The Nigerian Exchange, NGX, market capitalisation expanded by about N795 billion on Monday due to significant investors’ interest in banking and consumer goods stocks. The local market commenced the week’s trading on a positive note, with key performance indicators showing notable gains. The NGX All-Share index advanced by 0.79%, while the market capitalisation grew by 1.25%. The disparity between the performance indicators is attributed to the listing of GTCO Plc’s public offer of 9,000,000,000 ordinary shares of 50 kobo each at ₦44.50 per share on the exchange today. Stockbrokers said…

Ghana Keeps Interest Rate at 27% to Boost Economic Growth Bank of Ghana has kept its main interest rate at 27.00% in a decision announced on Monday by the monetary policy committee. The country seeks to boost economic growth amidst a tight consumption price index. In an official statement, the Bank of Ghana monetary policy committee chaired by Governor Dr Ernest Addison highlighted improved macroeconomic conditions in the domestic economy. At the global level, the hawkish stance has begun to decline as preference has been given to economic growth amidst uncertainties. Accra maintained its benchmark monetary policy rate steady at…