Author: Marketforces Africa

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported a fire incident on Akaso 4 Wellhead, operated by the

The Kaduna State Internal Revenue Service (KADIRS) has requested MDAs  to forward all outstanding non-tax liabilities such as levies,

The National Drug Law Enforcement Agency (NDLEA) has intercepted multiple consignments of illicit drugs concealed in tins

Dr Chijioke Ekechukwu, an Economic Expert has said that most of the economic projections and outlook for 2024 and 2025 were hinged

The Enugu State Government has approved N183 billion for the construction of additional 141 roads across Enugu metropolis and 20

Nigerian Big Banks Market Value Expands to N4.54 Trillion The market value of Nigerian big banks increased moderately to approximately N4.54 trillion, according to data from the Nigerian Exchange (NGX), due to week-on-week positive price movements. Three banks recorded weekly gain versus two decliners, albeit, movement trend wasn’t sharp enough to shift their combined market value significantly. GTCO ranks stronger, while FBN Holdings remains the most volatile stock trading at steep discount that its peers. Data from the local bourse suggests that the tier-1 lenders are trading at a steep discount to their respective 52-week high stock market performance amidst…

Money Market Rates Fall as Banks See Excess Liquidity Money market rates fell further, tracking at a distance behind 30%, due to the absence of pressure on the financial system on the back of a strong liquidity experience in the just concluded week. Rates had climbed higher above 35% last month due to borrowing activities of commercial banks at the Apex Bank’s standing lending facility -SLF. In a drastic change of an event, and pattern, deposit money banks (DMBs) sterilized excess funds in the system. Banks parked N1.92 trillion into the Central Bank of Nigeria’s (CBN) standing deposit facility last…

MTN Nigeria Falls below N4trn after N888bn FX Loss Telecommunications giant, MTN Nigeria Plc’s, market value has slumped below N4 trillion, first time in a long time, following crunching selloffs that hit its stock due to unimpressive earnings, weak performance outlook. To reduce their risk position, some shareholders dumped the telecom company shares on the Nigerian Exchange in reaction to the earnings slump, and broken balance sheet position. Last week, its share price fell to N190 on the local bourse, down by more than 5.26% from N200. This reduced its market value to N3.98 trillion, now trading at a 40.58%…

Yield Hits 19.8% as Uncertainties Stoke Selloff in Bond Market Bond market investors reduced their interest in the Federal Government of Nigeria’s (FGN) long-term borrowing securities in the secondary market due to unpriced risks emanating from nationwide protests. Inflation rate has crossed the resistance line, while interest rate has accelerated to 26.75% while exchange rate continues to fluctuate negatively. Investors are weighing the impacts of changing market dynamics on portfolio performance. This has cause some adjustment in line with market dictates. The market is pricing uncertainties into their investment play in the fixed interest securities secondary market. The authority has…

FBN Holdings to Seek Approval to Raise N350bn, Pay Dividend FBN Holdings Plc has announced a decision to hold its annual meeting with shareholders in August, where the board of directors plans to obtain approval to raise up to N350 billion and pay dividends. In a regulatory filing, the financial services group told the Nigerian Exchange and the public that its 12th annual general meeting will be held virtually on Thursday, August 22, 2024. At the meeting, the shareholders will received the group audited financial statement for 2023 and fix directors, chairman remuneration as proposed by the board of directors.…