Author: Marketforces Africa

The equities market capitalisation of the Nigerian Exchange (NGX) swelled by about N306 billion as Aradel Holdings and Oando Energy Plc surged, in addition to a boost from other lightweight gainers

Crude oil prices continue to trade softly as Middle East pressures eased ahead of the Organisation of Petroleum Exporting Countries and Allies’ meeting. Brent crashed to $71.92 per barrel while the US benchmark West Texas Intermediate decreased by to $68.26 per barrel on Thursday.

Litigation Claims against Access Holdings Plc Hit N11.3Trn Access Holdings Plc. reported quite a huge litigation portfolio of N11.3 trillion—probably the highest—at the end of the third quarter of the financial year 2024. In a detailed review of the group financial reports, the Nigerian top lender increased its litigation claims provision by 112% with 9-month to N8.118 billion from N3.838 billion in Dec 2023. “The Group is a party to numerous legal actions arising out of its normal business operations,” Access Holdings Plc. said in its latest unaudited financial statement. The Directors believe that, based on currently available information and…

The bitcoin price dropped to $95,000 range in the cryptocurrency markets on Thursday after a fresh rally lifted the orange coin above $96,000 late on Wednesday.

The average yield on Nigeria’s Eurobond declined in the international market as foreign portfolio investors and local banks…

FBN Holdings (Ticker: FBNH) rights issue and stock market price tally as the financial stock traded flat for third

Access Bank Completes Acquisition of Standard Chartered in Angola, Sierra Leone Access Bank Plc. has announced the completion of its acquisition of Standard Chartered Bank, in Angola, and in Sierra Leone. The deal was announced July 14,2023, according to regulatory filing on Nigerian Exchange. Mr Roosevelt Ogbonna, Managing Director/Chief Executive Officer (CEO) of Access Bank Plc disclosed this in a notification sent to the Nigerian Exchange Ltd. (NGX) in Lagos on Wednesday. Ogbonna said: “We are pleased to have successfully concluded two important acquisitions in Angola and Sierra Leone. “This affords us synergies to strengthen the quality of our earnings…

FG Repairs Vandalised Transmission Towers with N8.8bn -TCN Mr Sule Abdulaziz, Managing Director of Transmission Company of Nigeria (TCN), says the Federal Government has spent about N8.8 billion to repair vandalised transmission towers across the country.A This is contained in a statement in Abuja on Wednesday by Mr Bolaji Tunji, Special Adviser on Strategic Communication and Media Relations to the Minister of Power. Tunji said that Abdulaziz said this oat the Quarterly Power Sector Working Group meeting in Abuja. Abdulaziz, who was represented by Mr Olugbenga Ajiboye, Executive Director, Transmission Service Provider (TSO), said that between Jan.13 and now, 128…

The average yield on Nigerian government bonds in the secondary market rose by 5 basis points, traders said in their separate notes, citing heated selloffs on naira assets. Investors reacted to subdued yield in the bond market following monetary policy tightening the nudged benchmark interest rate higher by 25 basis points to 27.50%.

The average yield on Nigerian Treasury bills (NTB) increased sharply due to a heated selling rally by local deposit money banks