Author: Marketforces Africa

Ellah Lakes Soars by 57% on Higher Trading Volume Ellah Lakes soared by about 57% as investors attention shifted toward agribusiness, which significantly boosted the Nigerian Exchange (NGX) commodity index. The agriculture-linked stock became the top performer in the equities market due to an all-week rally that pushed its market value to N20.564 billion at the close of the trading session on Friday. NGX trading data showed the share price rose to N5.33 on Friday as 15.549 million valued at N82.083 million exchanged hands. More than 31 million shares were traded on Thursday—the highest trading volume happened on Tuesday when…

Legend Internet Investors Pocket 48% Gain in 1-Week Indigenous broadband company Legend Internet Plc joined heavy risers in the equities market. Investors made 48% on the tech company as its share price increased sharply following heavy bargain hunting. The increased demand for Legend Internet Plc shares pushed its market value to N15.80 billion, spread over its 20 billion shares outstanding on the Nigerian Exchange. Thus, an investment worth N1 million in Nigeria’s last-mile fiber-to-the-home broadband provider could have surged to N1.480 million due to monster rallies that nudged its share price higher by 48.3% in the stock market. Trading data…

Nigerian Exchange Expands as Equities Investors Gain N1.75trn The Nigerian Exchange (NGX) market capitalisation expanded as equities investors gained N1.75 trillion in the just concluded week, pushing key performance indicators to record highs. The local bourse extended its bullish streak as the benchmark All-Share Index (ASI) surged by 2.35% week-on-week to close at 118,138.22 points, marking another all-time high. The powerful market performance was driven by renewed investor interest, particularly in the banking, oil & gas, and consumer goods sectors, according to stockbrokers’ reports. At the start of the week, sentiment on the bourse turned sour after the Central Bank…

The Nigerian US dollar-denominated bonds borrowing costs declined in the international market as foreign investors opened and closed positions across African issuers and rated sovereign assets. 

CBN Defends Naira with $61 Million FX Sales to Banks The Nigerian foreign exchange market experienced a liquidity boost from the Central Bank (CBN) following a surge in US dollar demand logged by eligible market participants during the just concluded week. The fx injection has reduced sharply in the current month as against the experience witnessed in the forex market in May. The naira has enjoyed relative stability even with low US dollar volume from the CBN. The market experienced a mild shock as US dollar volume demanded increased, but the CBN came forth quickly. Hence, the naira appreciated by…

Oil Prices High on Third Week Rally, Brent Nears $76 High on geopolitical tensions, oil prices tracked higher for a third straight week as escalating Israel-Iran conflict raises concerns over supply security in the Middle East. The international benchmark Brent crude was trading at $75.59 per barrel on Friday, marking a rise of around 2.6% from last week’s closing price of $73.67. Similarly, the American benchmark West Texas Intermediate (WTI) traded at $73.49 per barrel, up approximately 2.6% from last Friday’s close of $71.60. Brent crude is on track for a 2.6% weekly increase due to escalating geopolitical tensions and…

Burkina Faso Unlocks Access to Additional Loans from IMF Burkina Faso has unlocked access to additional loans from the International Monetary Fund (IMF), according to an official statement from the multilateral lender. In a statement, the IMF announced that its Executive Board completed the third review under the Extended Credit Facility Arrangement for Burkina Faso. This enables an immediate disbursement of about US$32.8 million. The Fund highlighted that the country’s supportive policies and favourable weather conditions boosted agricultural output in 2024. It however added that widespread insecurity continues to weigh on economic activity in other sectors, especially gold mining, the…

Nigeria’s Economic Potential Rising under Tinubu—Minister The Minister of Information and National Orientation, Alhaji Mohammed Idris, says Nigeria’s economic potential is on the rise again due to the dynamic and purposeful leadership of President Bola Tinubu. Idris said this on Friday at a news conference ahead of the forthcoming 4th African Union Micro, Small and Medium Enterprises (MSMEs) Forum and seventh National MSME Awards, held at the Presidential Villa, Abuja. President Tinubu recently approved the composition of an oversight committee for Nigeria’s hosting of the Forum. The forum which is scheduled to hold from June 23 to June 27 in…

Pension Assets Rise to N23.33 Trillion in First Quarter The National Pension Commission (PenCom) says the total assets under the Contributory Pension Scheme (CPS) rose to N23.33 trillion as at March 31. Mr Saleem Abdulrahman, Director of Surveillance, PenCom, disclosed this in Lagos. Abdulrahman said that the figure represented an increase of N820 billion when compared with the N22.51 trillion recorded as of Dec. 31, 2024. He attributed the growth in pension assets to additional contributions from Retirement Savings Account (RSA) holders and investment income, including gains from the appreciation of equity prices and interest income on fixed-income securities. Breaking…

FG’s Reforms Prioritise, Enhance Ease of Doing Business- Tinubu President Bola Tinubu has said that his government would continue to prioritise reforms that enhance the ease of doing business, expand critical infrastructure, and stimulate sustainable growth in the real sectors. Tinubu gave the assurance on Thursday in Ilorin, at the 65th Annual General Meeting/ Conference of the Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA). The president was represented by the Minister of State for Industry, Trade and Investment, Sen. John Eno. He identified market-driven and private sector-led economy with public private partnerships’ strategic reinforcement as the…