Author: Marketforces Africa

Naira Gains, Exchange Rates Gap Increases to N106 The naira exchange rate gained against the US dollar to settle at N1534.05 in the foreign exchange (FX) market on the back of Central Bank (CBN) intervention. Spot rate was quoted at N1,534.05 per US dollar at the Nigerian Foreign Exchange Market (NFEM) despite the CBN intervention at the official window. The apex bank sold about US$37.10 million to authorized dealers to keep the supply side strong amidst surging demand for foreign payments. Recently, the CBN has continued to staying behind the naira to achieve exchange rate stability, a latest trend that…

Kaduna, 2nd PH Refineries Undergoing Comprehensive Overhaul – NNPC The Nigerian National Petroleum Company Limited (NNPC Ltd.), says the 150,000 barrels per day (bpd) Port Harcourt Refinery and Kaduna Refinery are undergoing a comprehensive overhaul, designed to meet world-class standards. The company said the rehabilitation done at the 60,000 bpd Port Harcourt Refinery and Warri Refinery was not the typical Turnaround Maintenance (TAM) of the past, but a comprehensive overhaul, designed to meet global standards. The Chief Corporate Communications Officer of NNPC Ltd., Olufemi Soneye made the clarification in a statement on Thursday while responding to former President Olusegun Obasanjo’s…

Short-term Benchmark Interest Rates Dip as Liquidity Rises The short term benchmark interest rates declined sharply as the level of inflows into the banking system resulted in excess liquidity. With lower funding requirement by local banks, the liquidity position has been more than enough to meet funding requirements. The money market ended the year 2024 with negative balance totaling N166 billion following OMO auction settlement and net cash reserves maintenance debit by the Central; Bank of Nigeria. Liquidity in the system started much higher earlier this week, driven by significant Remita inflows from Friday. The CBN conducted an OMO auction,…

Interest Rate on Nigerian OMO Bills Declines Interest rate on Nigerian OMO Bills declined amidst strong investors’ appetite for the naira assets at the primary market auction. At the last auction conducted in 2024, the Central Bank of Nigeria (CBN) set lower spot rates for OMO bills amidst rising appetite. Foreign portfolio investors (FPIs) and local deposit money banks staked huge bet on the back of elevated yield on short term interest liquidity management instruments. The CBN love for US dollar inflows influenced spot rates pricing on OMO bills in 2024. At the primary market auction conducted by the monetary…

Oil Prices Rise on Positive Demand Outlook Oil prices climbed due to positive demand expectations in top two world crude oil consumers – the United States, China. While demand outlook provides first support that propelled surge in the global energy costs, U.S dollar also weakened, raising demand level in the global commodities market on Thursday. Brent crude rose by 0.2% to $74.85 per barrel while The US benchmark West Texas Intermediate (WTI) increased by 0.3% to $71.76 per barrel. Uncertainty surrounding the actions of the incoming U.S. administration and the roadmap the Federal Reserve (Fed) will follow this year continues…

NGX Swells by N155bn as Insurance Stocks Attract Attention The Nigerian Exchange (NGX) opened the New Year with N155 billion gain as investors shifted attention to insurance stocks. The local bourse opened the New Year on a bullish note, as the market performance indicators posted a gain of +0.25% on the day. Stockbrokers said the market positive performance was driven by a new year rally observed in several mid- cap stocks across major market sectors, particularly the Insurance sector, which recorded an impressive growth of +9.50%. Consequently, investors’ wealth increased by approximately ₦155 billion after about 37% return posted by…

Presco Offers Investors N100 Billion Bond for Subscription Presco Plc is in the debt capital market to raise up to N100 billion via bonds offering to investors, Afrinvest Limited said in an emailed note to investors. The company the series 1 Bond issuance comes under its N150 billion Bond Programme. The offer is scheduled to close on Friday, 10 January 2025. Presco, a subsidiary of SIAT SA, is a fully integrated agro-industrial establishment with oil palm plantations, palm oil mill, palm kernel crushing plant and vegetable oil refining and fractionation plants. Presco also has olein and stearin packaging plants and…

NGX Reviews Market Indices Amid Entries, Exits of Companies The Nigerian Exchange Ltd. (NGX) on Thursday announced the results of its full-year market index review for its indices. The Exchange also announced the entries and exits of some companies in the various indices. NGX, in a report, listed the affected indices as, NGX 30; NGX Lotus Islamic; NGX Pension; NGX Pension Broad Index; Corporate Governance Index; Afrinvest Bank Value Index; Afrinvest Dividend Yield Index. Others are: Meristem Growth Index; Meristem Value Index; and the five Sectoral Indices of The Exchange – NGX Banking, NGX Insurance, NGX Industrial, NGX Consumer Goods…

It was all the way to the moon for Juli Plc, a Nigerian small cap listed stocks that changed its market narrative with highest return in 2024. Leading the top performers chart, Juli Plc gained 1645.76% over 12 months, according to details obtained from the Nigerian Exchange.

Nigerian Exchange Records 37.65% Return in 2024 The Nigerian Exchange (NGX) led global equities performance with about 38% year to date return driven by local investors’ deep penetration. The local bourse witnessed early rally in 2024, and keep the momentum strong till final close on the back of an improved sentiment. The Nigerian investors took significant positions in value, growth stock with hefty upside potential amidst listing and delisting of some companies stock in the local bourse. In its market highlight, stock analysts at CardinalStone Securities Limited told investors in a note that in the first quarter of the year,…