Author: Marketforces Africa

NGX Index, Return Shrink as Equity Investors Lose N713bn The Nigerian Exchange (NGX) all-share index, year to date return and market capitalisation declined as a results of N713 billion drop in equity portfolio value. Investors lost N713 billion due to profit taking activities seen across sectoral indexes in the just concluded week amidst disinflation. Stockbrokers reported that the Nigerian bourse posted broad-based declines, driven largely by sustained selloffs in Banking, Consumer Goods, Oil & Gas, Industrial Goods, and Commodity stocks. The market digested the recently published July 2025 consumer price inflation data which saw a moderation to 21.88% year on…

AfDB Commits $40m to Drive AGIA Green Infrastructure Fund The African Development Bank (AfDB) has committed 40 million dollars to the Alliance for Green Infrastructure in Africa Project Development Fund (AGIA-PD), anchoring the Fund’s first close of 118 million dollars. AfDB Vice President for Private Sector, Infrastructure and Industrialisation, Mr Solomon Quaynor, made this announcement in a statement on Saturday. Quaynor said the milestone marked a major step in mobilising blended finance to deliver investment-ready green infrastructure projects across the continent. According to him, the initiative will help accelerate Africa’s transition to a low-carbon and climate-resilient economy. “The AfDB’s contribution…

Oil Prices Close Positive, Brent Nears $66 per Barrel In the global commodity market, the prices of crude oil closed the week higher on expectations of US interest rate cuts and heightened geopolitical focus ahead of a high-stakes meeting between US President Donald Trump and Russian President Vladimir Putin. International benchmark Brent crude traded at $65.97 per barrel on Friday, up 0.2% from last week’s close of $65.83. US benchmark West Texas Intermediate (WTI) stood at $62.70 per barrel, a marginal increase from last Friday’s close of $62.69. Overall, the week’s oil price movements were driven by the interplay of…

Oando Completes First Tranche of Shares Distribution to Shareholders Dual-listed indigenous energy company Oando Plc has announced the successful completion of tranche one of its share distribution programme to eligible shareholders, it said in a disclosure on the Nigerian Exchange. At the annual general meeting held in December 2024, the company’s shareholders approved a settlement through the surrender of shares to the company, with subsequent pro rata distribution of some or all of these shares to existing shareholders. Early in the year, its board of directors approved the Phase 1 distribution of 1,283,712,601 shares in two tranches. In a statement,…

Naira Rallies as CBN Flood Currency Market with Dollars The naira sustained its uptrend against the dollar with sizeable foreign currency sales supported by the Central Bank of Nigeria (CBN), affirming analysts’ positions that the spot rate would trade range-bound in the short term. The naira closed at N1532.51 per dollar at the official foreign exchange market on Friday, according to Central Bank of Nigeria updated fx data, supported by intervention. The local currency appreciated from N1534.52 per dollar on the previous day as a result of support from exporters, foreign portfolio investor inflows, and a boost from corporate activities.…

Nigerian Exchange Index Down 0.46%, Equity Investors Lose N425bn The Nigerian Exchange (NGX) year-to-date return moderated sharply by more than N425 billion as the all-share index pulled back from climbing due to sustained selling pressures in the local bourse. The negative sentiment in the local bourse heightened as investors reacted to disinflation, which has widened the real return on naira assets in the fixed income market. Risk appetite in the equity market started to ease since the week began, though early bargain hunting in insurance names patched profit taking activities. Trading patterns have now shown that investors have started dumping…

MTNN, Zenith, GTCO Drive Intraday Loss in Equity Market Telecommunication company MTN Nigeria Plc and Tier-1 names like Zenith Bank and GTCO were among other decliners that plunged the Nigerian Exchange market capitalisation downward during the early trading session on Friday. The market index experienced a sharp intraday decline due to profit-taking activities that have persisted amidst earnings releases and interim dividend announcements. Investor sentiment has weakened amidst Broadstreet discussion on the extent of the looming market correction after a monster rally that lasted for almost one month.  At midday, the NGX All Share Index witnessed a bearish trend, Alpha…

Bosquet Investments Acquires Nedbank’s Stake in Ecobank Bosquet Investments Limited has acquired 21.22% stake in Ecobank Transnational Incorporated from Nedbank Group Limited, according to a regulatory filing released on Friday. South Africa Nedbank announced decision to sell interest in Ecobank group following earnings release in the first half of 2025 in an effort to refocused its operation. Ecobank, the parent company of the Ecobank Group, confirms the execution of a purchase agreement between Nedbank Group Ltd. and Bosquet Investments Ltd, the private investment vehicle of Alain Nkontchou, for the acquisition of a 21.22% stake in ETI. This transaction remains subject…

Oil Prices Decline Ahead of U.S-Russia Peace Talks Crude oil prices declined in the global commodities market on Friday, reflecting sustained geopolitical uncertainties as markets focused on today’s meeting in Alaska between US President Donald Trump and Russian President Vladimir Putin. Brent crude fell 0.57% to $66.08 a barrel, down from $66.46 at Thursday’s close. The US benchmark West Texas Intermediate (WTI) decreased 0.61% to $62.72 per barrel, compared to $63.11 in the previous session. Markets were grappling with uncertainty ahead of the summit, scheduled for Aug. 15 at Joint Base Elmendorf Richardson in Anchorage. The US President said on…

Investors Seek Crypto Firm Probe over Alleged N1.8trn Fraud No fewer than 14, 000 Nigerian investors have prayed the Economic and Financial Crimes Commission (EFCC) to investigate activities of a cryptocurrency firm, MTS/TOFRO, over alleged N1.8 trillion investment fraud The petitioners, though their lawyer, Ebuka Nwaeze, also urged the Securities and Exchange Commission (SEC) to investigate the extent of the firm’s compliance with the commission’s regulations and the allegation of its collapse. While a petition addressed to the EFCC’s chairman was received on Aug. 6, the petition written to the SEC DG was received on Aug. 13. The certified true…