Author: Marketforces Africa

Equity Investors Gain N2.82trn, NGX Market Cap, Return Surge The Nigerian Exchange (NGX) year-to-date return settled at 41.61% as a N2.84 trillion gain over four out of five trading sessions boosted market capitalisation. The local bourse recorded another remarkable performance, climbing to fresh record levels amid strong bullish sentiment across key sectors. Stockbrokers reported that the rally was largely propelled by investors’ interest in insurance, industrial, and consumer goods stocks, following the official signing of the Nigerian Insurance Act into law. This development served as a significant market catalyst, according to Cowry Asset Limited, enabling market players to reassess their…

BUA Foods Hits N10.35trn, Surpasses MTNN, Dangote Cement At about N10.35 trillion market value, BUA Foods Plc has become the most valuable stock in the Nigerian Exchange (NGX), surpassing MTN Nigeria and Dangote Cement to take the leadership position in the trillion naira club. According to data obtained from the Nigerian Exchange, BUA Foods’ market value inched higher to N10.348 trillion as a result of increased activities on the consumer goods index in the local bourse. BUA Foods courted investors’ attention, having shown signs its future earnings stream will remain stronger year on year except that the majority of its…

Oil Records Weekly Dip as Tariffs, Tensions Stoke Uncertainties Oil prices are on track to post a weekly loss for the week ending Aug. 8, as mounting concerns over widening US tariffs and easing geopolitical risks outweigh support from declining inventories and expectations of a Federal Reserve (Fed) rate cut. The international benchmark Brent crude was trading at $66.59 per barrel on Friday, marking a fall of around 3.9% from last week’s closing price of $69.27. Similarly, the American benchmark West Texas Intermediate (WTI) traded at $63.58 per barrel, a decrease of approximately 3% from last Friday’s close of $65.55.…

Mutual Benefits Assurance Hits 52-Week High, Gains 60% Financial services company Mutual Benefits Assurance Plc Market Value hit 52-week high on the Nigerian Exchange (NGX) in an all-week rally that lifted its share price higher by more than 60%. The anticipated reforms in the insurance sector drove the index higher as investors took early positions after Nigeria signed a new act for recapitalisation. Trading data obtained from the Nigerian bourse revealed that the assurance company’s share price inched higher by 60.4% week on week to settle at N2.98 on Friday from N1.82 at the beginning of the trading session. Increased…

CBN Raises N2.3trn from Treasury, OMO Bills Deposit Money Banks (DMBs), Foreign Portfolio Investors (FPIs), Pension Fund Administrators (PFAs), and wealth managers staked a total of N2.566 trillion on OMO and Nigerian Treasury bills at the primary market auctions this week. Investors participated in the Apex Bank’s open market operations on Tuesday, followed by the Nigerian Treasury bills auction on Wednesday. The authority mopped up about N2.3 trillion from the two auctions. On Tuesday, the Central Bank of Nigeria (CBN) offered N600 billion worth of OMO bills for investors’ subscription to eligible market participants—banks and foreign portfolio investors. Subscription levels…

Naira Exchange Rate Little Changed Amidst CBN’s Key Actions The naira exchange rate was little changed week on week in the currency market amidst twin key actions taken by the Central Bank of Nigeria (CBN). In the foreign exchange market, the naira saw a slight improvement at the official window, gaining 0.01% week-on-week to close at N1,533.56 per US dollar demand logged by corporate FX users. The CBN updated spot rate data on its platform confirmed the spot rate closed at N1,533.56/USD from N1,533.73 at the beginning of the week, supported by the CBN’s end-of-week announcement of clearing all outstanding…

Peter Obi Advocates 5-Year Single Tenure for President Peter Obi, Presidential candidate of Labour Party (LP) during the 2023 presidential election has advocated for a 5-year single term for President in Nigeria. Obi stated this in Bauchi on Friday when he paid a courtesy visit on Gov. Bala Mohammed of Bauchi State. According to him, there shouldn’t be any second tenure for president, adding that instead of the four year tenure, it should be five years as practiced in South Korea. “I’ve said it and I want to say it again in this government house that if I have the…

CBN Completes FX Forward Contracts Forensic Audit, Plans Legal Action The Central Bank of Nigeria (CBN) says it has completed a major forensic audit into the country’s foreign exchange transactions under the Retail Secondary Market Intervention Sales (RSMIS) scheme, declaring that the matter is now closed. This follows an 18-month investigation by the CBN in collaboration with authorized dealer banks and the global audit firm Deloitte, which reviewed all outstanding and undelivered FX forward contracts. FX forwards are contracts that allow businesses or individuals to lock in a specific exchange rate today for the purchase or sale of foreign currency…

Telecom Operator 9mobile Rebrands as T2 Nigeria’s fourth-largest telecoms operator, 9mobile, has unveiled a new brand identity, T2, as part of efforts to revive its market presence and digital focus. The Chief Executive Officer, Obafemi Banigbe, made this known during the unveiling of the new brand name on Friday in Lagos. Banigbe said the T2 identity marked a new chapter in 9mobile’s journey, centred on bold innovation, digital transformation, and a customer-first approach. “This is not just a brand unveiling. It marks the beginning of a whole new chapter in our company’s history. “We are no longer who we were.…

GTCO Drops Hints on Earnings Release, Interim Dividend Guaranty Trust Holding Company (GTCO) Plc’s board of directors has transmitted the audited financial statement of the financial services company to the Central Bank for approval, according to an official statement. In a regulatory filing, GTCO told the Nigerian Exchange and London Stock Exchange that its board, at a meeting held on July 31, has approved its half-year audited financial statement. Analysts are anticipating that the group will maintain its culture of paying interim dividends to shareholders. GTCO Plc paid N1 as an interim dividend in the financial year 2024, and N7.03…