Author: Marketforces Africa

Oil prices traded steady ahead of the OPEC+ meeting scheduled later in the week, when members will determine the group’s production policy along with US data indicating economic growth.

FBN Holdings grew profit by about 316% year on year in the first quarter of 2024, despite pressure from a huge FX loss. Details from its unaudited financial showed that profit after climbed to N208.113 billion from N50.054 billion in the comparable period in 2023.

FCMB Group shareholders will receive a total dividend of N9.901 billion from the financial services company in 2023, following a strong earnings performance.

CardinalStone Securities analysts have raised BUA Foods 12-month target by about 14% to N314.16 per share from N275.76, details from its equity report revealed. Analysts retain hold recommendation, noting that the food company is trading at premium, suggesting that it’s currently overpriced on the Nigerian Exchange at N379.

Nigeria’s merchant banks have less than two years to shop for N230 billion to meet the recapitalization deadline set for first quarter of 2026.

Senate Committee Seeks Regulation on Crypto Trading The Senate Committee on Capital Markets , on Monday, called for the regulation of cryptocurrency to ensure some level of accountability and protection of investor’s funds. The Chairman of the Committee, Sen. Osita Izunaso, said this when he briefed newsmen in Abuja after the committee’s screening of Dr Emomotimi Agama, the newly appointed Director-General of the Securities and Exchange Commission (SEC), and three executive commissioners behind closed- doors. “The issue of cryptocurrency must be regulated because Nigerians are trading in crypto. “Since Nigerians are trading in crypto, why are we not regulating it?…

TCN Reports Collapse of Tower on Jos-Gombe Transmission Line The Transmission Company of Nigeria (TCN), says its tower T290, one of the four new towers erected by its contractors along the Jos-Gombe 330 KiloVolt (kV} transmission line, collapsed during the cable stringing process. Mrs Ndidi Mbah, TCN’s General Manager, Public Affairs, said in a statement that the incident occurred at about 7 a.m. today. Mbah said the incident occurred while the contractor was stringing the cable on the last tower, which was supposed to enable the final joining of the power cable in time for energizing the  line today. ‘”In…

Oil prices remain under pressure ahead of the Organisation of Petroleum Exporting Countries  (OPEC)

Reversing the previous downturn, shares of Nigerian big banks are currently trading higher. The market had priced these stocks lower amidst weak sentiment in the local bourse last week, causing investors to lose N290.1 billion over five trading sessions.

The average yield on Nigerian Treasury bills (NTB) dropped to 22% as a result of increased secondary market demand. At the primary market