Author: Marketforces Africa

Conoil, Guinness Nigeria Drag Stock Market Cap Down by N663bn The stock market continued on a negative note on Wednesday, as investors lost N663 billion. Sell-offs in Conoil, Guinness Nigeria, Consolidated Hallmark Holdings, Royal Exchange, and 48 other stocks pulled the market performance down. Specifically, the market capitalisation, which opened at 90.227 trillion, closed at 89.564 trillion, representing 0.73 per cent. The All-Share Index also declined by 0.73 per cent or 1,047.16 points to close at 141,566.31, as against 142,613.47 posted on Tuesday. The market breadth also closed negative with 52 losers and 18 gainers. On the losing side, Conoil…

TICAD9: Tinubu Sets $1 billion Trade Target for Nigeria President Bola Tinubu says Nigeria’s participation in the Tokyo International Conference on African Development (TICAD9) is anchored on a bold $1 billion trade and investment goal. Leading Nigeria’s high-powered delegation to the conference in Yokohama, Japan, Tinubu said the visit seeks to drive green innovation, foster industrial growth, and reinforce Nigeria as West Africa’s gateway. In a post on his verified X handle, @officialABAT, Tinubu stressed that Nigeria’s engagement at TICAD9 is strategic and deliberate, rather than ceremonial. The President stated: “At #TICAD9, themed ‘Co-create innovative solutions with Africa,’ Nigeria comes…

Developed Economies’ Potential Growth Revised Up to 1.6% -Fitch Fitch Ratings has updated its five-year projections for supply-side potential GDP growth for the 10 developed economies (DM10) covered in its Global Economic Outlook. The GDP-weighted average DM10 potential growth projection has been raised to 1.6% a year from 1.4% in the previous report in August 2023. This reflects more optimistic projections for the US, revised up to 2.1% from 1.7% in the previous report; Spain, raised to 2.0% from 1.4%; and the UK (1.4% from 1.2%). These changes are partially offset by a sharp downward revision to Germany’s potential growth…

FG Slashes Kidney Dialysis Cost in Federal Hospitals to N12K or $8 The Federal Government has approved N12,000 (less than $8) as the cost for dialysis under the Kidney Dialysis Subsidy scheme, as opposed to the previous N50,000. Mr Alaba Balogun, the Deputy Director/Head of Information and Public Relations, Ministry of Health and Social Welfare, disclosed this in a statement in Abuja on Wednesday. According to Balogun, the significant move that will ease the cost of the treatment for patients is to save lives and reduce both physical and financial suffering, especially amongst vulnerable Nigerians. “This intervention is a deliberate…

Rainoil Receives MT Princess Oge in Nigerian Waters Rainoil Limited on Wednesday received ‘MT Princess Oge’, a 45,000-metric-ton oil product tanker, on her maiden voyage into Nigerian waters. The development marks a significant step in strengthening petroleum product distribution across the country. Dr Gabriel Ogbechie, Group Managing Director of Rainoil Ltd., said the Japan-built vessel, with a deadweight tonnage of 45,996MT, successfully discharged 20,000MT of petrol at Rainoil’s Ijegun depot, Lagos. He described the vessel’s arrival as a milestone for the company. “The acquisition and reception of MT Princess Oge is not just about expanding our logistics capacity. “It represents…

Market Rates Slide as OMO Inflow Boosts System Liquidity Pressure on money market rates declined as OMO inflow boosted the liquidity level in the financial system on Wednesday. Banks were noted to ramp up borrowing from the Central Bank of Nigeria (CBN) standing lending facility window to meet daily funding requirements. The last data update cited from the CBN platform revealed that the liquidity balance in the financial system was about N95 billion in deficit. According to AIICO Capital Limited, interbank rates dropped sharply following today’s ₦854.46 billion OMO maturity credit, which significantly eased liquidity pressure. The Nigerian Interbank Borrowing…

Oil Prices Increase over U.S Demand Optimism Oil prices edged higher in the global commodity market on Wednesday as US industry data showed a larger-than-expected draw in crude inventories, while investors weighed progress in international efforts to end the Russia-Ukraine war. Brent crude was trading at $65.92 per barrel, up 0.48% from the previous close of $65.60. The US benchmark West Texas Intermediate (WTI) rose 0.51% to $62.27, from $61.95 in the prior session. The American Petroleum Institute (API) reported a 2.4 million-barrel decline in US crude stocks last week, compared with expectations for a 1.2 million-barrel drop, signaling stronger…

Dangote Cement Falls Below N9trn as Investors Exit Positions Dangote Cement Plc’s market value fell below N9 trillion as investor sentiment dropped despite an impressive earnings performance in the first half of 2025. Trading data obtained from the Nigerian Exchange showed that Dangote Cement share price declined to N520 from N577 as 2.598 million units valued at N1.350 billion were traded in the local bourse. The selloffs dragged the cement company’s market down to N8.774 trillion. Dangote Cement recently recovered from sell pressure to hit a new 52-week in the Nigerian market. The company delivered a strong H1 2025 result,…

CBN Sets for Nigerian Treasury Bills Primary Market Auction The Central Bank of Nigeria (CBN) will offer Treasury bills for subscription at its midweek primary market as scheduled. The offer will be split across standard tenors by the Debt Management Office, which will handle the auction on behalf of the Apex Bank. Analysts are anticipating that spot rates will taper following the recent inflation rate slowdown and widening real return on investment. Inflation fell to 21.88% year-on-year in July, while the monetary policy committee kept the benchmark interest rate at 27.50%. The monetary policy rate was jerked up as part…

Macron Warns Against Hasty Ukraine Peace Without Security Guarantee French President Emmanuel Macron has cautioned against a hasty peace deal for Ukraine that lacks strong security guarantees, warning it could leave Europe back at square one. “This peace must not be rushed and must be backed by solid guarantees; otherwise, we will be starting over again,” Macron told broadcaster TF1/LCI in an interview that aired on Tuesday. He said the first guarantee was a strong Ukrainian military, with tens of thousands of well-equipped soldiers, defence systems and higher standards. The president said the second would be so-called reassurance forces from…