Author: Marketforces Africa

Equities Investors Lose N448bn in Nigerian Stock Market Equities investors lost more than N448 billion in the Nigerian stock market on Monday due to strong selling rallies. The Nigerian equity market began the new week on a negative trajectory as sell side actors went on rampage, causing key performance indicators to dip by 0.74%. The Nigerian Exchange All-Share Index fell by 740.01 basis points in today’s trading session to close at 98,708.90 points. The trading results halted last week’s positive streaks. The market experienced profit-taking in some medium- and large-scale stocks. BUACEMENT, FBNH, and UBA were top stocks targeted for…

US Dollar Declines Ahead of GDP Data The US dollar fell against its major trading partners early Monday, except for a gain versus the yen, as markets prepare for an extremely busy data schedule. These data release include first look at Q3 gross domestic product growth and the October employment report, while Federal Reserve officials are in their ‘quiet period’ ahead of the Nov. 6-7 Federal Open Market Committee meeting. A quick summary of foreign exchange activity heading into Monday showed that USDEUR rose to 1.0817 from 1.0797 at the Friday US close but was below a level of 1.0825…

Transnational Corporation Plc has announced the successful completion of its share reconstruction, a strategic action aimed at maximising long-term shareholders’ value.

Dangote Cement Plc grew profit by 0.6% year on year to N279.10 billion in nine months, details from the company’s unaudited financial statement revealed.

Increased demand for Nigeria’s sovereign Eurobond dragged average yield downward in the international market, according to traders amidst double-digit

The average yield on Nigerian government bonds climbed slightly to 19.3% in the secondary market due to thin trading activities that had bearish tone.

Treasury Yield Rises as CBN Hikes Rate on 364-Day Bills The average yield on Nigerian Treasury bills climbed to 24.1% due to sell pressure in the secondary market as the Central Bank (CBN) repriced discount or spot rates at the primary market auction. Last week, the Debt Management Office (DMO) conducted main auction for treasury bills on behalf of the Apex Bank which is saddle with liquidity management responsibility. At auction, the CBN offered Treasury bills worth N489.8 billion, outpacing maturity during the week by N115.1 billion: a slew of investment firm said in their notes. Total subscription was strong…

Money market rates, the overnight lending and open repo rates dropped further after inflows from the Federal Accounts Allocation Committee

Equities investors gained N835 billion in 5 days on the Nigerian Exchange trading platform due to buy side activities.  Due to investors’ interest in banking

Consumer goods company Unilever Nigeria Plc gained 18.4% or N20.107 billion, as the company’s earnings growth boosted investors’ confidence