Author: Marketforces Africa

We Could Revise Ecobank Nigeria’s Outlook If…S&P Global S&P Global Ratings has said it could revise the outlook to stable if Ecobank Nigeria successfully implements its capital-boosting measures or achieves significant recoveries on its FX-denominated loans within the next six months. “If the bank receives the capital injection from its parent within the next couple of months, we anticipate that it will no longer be in breach of the minimum CAR. This would probably remove the risk associated with the bond acceleration. “If it does not receive the promised support, we think default appears inevitable. Therefore, we revised Ecobank Nigeria’s…

Federal Government Revenue Hits N6.9trn in First Quarter The Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, said federal government revenue rose to N6.9 trillion in the first quarter. Edun made this known on Monday during the Citizens and Stakeholders’ Engagement on implementing President Bola Tinubu’s priorities for the second quarter, held in Abuja. He stated that the figure was higher than the N5.2 trillion recorded in the previous quarter, marking a 40 per cent increase. According to him, increased transparency and openness in revenue collection and remittance contributed significantly to the improved earnings. “In the…

Naira Falls to N1548 Against Dollar, Foreign Reserves Bump The naira fell slightly against the US dollar at the Central Bank of Nigeria (CBN) foreign exchange window due to increased FX demand logged by companies. The official market remained adequately liquid, with the exchange rate largely stable on Monday. The USD/NGN pair traded within a range of $/₦1,545.00 to $/₦1,551.00, according to analysts’ FX updates. At the end of the day, the naira slipped by 7 bps to close at $/₦1,548.5237 amidst declining foreign reserves. CBN’s data revealed that gross external reserves printed lower at $37.663 billion on Friday. Citing…

Equities Investors Gain N278bn as PRESCO, NASCON, NAHCO Rally Equities investors gained more than N278 billion in the Nigerian stock market on Monday, supported by significant trading activities that lifted Presco, NAHCO, and others market value higher. PRESCO was up by 10.00%, followed by NASCON, whose market value rose by 7.94%. The gainers list includes NAHCO 6.58%, FIRSTHOLDCO 3.90%, OANDO 3.61%, WEMABANK 3.57%, and STERLINGNG 3.39%. Other gainers include ACCESSCORP 2.28%, TRANSCORP 2.13%, ZENITHBANK 1.90%, UCAP 1.84%, INTBREW 1.82%, UBA 1.45%, FCMB 0.51%, and NB 0.35%, among others. The Nigerian bourse gained N1.75 trillion last week, with key performance indicators…

Dangote Sugar Opens Commercial Paper for Subscription at 20.80% Dangote Sugar Refinery Plc is offering a 20.80% discount rate on 265-day commercial paper as the company seeks funding from the debt market to finance working capital requirements. Its offer document showed that the company seeks to raise N100 billion from three commercial paper tenors as part of its N300 billion commercial paper programme. Details from the offer document obtained by MarketForces Africa showed that 90-day commercial paper attracted a 19.97% discount rate at an implied yield of 21%. Its 174-day commercial paper attracts 20.73% at an implied yield of 23%,…

GTCO Delivers 49% Return on Investment Year to Date With strong positioning, Guaranty Trust Holding Company (GTCO) Plc has boosted investors wealth sharply with about 50% return on investment since the beginning of the year. Supported by low key man risk, and strong historical performance. The banking name has seen local and foreign investors positioning ahead of its second quarter of financial year 2025 earnings season. According to data from the Nigerian Exchange, shareholders have seen a 49% increase in their combined wealth, which printed at N2.9 trillion at the close of the trading session on Friday due to an…

WAES 2025: NESG Leads Dialogue on Unlocking Trade, Investment The Nigerian Economic Summit Group (NESG) took centre stage at the West Africa Economic Summit (WAES) 2025, driving forward the conversation on scaling exports and unlocking investment across the region. Held at the International Conference Centre (ICC), Abuja, the Summit gathered regional leaders, policymakers, business executives, and development partners under the theme “Unlocking Trade and Investment Opportunities in the Region.” At a pivotal panel session titled “Global Competition: Scaling Exports via Industrialization and Port Reforms,” Dr. Tayo Aduloju, Chief Executive Officer of the NESG, shared bold and practical insights on strengthening…

Oil Jumps on Supply Concerns after U.S Strikes Iran Nuclear Sites Oil prices jumped to near five-month highs during early trading hours on Monday as supply concerns intensified following US airstrikes on Iran’s nuclear facilities in Fordo, Natanz, and Isfahan. International benchmark Brent crude rose by 0.4%, trading at $76.22 per barrel, up from $75.91 at the previous session’s close. Similarly, US benchmark West Texas Intermediate (WTI) increased by about 0.5%, reaching at $74.08 per barrel, compared to $73.72 in the prior session. US President Donald Trump said Iran’s key nuclear enrichment facilities had been completely destroyed, warning that Tehran…

Nigerian Bonds Yield Falls to 18.6% Before Thin Auction Supply The average yield on Federal Government of Nigeria (FGN) bonds fell to 18.64% in the secondary market ahead of thin supply by the Debt Management Office (DMO) on Monday. The DMO is expected to offer N100 billion worth of local bonds across re-opening and fresh issues to investors at the primary market auction (PMA) scheduled for today. In the secondary market, trading activities ended on a positive note last week, buoyed by improved investor sentiment, a stronger sovereign ratings outlook, and resilient demand across maturities, said Cowry Asset Limited in…

Treasury bills Yield Drops as CBN Rejects N1.07trn Subscription The average yield on Nigerian Treasury bills eased in the secondary market after the Central Bank (CBN) rejected excess subscriptions totaling N1.071 trillion at the main auction last week. Investors with lost bids at the primary market auction heated up trading activities in the secondary market. The increased hunting for Treasury paper dragged yield backward. The average yield declined by 13 basis points (bps) to 20.5% in the Nigerian Treasury bills segment as market participants filled unmet bids, Cordros Capital Limited said in a note. At the auction, the CBN offered…