Author: Marketforces Africa

ATCON Urges Regulators to Take Call for Tariff Increase Serious The Association of Telecommunications Companies of Nigeria (ATCON) has reiterated its plea to the telecommunications industry regulators to consider increasing call tariffs. The President, ATCON, Mr Tony Emoekpere, made the plea in an interview with the News Agency of Nigeria (NAN) in Lagos on New Year’s Day. ATCON is a professional, non-profit, non-political umbrella organisation of telecommunications companies in Nigeria. Emoekpere said that the minister of Communications, Innovation and Digital Economy and the Nigeria Communications Commission (NCC) should take the call for tariff increase seriously, because the sector was a…

Tinubu Commends NNPCL over Warri Refinery’s Re-opening President Bola Tinubu has expressed joy over the re-opening of the Warri Refining and Petrochemical Company (WRPC) by the Nigerian National Petroleum Company Ltd. (NNPCL). Tinubu described it as another remarkable achievement in 2024 that had strengthened Nigerians’ hope in his administration, Mr Bayo Onanuga, his spokesman, said in a statement. “Today, the Warri Refinery returned to operation weeks after NNPC Ltd. restarted the 60,000 Barrels per day at the Port Harcourt Refinery in November. “President Tinubu has once again expressed his administration’s determination to ramp up local refining capacity and make Nigeria…

The equities segment of the Nigerian Exchange (NGX) grew by more than N987 billion on Monday in a post-Santa Claus

Oil Rises Amidst Demand, Supply Imbalance Oil prices rose in the global commodities market on Monday amidst demand and supply imbalance. The market has seen significant fluctuation in top crude oil buyers, China and the United States due to weak economic data. Growth prospect in the top countries that consumer significant amount of oil remain uncertain on the back of tariff threats by incoming U.S president, Donald Trump. Oil prices edged higher as the market awaited further clues on the demand outlook from the US and China, ahead of the year-end. Meanwhile, Middle East tensions continue to affects supply outlook…

MRS Oil Hits 52-Week High after Deal with Dangote Refinery MRS Oil market value jumped by 21% despite a short trading session in the stock market last week. The stock hit a fresh 52-week high in the equities market on Friday as investors increased bets in anticipation of better earnings performance in Q4. Based on trading data, the company shares have continued to attract investors’ attention following a deal with Dangote Refinery to sell petrol at a lower price. The oil stock price reached N217.80 per share in the equities market on Friday, from N180, gaining 21% as demand surged.…

The naira saw a weekly gain in the foreign exchange markets amidst a $2 billion currency swap deal between Nigeria and China.

The spot interest rate on the Nigerian Treasury bill was adjusted upward by 10 basis points (bps) at the primary market auction sales on Friday. MarketForces Africa reported that the Central Bank of Nigeria (CBN), through the Debt Management Office (CBN), auctioned N332.53 billion to investors.

Derivative, Contractors Inflows Ease Pressure on Interbank Rates Interbank rates eased in the money market as derivatives, contractors, and other inflows lifted liquidity balance in the banking system. The short-term benchmark interest rates softened below 30% apiece at the close of trading sessions in financial markets on Friday, reversing the previous trend. The money market was heated up with sustained demand for funding by local deposit money banks seeking to fund their respective operations despite lower inflows from matured debt instruments. Hence, tight liquidity forced banks to pitch tents at the Apex Bank borrowing facility. Analysts noted that withdrawals from…

Equities Investors See N609 billion Gain on Nigerian Exchange Equities investors on the Nigerian Exchange (NGX) trading platform gained about N609 billion last week in the local bourse. The market ended the week with investors picking stocks with upside potential amidst Christmas celebrations. The local bourse keeps the trajectory uptrend, delivering a 0.99% week-on-week gain after consolidating on previous bullish play. Hence, the benchmark All-Share Index (ASI) advanced to 102,133.30 points, remaining firmly above the 102,000-point threshold. This performance was bolstered by strong buying interest across key sectors, Cowry Asset Limited said, a reflection of growing investor confidence driven by…

Naira Rises to N1534 as CBN Keeps Supply Side Robust