Markets
UAC of Nigeria PLC Reports Strong Q2 2024 Financial Performance with 14.5% Revenue Growth to ₦43.5 Billion and 56.3% Increase in Operating Profit to ₦2.5 Billion
Based on the financial statement provided in the image, here’s a concise 400-word review of UAC of Nigeria PLC’s Q2 2024 vs Q1 2024 performance: UAC of Nigeria PLC has demonstrated significant financial improvement in Q2 2024 compared to Q1 2024, as evidenced by the company’s unaudited financial statements. The conglomerate showed growth across key […]
Nigeria’s Cost of Living Crisis: Analyzing the 15 Most Expensive States in July 2024
As Nigeria grapples with persistent economic challenges, the latest Consumer Price Index (CPI) data for July 2024 reveals a concerning trend of rising living costs across the country. This analysis focuses on the 15 most expensive states to live in, highlighting the ongoing inflation crisis and its impact on different regions. 11-15. Kaduna, Bayelsa, Rivers, […]
Nigeria Makes History as First Dollar-Denominated Domestic Bond Set to Raise $500 Million
Abuja, Nigeria – In a landmark move for its financial markets, the Federal Government of Nigeria is preparing to issue its first-ever dollar-denominated domestic bond, aiming to raise an impressive $500 million from both local and international investors. This significant initiative is scheduled for launch next Monday and is expected to attract considerable interest from the investment community. […]
Nigeria’s Imports from Malta Surge to $2.25 Billion in 2023, Sparking Controversy
Available information from the United Nations COMTRADE database and the National Bureau of Statistics, NBS, reveals that imports from Malta by Nigeria surged to US$2.25 billion in 2023. This represents a rather huge increase from the zero import recorded in 2022 and has already raised furore in the nation’s oil sector. It began to surge […]
Okomu Oil Palm Plc Financial Overview
Okomu Oil Palm Plc, a prominent entity in Nigeria’s agricultural sector, has recently disclosed its financial performance for Q2 2024, revealing a mix of challenges and growth. The company reported a pre-tax profit of N6.24 billion for the quarter ending June 30, 2024, which is a 22.28% decline year-on-year and below the forecasted N6.699 billion. […]
Customs Duty Rate Surges to N1,584/$, Surpassing Official Market Rate by N3
In a surprise, the Nigeria Customs Service (NCS) has pegged its exchange rate at N1,584 per dollar for the collection of import duties. This now stands three naira above the official closing rate on the NAFEM window, which as recorded on July 17, 2024, was N1,581. One of the dynamics that the market continues to […]
Dangote Sugar’s Bittersweet Journey: From Record Gains to Strategic Pivot Amid Forex Challenges
In the volatile world of Nigerian business, few stories capture the imagination quite like that of Dangote Sugar Refinery. Once a beacon of growth in Africa’s largest economy, the sugar giant now finds itself navigating treacherous waters, offering a masterclass in corporate resilience and strategic pivoting. The Sweet Ascent 2023 was a year of unprecedented […]
Nigeria’s June Bond Auction Falls Short, Raising Only 66% of Target
The federal government of Nigeria raised N297.006 billion from its June bond auction, achieving only about 66% of its N450 billion target. This outcome marks a significant decrease from the N380.769 billion raised in May, representing a 22% drop in funds raised month-over-month. Subscription Trends and Market Sentiment The total subscription across all tenors reached […]
49% Revenue Hike to N2.3 Trillion in 2024 Dwarfs 1% N39.78 Billion Profit Gain
Flour Mills of Nigeria Plc (FMN) has reported an impressive 49% revenue growth to N2.3 trillion for the fiscal year ended March 31, 2024. However, this stellar performance has sparked concerns among financial analysts that the glittering profits may be masking a worrying trend of escalating expenditures. To fully understand FMN’s 2024 results, it’s important […]
Nigerian Exchange Rebounds in May, Led by Chemical and Allied Products, Tantalizers, and Presc
After a 6.1% loss in April 2024, the NGX rebounded in May, posting a 1.09% gain as the All-Share Index closed at 99,300.38 points. Equities gained N619 billion, with the market capitalization closing at N56.172 trillion, primarily driven by banking stocks. Despite the positive performance, the market breadth was slightly bearish, with 55 stocks posting […]