Author: Marketforces Africa

Nigerian Exchange Surges by N284bn, Boosts by NIDF Listing The Nigerian Exchange (NGX) opened strong on Monday, with a stream of bargain hunting that lifted key performance indicators on the north side following a negative outing last week. Investors’ portfolio value increased by N284.44 billion on the day, supported by Chapel Hill Denham’s Nigeria Infrastructure Debt Fund shares listing on the Exchange. The Nigerian Exchange All-Share Index (ASI) advanced by 0.30% to close at 141,433.41 points, elevating the year-to-date return to 37.41%. The market recorded marginal divergence between the index and the market capitalization, primarily driven by the additional shares…

UK Remains Western Islamic Finance Hub Despite Limited Local Uptake –Fitch The UK will continue as the leading Western hub for Islamic finance, supported by the London Stock Exchange (LSE) serving as a key listing venue for global US dollar sukuk, and the use of English law in governing most international sukuk, Fitch Ratings says. The London Metal Exchange is accessed by many Islamic banks to facilitate cash financing, accrdoing to Fitch, noting that UK’s financial, professional and legal services, and human capital support the global Islamic finance industry. Fitch highlighted that UK banks are key arrangers and counterparties in…

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…