Author: Marketforces Africa

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

The benchmark yield on Federal Government of Nigeria (FGN) bonds slide by 2 basis points to about 18.7% in the secondary market. The interest yield on local debt notes widened following inflation surge in April amidst widening real return on investment.

The Nigerian naira exchange rate improved marginally in the forex market, gaining 0.98% week on week amidst expectation that the Central Bank, CBN, will support liquidity in the currency markets in the new week.

Abia to Secure 80 Megawatts of Power for Umuahia – Otti Gov. Alex Otti of Abia says the State Government has entered into negotiations with the Enugu Electricity Distribution Company to secure 80 megawatts of power for Umuahia. Otti said this during an interdenominational thanksgiving service organised by the government to celebrate the governor’s one year in office at the International Conference Center, Umuahia. He affirmed his administration’s commitment to foster economic growth and improve the overall quality of life for the people. He said: “We are trying to solve the problem of power in Umuahia as we continue our…

Nigerian lender, Wema Bank Plc, saw its market value decline slightly to N86.149 billion on Friday due to selloffs. Ahead of its annual meeting with shareholders, the bank’s share price has plunged more than 46% behind its 52 week high.

The market value of Ecobank Transnational Inc. Plc. (ETI) fell by about 10% to N397 billion on Friday due to large volume selloffs on the floor of the Nigerian Exchange. In the first three months of 2024, earnings results revealed that the Pan African lenders earned $0.28 per share outstanding, as opposed to $0.26 on shares deployed for operation in the corresponding period in 2023.

The Federal Competition and Consumer Protection Commission (FCCPC), says President Bola Tinubu’s credit scheme will help to close the gap and reduce vulnerability of Nigerians to unethical digital loan companies.

VFD Group Plc recorded N1.021 billion loss before tax in financial year 2023 due to sharp decline in net investment income

GTCO’s Market Value Falls 31% Below 52-Week High Selloffs has knocked out about 31% of market value of Guaranty Trust Holdings Company Plc (GTCO) to N1.097 trillion on Friday, according to data from the Nigerian Exchange (NGX). The company, however, experienced yet another wave of pessimism in the stock market, with a 6.75% decline over the previous seven trading sessions and a closing price of N37.3 per share on the local exchange. The equity market ended last week with bearish activities spanning three out of five trading sessions. Following the notice from the apex bank regarding the recapitalization of local…