- NEAR Protocol Dips 10% Over Alleged Stolen Patented Technology
- XRP Seeks Catalyst to Halt Downtrend, Breaks Below $1.30
- Bitcoin Drops to $80.5k on Spot ETFS Outflows, AI Stocks Rout
- Naira Touches N1,395 to US Dollar as FX Order Book Surges
- Nigeria’s Gas Reserves Rise 3% to 215.29 Trillion Cubic Feet
- Oil Prices Edge Higher, Brent Rises 5% Week-on-Week to $115
- FirstHoldco Soars on Earnings Beat, Otedola, RC Hold 50% of All Shares
- XRP Upside Rises to 35% as Ledger Upgrade Delayed to Nov.
Author: Marketforces Africa
MarketForces Africa, a Financial News Media Platform for Strategic Opinions about Economic Policies, Strategy & Corporate Analysis from today's Leading Professionals, Equity Analysts, Research Experts, Industrialists and, Entrepreneurs on the Risk and Opportunities Surrounding Industry Shaping Businesses and Ideas.
Sterling Financial Holdings Plc grew its annual profit by 11.85% to N21.584 billion in 2023 from N19.298 billion in the comparable year in 2022, its audited report released to the Nigerian Exchange today shows.
With price appreciation in Zenith, GTCO, and UBA, Nigerian banks are making further uptrends on the Nigerian Exchange (NGX) during intraday trading sessions. This has lifted banking index higher from previous close.
GCR Ratings (GCR) has affirmed Stanbic IBTC Bank Limited’s national scale long and short-term issuer ratings of AAA (NG) and A1+ (NG) respectively, with a stable outlook
The naira appreciate by 12.35% to N1,173.88 at the official market at the close of business on Tuesday but FMDQ left fx spot rate data at N1339 instead, creating confusion for majority of news platforms. However, the platform has corrected after flood of wrong FX spot were reported.
Nigeria’s sovereign Eurobonds experienced positive trading activity in the international market, which caused yield to decline by 7 basis points. Foreign investors logged fresh demand for Nigeria’s US dollar, causing the average yield to decline by 0.07% to 9.91%, according to Cowry Asset Management Limited.
Dangote Refinery’s senior executive has disclosed the company’s intention to pursue a dual public listing on the Nigerian Exchanges (NGX) and the London Stock Exchange (LSE).
In the bond market, there was slight trading activity for FGN Bonds in the secondary space. However, the average yield stayed muted at 18.69%, sustaining negative interest yield on naira asset.
Treasury bills that were purchased in the fixed interest securities market saw a rise following high bids and allotments at the Central Bank of Nigeria’s (CBN) primary market auction (PMA) last week.
With rights issue in the pipeline, Moruf Oseni Wema Bank Managing Director/Chief Executive Officer said the Nigerian lender’s capital base stands at N55 billion. Oseni said this at the 2023 annual meeting with shareholders, adding that Wema Bank is set to raise N200 billion in capital within the 24-month timeline issued by the Central Bank of Nigeria (CBN).
To improve efficiency and the delivery experience, e-commerce platform Jumia Nigeria announced on Tuesday the opening of a new integrated warehouse and logistics network facility.