Author: Marketforces Africa

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…

Equities Investors Gain N3.46trn as NGX Hits New Highs Equities investors gained N3.46 trillion on the back of an all-week rally that pushed the Nigerian Exchange (NGX) market capitalisation to about N80 trillion. The Nigerian equities market lit up this week, riding on the back of strong investor confidence, sector-wide momentum, and an influx of funds from a softening money market, stockbrokers said. The bullish rally reached new heights, as the All-Share Index (ASI) surged by 4.26% week-on-week, crossing the 126,000-point threshold for the first time to settle at 126,149.59 index points. Investment firm Cowry Asset Limited said the rally…

CBN Injects $50mln to Support Naira in FX Market The Central Bank of Nigeria (CBN) injected $50 million into the foreign currency market to boost liquidity and step down pressures from increasing US dollars for offshore payments. To meet external funding obligations, Nigeria’s currency market experienced a mild US dollar demand shock, which halted the naira’s gaining streaks for two consecutive trading sessions. Due to the FX shortage experienced, the CBN conducted fx intervention sales, selling dollars to authorised dealer banks. Some analysts emphasize that the reactivation of naira debit cards for offshore payments will push exchange rates to the…

Ecobank Nigeria Boosts Confidence with 50% Early Eurobond Repayment Ecobank Nigeria Limited confirms the success of its ongoing tender and exit consent solicitation in respect to its U.S.$300 million 7.125% Senior Notes due 2026. On July 8, 2025, the bank demonstrated strong liquidity and financial resilience by repaying 50% of its Eurobond ahead of the scheduled maturity in February 2026. As of July 11, 2025, the bond traded near par at $99.00, reflecting strong investor confidence in the bank’s ability to repay at maturity. The early repayment was necessitated by improved liquidity position, backed by collections from loan repayments and…

Oil Prices Edge Higher as Weak Dollar Drives Demand Oil prices ended the week higher in the global commodity market, supported by a weaker US dollar, signs of strong US fuel demand, and fresh geopolitical tensions, despite pressure earlier in the week due to rising US inventories and trade concerns. The international benchmark Brent crude was trading at $68.61 per barrel on Friday, marking a rise of around 1.01% compared to last week’s closing price of $67.92. Similarly, the American benchmark West Texas Intermediate (WTI) traded at $66.19 per barrel, up approximately 0.8% from last Friday’s close of $65.65. Oil…

Nigerian Exchange Soars Near N80trn as Investors Gain N1.08trn The Nigerian Exchange (NGX) market capitalisation expanded to about N80 trillion at the close of the trading session on Friday as equities investors portfolio value surged by N1.08 trillion on Friday. The domestic bourse wrapped up a stellar five-star trading week on a bullish note, extending its winning streak as key performance indicators advanced by 1.37%. Stockbrokers said the positive close was driven by bargain hunting in fundamentally good large-cap and moderately priced stocks, particularly within the financial and industrial sectors. The All-Share Index increased by 1,704.24 basis points to close…

Egbin Power CEO Calls for Sustainable Development in Electricity Sector The Chief Executive Officer of Egbin Power Plc, Mokhtar Bounour, has reaffirmed the company’s unwavering commitment to driving sustainable development in Nigeria’s power sector during the Shell Power Conference 2025. The conference, held in Ikeja, Lagos, under the theme “Powering Nigeria’s Energy Future: Bridging the Gap Between Ambition and Action,” brought together key stakeholders, industry leaders, and policy experts to deliberate on actionable pathways for powering Nigeria’s energy future. Speaking at the high-level gathering, Bounour described the conversations as bold, honest, and forward-thinking, highlighting the need for a united front…

Nigerian Bond Yield Falls to 16.88% on Bullish Momentum The average yield on Nigerian government bond fell in the secondary market as bulls went on a rampage on the naira assets ahead of the Debt Management Office’s monthly auction for July. Investors are betting on local bonds on expectations that supply will reduce in the third quarter, with lower spot rates signalinging from the latest primary market auctions. Demand remained concentrated at the mid-to-long end of the curve. Inflation has maintained a consistent downward trend, and the naira is recalibrating against the dominant US dollar. Some analysts are anticipating monetary…

Naira Reforms Transfer Wealth to Nigerian Government, Hits Others Naira devaluation is a generally acceptable economic misnomer for a country with a distorted economic structure. Naira reforms transfer wealth to the Nigerian government and impoverish people while the private sector struggles. It is much easier to discuss naira devaluation in a country with a wider gap between the poor and the rich than to discuss currency redenomination. At the current moment, the lowest currency in Nigeria cannot buy anything, but the monetary authority is still producing it. The hydra-headed inflation has ultimately removed the lowest naira denomination from circulation without…