Nigerian Market News

• CBN officially adjusts exchange rate on website to N379/$ August 7, 2020
  The Central Bank of Nigeria (CBN) on Friday officially updated the exchange rate on its website from N360 to N379 against the dollar. “Exchange rate (USD) as at Thursday, August 06, 2020, is N379,” the central bank said on its website. Traders were, however, officially accessing the US dollar at N380. Market analysts described the […]
• Nigeria stocks gained N180bn in one week August 7, 2020
  Nigeria stocks climbed by +1.41 percent in the trading week to Friday August 7 on renewed optimism that companies’ earnings will begin to improve as the nation’s economic activities pick up. The NSE ASI rose for five straight days, thanks to investors who showed interest in banking, oil & gas stocks. The record gain valued […]
• Volume of dollar sales at I&E forex window falls to $937.27m August 6, 2020
  The volume of dollars traded in the Investors and Exporters (I&E) FX window fell by 6 percent to $937.27 million in July from $992.12 million in June 2020. This is attributed to persistent dollar shortages resulting from low inflows from oil and remittances. The price of Brent crude has improved to $45.49 per barrel as […]
• Bargain hunting puts over N120bn in Nigeria stock investors pockets August 6, 2020
  Within just four trading days into this week, Nigeria’s stock investors have pocketed about N123billion as capital appreciation due majorly to increased activities on the buy side of the local Bourse. We had earlier this week advised that the outcome of more half-year (H1) 2020 earnings results will continue to spur market reactions. More investors […]
• Stocks close another trading session in green as investors buy Mobil, CAP, Stanbic, others August 5, 2020
  Nigeria’s stock market witnessed positive close for the third time this week, thanks to investors that bought shares of Mobil Nigeria Plc, CAP Plc, Stanbic IBTC Holdings Plc, Presco Plc, and GTBank Plc. Increased buy-side activities on the local Bourse made stock investors book N20billion gain. The market continues to enjoy positive investors’ patronage as […]
• Naira gains N1.00k against dollar as demand slows August 5, 2020
  Nigeria’s currency on Wednesday gained N1.00k on the black market as the dollar was sold at N473 as against N474 sold on Tuesday. The naira appreciation was attributed to low demand by end users amid dollar shortages. However naira was stable at N474 and N381 at the retail bureau and the Central Bank of Nigeria […]
• Ardova grows H1 revenue to N87.3 billion August 5, 2020
  Ardova Plc has announced its unaudited results for the six-month (H1) ended June 30, 2020. Its income statement shows revenue of N87.3 billion, up 5.5 percent year-on-year (yoy) as against N82.7 billion in H1’19. Operating expense of N4.4 billion represents a decline of 20percent yoy (Jun 2019: N5.5 billion). Profit before tax printed low at […]
• Chartered Institute of Stockbrokers set for virtual investiture of new president August 5, 2020
  The Chartered Institute of Stockbrokers (CIS) has announced Tuesday, August 11 for the virtual investiture of the new President and Chairman of Governing Council, Olatunde Amolegbe, barring unforeseen circumstances. In line with the Institute’s convention, an important aspect of the Investiture will be the formal send-off of the immediate past President, Adedapo Adekoje. Amolegbe scaled […]
• Agusto upgrades FCMB Asset Management’s Legacy Money Market Fund rating to A(f) August 5, 2020
  Legacy Money Market Fund, a mutual fund managed by FCMB Asset Management Limited (FCMBAM), has received a rating upgrade. The Fund’s rating has been upgraded from A-(f) to A(f) by Agusto & Co, a foremost pan-African rating agency. FCMBAM is the asset management arm of FCMB Group Plc, one of Nigeria’s leading financial institutions. According […]
• Airtel Africa withdraws from Kenyan subsidiary merger talks with Telkom August 5, 2020
  Airtel Africa plc and Telkom Kenya Limited (Telkom) are no longer pursuing the completion of earlier merger talks, a notice at the Nigerian Bourse shows. Airtel Networks Kenya Limited (Airtel Kenya) an Airtel Africa Plc subsidiary, and Telkom Kenya Limited (Telkom) amongst other parties, had on February 8, 2019, entered into an agreement to combine […]