Author: Marketforces Africa

Dr Zainab Ahmed, Minister of Finance, Budget and National Planning, on Monday, charged insurers across West Africa

Transcorp Power Limited, Nigeria’s leading power generation company, located in Ughelli Delta State…

Ikeja Hotels failed to optimise shareholders’ wealth, though the hospitality company ramped up borrowings.

FPIs Exit Short-Dated Holdings in FGN Eurobond Benchmark interest rate hikes in the United States and Europe have triggered an increase in selloffs on the Federal Government of Nigeria (FGN) Eurobond in the international debt capital market. US Federal Reserve announced 25 basis points increase in fund rates to 5% -5.23% this week with a similar development from the European Central Bank (ECB) amidst inflation-fighting policy tightening.  Reacting to the development, foreign portfolio investors (FPIs) exited their short-dated holdings, thus pushing the Eurobond yield curve upward. In July, Nigeria will settle a $500 million Eurobond repayment and analysts hope to…

Ahead of Central Bank of Nigeria’s (CBN) debits on local lenders’ cash reserves balance today

Nigerian Exchange Gains as Traders Execute Buy Orders The equities market halted its downward trend Thursday as stockbrokers executed large buy orders. The positive share price movements on mid and heavyweight counters lifted performance indicators and year-to-date return improved. Data from the domestic bourse showed that the Nigerian Exchange  (NGX) All-share index inched upward by 82.98 basis points today, representing an increase of +0.16% to close at 52,290.75. Market activities were up, as the total volume and total value traded for today increased by +89.55% and +39.36% respectively. In a market brief, stockbrokers at Atlass Portfolios Limited said approximately 1,270.13…

GCR Ratings has affirmed Stanbic IBTC Bank PLC’s (national scale long and short-term issuer ratings of AAA

Sterling Bank Plc has restated its inflated earnings; profit performance for the financial year 2021

Nigeria’s tier-2 lender, Sterling Bank Plc, posted N19.298 billion annual profit for the financial year 2022

Federal High Court Stops Seplat Energy from Holding AGM A Federal High Court, Abuja has restrained Seplat Energy Plc from holding its Annual General Meeting (AGM) fixed for May 10 pending the hearing and determination of the substantive matter. The company shares have been flattish at N1115.30 in the last seven days. Some market analysts said the Nigerian Exchange appear to have suspended trading on the indigenous energy company’s share due to an ongoing crisis that rocked the board room. Seplat is facing multiple challenges, which analysts have predicted will affect half-year results. Justice Inyang Ekwo, in a ruling, directed…