Author: Marketforces Africa

Nigerian Exchange Crossed N87trn as Dangote, GTCO, MTN Rally Up by about N1.74 trillion, the Nigerian Exchange (NGX) market capitalisation crossed N87 trillion, hitting a new all-time high as bellwether stocks, including GTCO, MTN Nigeria, and Dangote Cement, rallied. The local bourse closed in positive territory, reflecting sustained buying interest fuelled by second quarter earnings releases from listed companies. NGX key market performance indicators appreciated by 2.03% while year to date return advanced to 33.99%. The latest market rally pattern was driven by renewed buying interest in medium and large-scale stocks, particularly in BERGER, ELLAHLAKES, MTNN, DANGSUGAR, among others. Market…

IMF Estimates 3% Global Economic Growth Rate for 2025 The International Monetary Fund (IMF) has projected global economic growth at 3.0 per cent in 2025 and 3.1 per cent in 2026, as significant policy shifts continue to unfold worldwide. This projection is contained in the IMF’s latest World Economic Outlook (WEO) Update for July 2025, titled “Global Economy: Tenuous Resilience amid Persistent Uncertainty,” released on Tuesday. The forecast for 2025 is 0.2 percentage points higher than that in the reference forecast of the April 2025 WEO and 0.1 percentage points higher for 2026. According to the IMF, this reflects stronger-than-expected…

Authorities Shut Down Cyber Extortion Network Servers International investigators have dismantled the digital infrastructure of a major global cyber extortion network, believed to be behind hundreds of ransomware attacks worldwide. Authorities identified and shut down servers used by the cybercrime group operating as Blacksuit/Royal, police in the German state of Lower Saxony (LKA) said. The takedown disrupted the group’s operations, including malware distribution, internal communications, and its website. Officials reported a total of 184 victims globally, including several in Germany. Damages recorded as of August 2024 exceeded 500 million dollars, according to police estimates. The coordinated operation, a long-term effort,…

Cement: Dangote, BUA, Lafarge Revenue Rises by 31% to N3.2trn Nigeria’s cement oligarchy family boosted their combined revenue, up by about 31% year on year in the first half of 2025 to approximately N3.2 trillion following implementations of price hikes. Further review of the industry revenue performance revealed that rivalry increased sharply, and this caused Dangote Cement’s market share to decline while BUA, Lafarge gained weight. A slew of analysts predicted a fast recovery of cement industry performance after foreign exchange losses negatively impacted performance in 2024. The cement industry delivered an impressive financial results in the first half of…

UK Mortgage Reforms to Support Home Ownership, Limited Risk for Lenders UK mortgage reforms will support homeownership with limited risk for lenders, as the Financial Conduct Authority (FCA) implemented measures to simplify affordability assessments for borrowers seeking to shorten their mortgage term or refinance with a new lender, Moody’s said. In a commentary note, the global ratings agency explained that the new rules give lenders more underwriting discretion and increase flexibility for borrowers, while potentially reducing their borrowing costs. It said the revisions remove the outdated regulatory guidance and align with the principles of Consumer Duty, making it easier for…

United Capital Declares N5.4bn Interim Dividend as Profit Rises by 54% United Capital Plc has reported a profit after tax of N11.9 billion for the first half of 2025. This represents a 54 percent increase from N7.74 billion profit recorded for the first half of 2024. The company announced this in a corporate disclosure on Monday through the Nigerian Exchange Ltd. The profit before tax also grew by 52 per cent, from N9.06 billion in 2024 to N13.79 billion while the gross earnings rose by 57 per cent, from N15.15 billion to N23.76 billion. The net operating income climbed to…

DMO Crashes Rates on Nigerian Government Bonds The Debt Management Office (DMO) crashed spot rates on Nigerian government bonds at the main auction for the month of July amidst tight supply and surging demand. MarketForces Africa reported that the office opened its monthly bonds auction for subscription, where it sought to raise N80 billion across 5- and 7 years reopenings. As planned, the authority offer size the bonds across two tenors, and yield-hunting investors doubled down on their bets on the naira assets at the auction. Auction results obtained by MarketForces Africa showed that aggregate subscription from the competitive bids…

Transcorp Power Grows Profit by 19.8%, Declares Interim Dividend Transcorp Power Plc grew profit after tax by 19.8% year on year to N44.05 billion, its financial statement filed with the regulator has revealed. The company earnings surged amidst uncertainties in the economy, reflecting its escalated cost pressure.  Details revealed that the company’s revenue jumped by 52.0% year on year to N205.8 billion, buoyed by strong growth across key revenue stream. Breakdown revealed that income from its capacity charge surged by 30.8% and energy delivered an uptick of 61.5% year on year.  International sales contributed 28.7% to revenue, up from 22.0%…

Oil Prices Increase as Trade Deals Fuel Demand Optimism Oil prices increased in the global commodity market on Monday as a new trade agreement between the US and the EU eased supply concerns, and fuelled optimism. The markes appear to have price in uncertainty over the Federal Reserve’s interest rate outlook in addition to weak imports in China and OPEC+ supply boost. The international benchmark Brent crude rose around 0.85% to $68.17 per barrel, up from $67.59 at the previous session’s close. The US benchmark West Texas Intermediate (WTI) crude increased by 0.91% to $65.41 per barrel, compared to $64.82…

Foreign Investors Bet on Nigeria Eurobond with Nov Maturity Nigeria’s sovereign Eurobonds rallied on foreign portfolio investors’ positive sentiment, supported by improved local macroeconomic indicators. The yield on the US dollar-denominated borrowing notes fell as its price climbed over increased demand seen across the short and belly of the curve. Lower yields suggest Eurobond costs for the Nigerian government and other African issuers have eased due to improved macros. At the close of the trading session, the average on Nigerian Eurobonds went down, falling by 6 basis points to settle at 8.39%, according to Cowry Asset Limited. Market analysts said…