Author: Marketforces Africa

NGX Index Climbs as Tier-1 Banks See Intraday Rally With marginal price appreciation on some counters, the Nigerian Exchange (NGX) All-Share Index is making an uptrend as investors showed interest in top big banks stock in the equities market on Wednesday. Tier-1 banks stocks are driving the local bourse higher, with marginal gains reported by GTCO, Access Holdings, UBA, and Zenith Bank Plc. Stockbrokers, however, noted that intraday gain remains soft, suggesting weak bargain hunting, which could easily slip negative on potential profit taking. At midday, the NGX All-Share Index recorded a marginal increase of 0.01%, Alpha Morgan Capital Limited…

Nigeria Bond Yield Sinks Below 17%, Subsidy Savings Ease Offer The Federal Government of Nigeria (FGN) bond market ended the session on a mildly positive note, as yields declined across key maturities, leading to a sharp reduction in the average yield in the secondary market. On Tuesday, the benchmark yield on Nigerian government bonds fell below 17% in the secondary market due to aggressive purchases from asset and wealth managers, including activities of pension fund administrators. The market supply is expected to remain tight in the third quarter of 2025 as the government shifted attention from the local debt capital…

Interbank Rates Jerk Up as Financial System Liquidity Falls Interbank rates became more restricted due to decreased liquidity following the Central Bank of Nigeria’s cash reserve actions. The continuous outflows strained liquidity, causing fluctuations in short-term interest rates. Banks boosted their liquidity by borrowing from the CBN’s standing lending facility. Due to the tight funding profile in the financial system, analysts said cash-rich banks have started to ask for higher rates to part with their excess funds. The banking system liquidity dropped 62% to open at ₦105.89 billion, according to TrustBanc Financial Group Limited. The decline was driven by a…

EFCC Chair Tasks NASS on Accountability, Fiscal Responsibility The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede has tasked the 10th National Assembly on transparency and fiscal integrity. Olukoyede gave the charge on Tuesday at the ongoing National Conference on Public Accounts and Fiscal Governance, organised by the Senate and House of Representatives Public Accounts Committees. The theme of the three-day conference is “Fiscal Governance in Nigeria: Charting a New Course for Transparency and Sustainable Development.” The EFCC boss decried opacity in Nigeria’s financial reporting system, particularly within the oil and gas sectors. He said…

FG Launches Passport Front Office for Senior Public Officials The Federal Government (FG) on Tuesday in Abuja launched a new passport front office specifically for senior public officials. Speaking at the ceremony, the Minister of Interior, Dr Olubunmi Tunji-Ojo said that the office has a specialised facility designated to facilitate a timely and seamless passport process. He stated that the facility was established in response to the persistent challenges faced by senior government officials in accessing passports. “Before now, many top-level public servants had to abandon their official duties and endure long queues at standard passport offices. “It will became…

Stanbic IBTC Raises N148.7 Billion for Recapitalisation  Stanbic IBTC Holdings Plc has successfully concluded its rights issue to existing shareholders, raising N148.7 billion—exceeding the Central Bank of Nigeria’s (CBN) recapitalisation requirement. In a statement issued on Tuesday, the bank said the offer recorded an impressive oversubscription rate of 21.9 per cent, underscoring strong investor confidence and shareholder support. The capital raise, described as a strategic move, positions the group to meet the CBN’s stringent recapitalisation mandate while laying a solid financial foundation for sustained growth and innovation. According to the statement, the successful outcome of the rights issue demonstrates the…

Nigerian Stock Market Soars as Investors Gain N226bn The Nigerian stock market experienced a significant surge, with investors’ portfolio value increasing by over N226 billion by the end of Tuesday’s trading session, according to data from the local bourse. The Lagos exchange closed in positive territory today, extending its bullish run from the previous sessions, as key market performance indicators appreciated by 0.30% on the day. Stockbrokers said the upward trajectory was fueled by sustained buying interest in medium- and large-scale stocks, particularly NGXGROUP, NEIMETH, CADBURY, DANGSUGAR, and 53 others, reflecting continued investor confidence in the bourse’s momentum. The Nigerian…

UBA, Dangote Sugar Drive Intraday Rally on NGX Buying interest in UBA, Dangote Sugar Refinery Plc among others are currently driving the Nigerian Exchange All share index north during intraday trading session. Stockbrokers said the gain may not be sustained as investors sentiment appears to be fluctuating on Tuesday after a positive close at the beginning of the week. The number of trade executed showed that the market temperature could be colder, and any surprise exit trade among the Nigerian Exchange heavyweight could plunged market capitalisation lower, Broadstreet analysts told MarketForces Africa in a phone call. At mid-day, the NGX…

Nigerian Eurobond Yield Rises to 8.54% as FPIs Trim Holdings The average yield on Nigerian Eurobond yield rose slightly in the international market as foreign portfolio investors (FPIs) trimmed their portfolio holdings amidst renewed US tariff threats. Trading activities in the market closed on a bearish note, driven by broad-based sell-offs across the short-, medium-, and long-term tenors, with the SEP-2028 bond witnessing the most significant pressure. Consequently, average yields rose, resulting in 3 basis points increase to 8.54% as investors started to weigh the negative impacts of renewed tariff threats in the global markets. Analysts reported that foreign investors…

AfCFTA Credit Fund Closes $10m investment in Telecel The Credit Fund of the AfCFTA Adjustment Fund has successfully closed its first investment, committing US$10 million to Telecel Global Services Ltd, through a senior secured amortising loan. The transaction marks a significant milestone in the operationalisation of the Fund. The Credit Fund is one of three Funds under the AfCFTA Adjustment Fund, established by the AfCFTA Secretariat and African Export-Import Bank (Afreximbank) to provide targeted transitional support to AfCFTA State Parties and private sector entities as they adjust to the requirements and opportunities presented by the AfCFTA Agreement. Telecel Global Services,…