Author: Marketforces Africa

Naira Mastercard: GTBank Sells Dollar at N1544 for FX Payment GTBank sells US dollars at N1544 for international payment on Monday, reflecting the local currency appreciated from N1545 per greenback last week when tracked by MarketForces Africa. The bank naira Mastercard affords FX users seeking to make online payments a lower rate on Monday than the previous quote. The FX rate is subject to change based on exchange rate fluctuation at the official window. Last week, the Central Bank of Nigeria (CBN) sold $50 million to authorised dealer banks, and still the official FX rate depreciated by N2.52 week on…

BUA Foods Hits New 52-Week High, Retains Highest Valuation Consumer goods producer BUA Foods Plc hit a fresh 52-week high on the Nigerian Exchange (NGX) due to a sustained rally in the consumer goods sector. The company also retained its highest valuation rating, surpassing MTN Nigeria, Dangote Cement, Airtel Africa, and other members of trillion valuation gang in the local bourse. Trading data on BUA Foods showed its price was relatively stable until Friday. BUA Foods’ share price opened the week at N588 on moderate trading activities. The stock picked up on Friday, settling at N590 as buy-side actors placed…

Champion Breweries Jumps by 11% on Acquisition Notice Champion Breweries Plc gained about 11% in the stock market as investors reacted positively to the company acquisition notice. Trading data obtained from the Nigerian Exchange showed that the brewer share price surged to N18.80 on Friday as value hunters took positions ahead of rush hours. The company share price was, however, volatile throughout the week, though it eventually settled stronger than its opening price of N16.95. Champion Breweries touched N19.74 during the week before selling heat melted the stock price on increased activity by sell side actors. On Friday close, the…

Stanbic IBTC Shrinks by 15.4% Amidst Earnings Delay Stanbic IBTC Holdings Plc lost more than 15% of its market value as investors exited positions in the stock amidst the first-half2025 earnings delay. The banking group faced all-week selling pressures on the Nigerian Exchange as investor sentiment dropped. Trading data obtained from the local bourse highlighted that Stanbic IBTC share price fell by about 15.4% to N94 from N111.1, reflecting a substantial volume sell-down by stockholders. Trading volume for the last two trading sessions were sharp, and trend suggested sell-side actors initiated much of those transaction that plunged Stanbic IBTC market…

CBN Raises N1.2trn from OMO, Treasury Bills Auctions The Central Bank of Nigeria (CBN) raised N1.2 trillion from its open market operation and Treasury bills auction as part of its liquidity management efforts last week. The auctions were conducted as primary market auctions to reduce excess liquidity triggered by huge inflows from expired OMO bills and Treasury bills. Both auctions were oversubscribed by local banks, foreign portfolio investors, asset managers, and other institutional players that participated. Nigerian Treasury bills worth N230 billion were auctioned on Wednesday, followed by an open market operation on Thursday. At the OMO bill auction, the…

Short-Term Rates Decline in Absence of Liquidity Pressure The short-term benchmark interest rates fell as the money market witnessed a remarkable turnaround, with strong liquidity inflows reshaping the funding landscape last week. Interbank rates were above 32% at the beginning of the week due to tight funding conditions in the banking system, fueling a modest uptick in interbank rates. Many deposit money banks accessed funds via the Central Bank of Nigeria (CBN) standing lending facility. To meet their daily funding demands, banks’ weekly average borrowing increased to N360.19 billion from N294.60 billion in the comparable period, according to Cordros Capital…

Oil Posts Weekly Gain on Geopolitical Tensions Oil posted a weekly gain as renewed concerns over the Russia-Ukraine conflict and fresh US sanctions on Iran’s energy trade fuelled supply risks. International benchmark Brent crude traded at $67.04 per barrel, up 1.9% from last week’s close of $65.77. US benchmark West Texas Intermediate (WTI) stood at $63.31 per barrel, an increase of 1.6% from last Friday’s close of $62.32. Ukraine’s military reported “one of the largest air attacks of the year,” killing one person and injuring 15, while President Volodymyr Zelensky accused Moscow of showing no willingness to pursue peace. He…

Jaiz Bank Shrinks Amidst Rebranding, Dividend Payment Jaiz Bank Plc lost about 6.6% of its market value on the Nigerian Exchange (NGX) amidst rebranding and dividend payments to shareholders. The bank has lost about 13.5% of its market value in the last seven trading sessions, based on NGX trading data. The Islamic lender is trading at 18.18% below its highest valuation in 52 weeks, reflecting share price volatility. According to its trading data from the Nigerian Bourse, the Islamic lender share price fell week on week to N4.50 on Friday when 13.642 million units valued at N64.060 million changed hands…

FCMB Climbs As Investors React to Capital Raise Plan FCMB Plc’s market value climbed as investors reacted positively to equity capital raise plan by the group. The market value of the financial services group’s 39.605 billion shares outstanding increased to N435.659 billion, tracking below 52-week high by about 15%. Its share price closed at N11 on Friday as 135.960 million units valued at N1.461 billion were traded, according to data from the Nigerian Exchange. FCMB opened the week at N10.95 but traded negative until Friday, when investors reacted to new information that has the possibility of enhancing the group’s earnings…

Insurance Stocks Lead Transactions Valued in Nigerian Market The insurance sector closed the week on a high note, with investors trading 2.1 billion shares valued at N6.2 billion on the Nigerian Exchange Ltd. (NGX). This positive performance was driven by 17 insurance companies. AIICO Insurance led the market, trading 236.96 million shares valued at N995.88 million across 4,691 transactions. Mutual Benefits Assurance followed, with 204.7 million shares worth N879.2 million. While Universal Insurance sold 434.2 million shares valued at N559.1 million across 2,258 deals, AXA Mansard Insurance traded 33.2 million shares worth N554.2 million across 1,378 transactions. Also, Lasaco Assurance…