Nigerian Market News

• BDCs call for suspension of all increases in taxes, tariffs July 10, 2020
   Bureaux De Change (BDC) operators have called on the federal government to suspend all increases in taxation and tariffs until the economy recovers from the impact of the COVID-19 pandemic. The Association of Bureaux De Change Operators of Nigeria (ABCON) made this call in its Quarterly Economic Review report for the second quarter of the […]
• Trade with caution share of Medview, Aso Savings, Staco Insurance, IEI, Goldlink, others, says NSE July 10, 2020
  The Nigerian Stock Exchange (NSE) has urged investors to exercise caution while trading on the shares of thirteen (13) companies in the absence of up to date financial information on them. The companies are: Aso Savings and Loans Plc, Deap Capital Management & Trust Plc, DN Tyre & Rubber Plc, FTN Cocoa Processors Plc, Goldlink […]
• NSIA Insurance rewards shareholders with 1.45 kobo dividend July 9, 2020
  Underwriting firm, NSIA Insurance Limited (Nigeria) has rewarded its shareholders with a dividend payout of 1.45k (N0.0145k) per share for the 2019 financial year. The Company’s Gross premium income increased by 32.9 percent from N6.91 billion in 2018 to N9.19 billion in 2019, while the Net Premium Income improved by 25 percent from N3.16 billion […]
• Low liquidity at official FX window pushes demand to black market  July 9, 2020
  Nigeria’s currency fell sharply by N5.00k as the dollar was trading at N465 on Thursday from N460 on Wednesday due to increased demand. The demand was coming from importers who needed the dollars to meet their obligations as the official market was faced with low liquidity. At the retail Bureau segment Naira also depreciated by […]
• FMDQ Exchange admits N11.5bn Axxela Bond  July 9, 2020
  FMDQ, through its subsidiary, FMDQ Securities Exchange Limited (FMDQ Exchange or the Exchange) has admitted for listing on its platform, the Axxela Funding 1 Plc N11.50 billion Series 1 Bond under its N50billion Bond Programme (the Axxela Bond).  Axxela Funding 1 Plc is a special purpose vehicle (SPV) incorporated by Axxela Limited to raise funds […]
• FX turnover declines by 88.43% as Naira weakens on tight liquidity  July 8, 2020
  Nigeria’s foreign exchange daily turnover declined significantly by 88.43 percent to $11.96 million on Wednesday from $103.37 million recorded on Tuesday at the Investors and Exporters (I&E) forex window. The market trade volumes remained stable due to tightened liquidity with Naira depreciating slightly by 0.06 percent to close at N386.75 per dollar as against the […]
• Access Bank Zambia advances discussion to acquire Cavmont Capital’s 100% stake in Cavmont Bank July 8, 2020
  Access Bank Zambia Limited is in advanced discussion with Cavmont Capital Holdings Zambia Plc regarding Merger of Cavmont Bank Limited. The potential transaction relates to the sale of 100 percent of Cavmont Capital’s interest in Cavmont Bank to Access Bank Zambia, according to a notice at the Nigerian Stock Exchange (NSE). “There can be no […]
• Stock market closes in green as investors start bargain hunting July 8, 2020
  Nigeria’s stock market ended Wednesday July 8 trading session in the green as a result of upward movement in some large cap stocks. Notably, bargain hunting in stocks like Julius Berger, GTBank, Lafarge Africa, Okomu and Zenith helped redirect the stock market northward. The Nigerian Stock Exchange (NSE) All Share Index (ASI) closed higher by […]
• N16bn maturing OMO bills not enough to improve inter-bank squeezed liquidity  July 7, 2020
  The N16 billion maturing Open Market Operation (OMO) bills expected to hit the financial market this week is seen to make no significant impact on the already squeezed inter-bank market liquidity. The liquidity position of the market was N70.1 billion on Monday last week. The system liquidity improved to N402.2bn on Thursday driven by inflows […]
• CBN’s official FX rate at N381 will curb round tripping – analysts  July 7, 2020
  The Central Bank of Nigeria (CBN) on Tuesday adjusted the exchange rate at the official window by 5.54 percent to N381 per dollar from N361/$, a move seen as helping to curb roundtripping. With the new rate, the CBN has unified the exchange rate as the foreign exchange spot and forward shows that dollar was […]