Lagos seeks to create its own power market to boost electricity generation, distributions

Nigeria’s commercial hub of Lagos is preparing to establish its own electricity market to ensure more reliable power supply. The plan, if implemented, would be a first of its kind in Nigeria, where energy generation, transmission and distribution is overseen by the central government. Lagos hosts the headquarters of most large international and domestic... Read More

The Struggle for Soul of Sugar Market in Nigeria and Matters Arising

By Solomon Ejim Recently, the social media was saturated with letters that emanated from big sugar refiners in the country, addressed to the Honorable Minister of Trade and Investment, Niyi Adebayo. The contents of these letters depicted ongoing war of attrition over the control of the nation’s sugar market between these big players, namely,... Read More

Nigeria’s equity market declines 0.40% as investors dump bell-wether stocks

By Samuel Bankole   Nigeria’s equity market sustained its downward slope on Thursday, declined 0.40 percent as investors sell down their positions in bell-wether stocks. Shares of the Nigerian Breweries, Dangote Sugar Refinery and construction giant Julius Berger were under selling pressure from investors. The market main index, the All-Share Index (ASI) closed at... Read More

Ardova rises after acquisition plans as Market index climbs 1.52%

By Samuel Bankole Ardova Plc, formerly Forte Oil share gained 9.3 percent on Thursday after the fuel retailer announced plans to acquire Enyo Retail and Supply, helping to push up the market index. The fuel retailer share closed at N21.85 as the All Share Index increased by 1.54 percent to close at 40,963.14 points.... Read More

Nigeria’s interbank market rates soar after CBN hits banks with N600 bln CRR debits

By Samuel Bankole   Nigeria’s interbank rates climbed more than 800 basis points last week after the Central Bank of Nigeria (CBN) hit bank vaults with N600 billion in compliance with the Cash Reserves Requirements (CRR), traders said. Traders said the market had opened at over N1trillion positive on Friday before the regulatory bank... Read More

Nigerian stock market declines by 1.83% on early profit taking

By Samuel Bankole Nigerian stock market buck the trend on Tuesday when transactions closed on a negative note, the first in the new year gain. The All Share Index (ASI) declined 1.83 percent to close at 40,396.14 points against  41,147.39 points the first trading day of the year. The market capitalisation of equities listed... Read More

Nigeria’s equity market opens for trading higher at 2.17%

By Samuel Bankole   Nigeria’s equity market reopened for business for the new year sustaining its positive trajectory with the index up by 2.17 percent at the close of trading on Monday. The All Share Index rose to 41,147.39 points compared with 40,270.72 points it closed on the last trading day of 2020. The... Read More

Nigeria’s equity market declines as investors react to recession data

Nigeria’s equity market declined in early trade to a two-week low on Monday after third-quarter data showed the country’s economy has slipped into recession. The market main All-share Index weakened by 1.07 percent to 33,773.72 points, according to Refinitiv Eikon data, led by the banking sector, which fell 5.79 percent, Reuters report showed. The... Read More

Nigeria’s equity rebounds with index up 1.7%, investors gain N300 bln

By Samuel Bankole Nigeria’s equity market rebounded on Wednesday, reversing the two consecutive day of profit-taking by investors with many of them returning to the market to show interest in some bellwether stocks. The market main index All Share Index (ASI) climbed 1.7 percent to close at 34,818.01 points, driven by buying in the... Read More

Nigeria’s equity market sustained gain for 3 consecutive day, rises 1.9%

By Samuel Bankole For the three consecutive day to Wednesday, Nigeria’s equity market sustained big gains on the back of buying in the banking, breweries and consumer goods sector of the market. The market index gained 1.9 percent on Wednesday to climb to 33,268.36 points at the close of the trading, while market capitalisation... Read More