Author: Marketforces Africa

BUA Foods, Zenith Bank Boost NGX Intraday Rally BUA Foods, Zenith Bank, and First Holdco Plc are among the top riders in the local bourse, driving the Nigerian Exchange (NGX) all-share index higher as investors’ sentiment improved. The uptrend is supported by gains in financial stocks. The Nigerian market lost about N2.8 trillion in the last three bearish outings that plunged key performance indicators downward. Stockbrokers noted equity investors booked profit across sectoral indexes due to downbeat sentiment, while some wealth managers rotate out amidst expectations that the market correction will last long. At midday, the NGX All Share Index…

OMO Bills Yield Eased as CBN Offered 25.99% on 124-Day The average yield on Nigerian OMO bills declined by two basis points, hovering around 25%, as eligible investors rushed to boost their portfolios following a primary market auction that the Central Bank conducted on Thursday. Return on OMO bills remains the most attractive short-term investment in the financial market. Sustained decline in the headline inflation rate has widened the real return on investment (real interest rate) to 5.62% in addition to the relative stability of the naira. While the average yield on Nigerian Treasury bills has fallen sharply, OMO bill…

Naira Climbs as CBN, FPIs Boosts US Dollar Liquidity The Nigerian local currency, the naira, climbed at the foreign exchange market as foreign portfolio investors (FPIs) boosted US dollar liquidity amidst rising external reserves. The volume of US dollars increased, and the Central Bank of Nigeria (CBN) supported the flow with FX intervention sales, helping the local currency close stronger than the previous day. The market also witnessed inflows from offshore investors who participated in the open market operations. According to an FX data update from the CBN, the naira appreciated slightly to N1535.78 on Thursday, from N1536.73 the previous…

Ecobank to Host Art Exhibition in Honour of Nigeria’s Revered Artists Ecobank Nigeria says it is hosting an art exhibition to celebrate the timeless creativity and cultural impact of Nigeria’s most revered visual artists. The bank said in a statement on Thursday in Lagos that the exhibition would also help in inspiring future generations who are interested in the industry. The exhibition, slated to be held from Saturday, Aug. 30, to Sept. 21, has the theme “Enduring Legacies: A Collector’s Tribute to Masters.” Austen Osokpor, Head of Corporate Communications at Ecobank Nigeria, said the show would display an exceptional private…

Euro Gains as EU, US Move to Next Step on Trade Pact Euro gains 0.02% to $1.1651 in the forex market as the EU and US move to the next step in implementing the trade deal. The euro rally was also boosted by solid flash PMI data released by S&P Global on Thursday, showing improved business activity in the Eurozone. Investors opened positions in euro currency following news that the US and the European Union took the next steps to formalize their trade pact, detailing plans that could reduce tariffs on European automobiles. The joint statement issued Thursday advances the…

GTCO, Zenith Bank Drive Intraday Rally in Stock Market GTCO, Zenith Bank, and other early gainers are driving the Nigerian Exchange (NGX) key performance indicators north during early trading session on Thursday as investors begin to re-enter positions. Most Tier-1 banks’ combined market value had dropped due to two days of sell-offs that plunged the banking index, and yearr-to-dat return downward. The All Share Index has gained 17 basis points, and stockbrokers said buying momentum could persist, though it is relatively soft compared with the previous monster rally in the local bourse. MarketForces Africa reported that the stock market lost…

Crude Oil Prices Surge on Positive Demand Outlook Crude oil prices surged in the global commodity market on Thursday after data signaled stronger US demand, while uncertainty over the Federal Reserve’s (Fed) easing trajectory and international efforts to end the Russia-Ukraine war kept traders on edge. Brent crude was trading at $66.97 per barrel, up 0.7% from the previous close of $66.48. The US benchmark West Texas Intermediate (WTI) rose 0.9% to $63.31, from $62.77 in the prior session. US commercial crude oil inventories decreased by 1.4% during the week ending Aug. 15, according to the Energy Information Administration (EIA).…

GCR Assigns Final Rating to Elektron Finance SPV N4.64bn Infrastructure Bonds GCR Ratings has assigned a final national scale long-term issue rating of AAA (NG) to Elektron Finance SPV Plc’s N4.64 billion Series 1 Senior Guaranteed Fixed Rate Infrastructure Bonds, with the outlook accorded as stable. Recall that Elektron Energy successfully closed its debut capital markets transaction – a 15-year,InfraCredit-guaranteed infrastructure bond issued via Elektron Finance SPV Plc. The bond, which has been approved by the Securities and Exchange Commission, is designed to fund the flagship Victoria Island Power Project (VIPP) and presents a significant step towards Elektron’s broader N200…

Google, Microsoft, TikTok Close 13m Accounts in Nigeria–NITDA The National Information Technology Development Agency (NITDA), says leading global platforms Google, Microsoft and TikTok have closed and deactivated more than 13 million accounts in line with Nigeria’s Code of Practice for online platforms. Mrs Hadiza Umar, Director, Corporate Communications and Media Relations of NITDA said this on Wednesday in a statement in Abuja. Umar said that the Code of Practice for Interactive Computer Service Platforms, Internet Intermediaries is for the submission of the 2024 compliance report. The code was issued jointly by the Nigerian Communications Commission, National Broadcasting Commission and NITDA,…

MAN pushes for ‘Nigeria First’ Policy in Manufacturing The Manufacturers Association of Nigeria (MAN) has urged renewed efforts to boost economic growth by strengthening local production, competitiveness, and sustainable development under the Nigeria First Policy. MAN President, Otunba Francis Meshioye, made the call on Wednesday in Lagos at the 58th Annual General Meeting of the association’s Ikeja branch. The event was themed: ‘Driving Economic Growth: The Role of the Manufacturers Association of Nigeria in Advancing the Nigeria First Policy for Sustainable Development.’ Meshioye stressed that the manufacturing sector remained central to Nigeria’s economic growth and must be prioritised in policy…