Author: Marketforces Africa

US Dollar Liquidity in Nigeria’s Currency Market Falls by 57.4% Volume of US dollar liquidity declined sharply at the Nigerian foreign exchange market (NFEM), with the naira retreating after previous gaining streaks. Last week, Naira depreciated by N1.70 against the US Dollar at the Nigerian foreign exchange market window, closing at N1,530.26 per dollar – reversing previous trend. The depreciation of the local currency was primarily driven by a moderation in FX liquidity and supported by outflows outpacing inflows, particularly from local sources including importers and non-bank corporates. The naira gained against the dollar by 0.97%, closing at N1,545 in…

Equities Investors Gain N341bn as Dangote, BUA Cement Rally Equities investors gained more than N341 billion as the Nigerian Exchange (NGX) opened strong after a positive close with about N3.5 trillion increase in portfolio value last week. The local bourse extends rally ahead of inflation data and rising year to date, which reflects positive sentiment on stock with sound fundamentals. This gain pushed the year-to-date (YTD) return to 23.09%, underscoring sustained investor confidence and an overall optimistic market sentiment. Market capitalization rose by ₦341 billion to ₦80.14 trillion, reflecting deeper market liquidity and heightened buying interest. Stockbrokers said today’s rally…

Oil Prices Up as Demand, Supply Imbalance Influence Energy Cost Oil prices rose in the global commodities market because of an imbalance in demand and supply, affected by geopolitical risks. Mixed messages regarding supply are still impacting energy markets. The international benchmark Brent crude was trading at $70.48 per barrel on Monday, marking a rise of around 0.17% compared to Friday’s closing price of $70.36. Similarly, the American benchmark West Texas Intermediate (WTI) traded at $68.59 per barrel, up approximately 0.2% from last Friday’s close of $68.45. Last week, markets closely monitored developments impacting the global supply-demand balance, including updates…

UBA Hits 52-Week High on Rising Investors Confidence United Bank for Africa (UBA) Plc.’s market value reached a fresh 52-week high as investor confidence rose on the Pan-African lender’s earnings outlook and track record of interim dividend payment. The banking group’s market value was lifted after the share price surged by about 20% week on week following improved trading activities as investors anticipate better earnings performance for Q2. According to data from the Nigerian Exchange, UBA jumped to N43.55 on Friday, driven by activities of buy-side actors taking positions in anticipation of the group’s interim dividend. The bank’s current market…

MTN Nigeria Hits All-Time High, Analysts See 44% Upside Potential The market value of MTN Nigeria Plc reached its all-time high in the equities segment of the Nigerian Exchange (NGX) as investors increased bets on the telecom company ahead of the second quarter of financial year 2025 earnings release. The telecommunication firm’s stock price rose by roughly 10.5% over the week, starting at N357.50 and ending at N395, marking its peak value in a year. Transactions details obtained from the Nigerian Exchange revealed that MTN Nigeria Plc climbed to N395 per share on Friday as 2.222 million units valued at…

Aero Contract CEO Faults $300 Landing Fee for Helicopter The chief executive officer of Aero Contractors, Capt. Ado Sanusi, says the $300 helicopter landing fee could rise arbitrarily if the federal government allows it to continue. Sanusi made this known on Sunday in Lagos, while speaking with journalists. He was reacting to the federal government’s approval of a $300 landing fee charged on helicopter firms servicing oil and gas operators. According to Sanusi, governments can levy taxes to build infrastructure and provide healthcare, education and other essential services. He said the $300 charge was not part of the International Civil…

Foreign Inflow Spikes to $8bn in First Half of 2025—Report Despite a shift in global investors’ sentiments, foreign portfolio investors brought $8.05 billion into Nigeria in the first half of 2025, CardinalStone Partners Limited said in its mid-year outlook. Nigeria’s reforms supported the influx of foreign inflows into the economy. Offshore investors show preference for Nigeria’s elevated yield on debt market instruments, driven by monetary policy tightening. The Apex Bank’s inflation fighting has triggered successive policy rate hikes, which failed to bring the consumer price index to moderate levels. Critics said the authority has been focusing on the wrong side,…

AXA Mansard Climbs by 28% on Bargain Hunting, Pays Dividend Insurance company AXA Mansard Plc jumped by more than 28%, equivalent to N25.470 billion in the equities market, as investors’ sentiment improved amidst dividend payment for 2024 earnings. The insurance stock gained investors’ attention ahead of the second quarter earnings season as shareholders anticipate AXA will maintain its dividend payment record. The company obtained shareholders’ approval to pay its final dividend for 2024 at the annual meeting held on Thursday, fueling bargain hunting throughout the week. Trading details from the Nigerian Exchange showed that AXA Mansard’s share price surged by…

GTCO Climbs to N3.43trn, Beats Equities Analysts Target Prices Guaranty Trust Holdings Company (GTCO) Plc. climbed in the equities to approximately N3.43 trillion due to sustained bargain hunting, with the latest London Stock Exchange listing driving bargain hunting. According to trading details obtained from the Nigerian Exchange, GTCO’s share price increased to N94.1 on Friday as 21.324 million units valued at N2.006 billion exchanged hands among value hunters. Its share price has surpassed target prices set by a number of investment firms. MarketForces Africa notices some equities analysts have upgraded their estimate to align with the new narrative following GTCO’s…

Visa Row: Nigerian Missions Continue 5-Year Visa Issuance to Americans Nigerian missions across the United States have continued issuance of five-year multiple entry visa to Americans. This is contrary to claims of reciprocity by the U.S., the News Agency of Nigeria (NAN) reports. Checks by NAN at the Embassy of Nigeria in Washington, D.C., and consulates in New York and Atlanta showed Nigerian missions had at no time stopped issuing five-year multiple-entry visa to Americans. NAN’s interactions with some American business executives and tourists who came to pick up their passports at the Nigerian visa centre showed they were issued…