Author: Marketforces Africa

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…

Nigeria’s Bonny Light Dips Below $70, FX Reserves Hit 2021 High Nigeria’s Bonny Light crude oil grade fell below $70 per barrel amidst rising production output that surpassed the Organisation of Petroleum Exporting Countries (OPEC) and allies members’ (OPEC+) quota. Bonny Light crude oil grade had peaked around $75 in August before it plunged. Data obtained from the global commodities market revealed that Bonny Light crude oil fell by 1.23% week on week to close at $69.32 per barrel, trading against the trend in the oil market. Crude oil prices witnessed a modest recovery after two consecutive weeks of selling…

SEC Stresses Accountability, Transparency to Boost Investor Confidence The Securities and Exchange Commission (SEC) has emphasised that accountability and transparency are critical tools for strengthening investors’ confidence in Nigeria’s capital market. Dr Emomotimi Agama, the Director-General of the SEC, stated that investors’ confidence was closely tied to how accountable and transparent financial institutions and market operators were. In a statement released on Sunday, the SEC noted that strong internal control mechanisms over financial reporting were essential for market integrity and investors’ trust. “Internal control over our financial reporting is a critical part of disclosures. “Whether in the securities market, for…

Naira Depreciates Despite Oiler Inflows, FX Intervention The naira fell at the Nigerian foreign exchange market despite inflows from international oil companies (IOCs), FX intervention by the Central Bank, and rising external reserves. The local currency closed the week at N1535.03 per dollar, according to updated FX by the CBN, lost N2.52. The FX market traded with mixed momentum through the week as demand and supply dynamics shaped flows. Early sessions opened with weak demand, pushing the Naira to lows of $/N1529.00, before fresh buying interest lifted offers to the $/N1535.00 range, investment firm AIICO Capital Limited said. By midweek,…

CBN Smoothens FX Fluctuations, Sells $50m to Banks The Central Bank of Nigeria (CBN) injected $50 million into the foreign exchange (FX) market to boost US dollar liquidity at the official window. The market experienced an increase in dollar demand all through the trading week at the Nigerian foreign exchange market. The development caused the CBN to act, selling $50 million to authorized dealer banks to smoothen out the intermittent volatility. Hence, the local currency closed the week at N1535.03 per greenback, depreciating by N2.52 kobo week on week from N1532.51 at the beginning of the week. FX volatility pressure…

Kenya Upgraded as Near-Term External Liquidity Risks Reduce –S&P S&P Global Ratings has raised its long-term sovereign credit rating on Kenya to ‘B’ from ‘B-‘ with stable outlook while it affirmed ‘B’ short-term sovereign credit rating. The ratings agency said transfer and convertibility assessment of Kenya has been raised to ‘B+’ from ‘B’, According to the rating note, Kenyan stable ratings outlook reflects S&P expectation that the country’s robust economic growth and reduced immediate external liquidity risks will help offset pressures stemming from high interest costs and a protracted fiscal consolidation process. “We could lower the ratings if Kenya’s external…

Moody’s Affirms Cameroon’s Caa1 Ratings, Keeps Stable Outlook Moody’s Ratings has affirmed the Government of Cameroon’s local and foreign currency long-term issuer ratings and foreign currency senior unsecured rating at Caa1 and maintained the stable outlook. According to Moody’s Ratings, the rating affirmation reflects constrained liquidity conditions on the Central African Economic and Monetary Community (CEMAC) regional government securities market, which have increased the possibility of a liquidity-driven default event. Additionally, political risks, such as a potentially disorderly power transition, have grown more acute and are unlikely to be mitigated by the upcoming presidential election. Ratings analyst stated that despite…

FG, States, LGCs Share N2trn from Federally Collected Revenue The federal government (FG), states, and local government councils shared N2 trillion from July’s federally collected revenue, according to the nation’s finance ministry. The Federation Account Allocation Committee (FAAC), at its August 2025 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, shared a total sum of N2.001 trillion to the three tiers of government as Federation Allocation for the month of July 2025 from a gross total of N3.836 trillion. The federally collected amount includes gross statutory revenue, Value Added Tax (VAT),…

Nigerian Exchange Halts Losses, Investors Gain N425bn Equity investors gained about N425 billion as the Nigerian Exchange (NGX) halted losing streaks that lasted for four consecutive days on Friday. The market reversed its negative trend, driven by renewed buying interest as investors bet on potential upside in some companies that recently went south. Key performance indicators climbed by 0.48% with a year-to-date return that settled at 37% at the close of trading sessions. The market rebounded on fresh rallies in BETAGLAS, VERITASKAP, CAP, BUAFOODS, and others across major sectors.The market index, or All-Share Index, added 671.70 basis points to close…