Category: Uncategorized

CFG AFRICA MACROECONOMIC HIGHLIGHTS 13/08/2025

Petrol price drop imminent as Dangote slashes ex-depot cost – The pump price of petrol is expected to drop below N900 per litre as the Dangote refinery reduces the ex-depot price of the product from N850 to N820 per litre on Tuesday. A statement signed by the Dangote Group Chief Branding and Communications Officer, Anthony Chiejina, disclosed the price cut on Tuesday. “Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, commonly referred to as petrol, by N30 from N850 to N820 per litre, effective from 12th August 2025…..(Read More) Market gains N111bn as insurance equities surge – The Nigerian equities market recorded a gain of N111bn on Tuesday, buoyed mainly by performances in the insurance sector. The Nigerian Exchange All-Share Index inched up by 175.10 points, or 0.12 per cent, closing at 146,055.87. This marked a one-week gain of 0.87 per cent and a year-to-date increase of 41.9 per cent. The current market capitalisation of the NGX stands at N92.4tn. A total of 77.2 million shares were traded in 31,146 deals, with a market turnover of N24.22bn………(Read More) First Securities Brokers leads NGX Trading in July with N414.46bn – First Securities Brokers Limited, the stockbroking subsidiary of First Holdco Plc, has emerged as the top performer in the Nigerian Exchange’s (NGX) Broker Performance Report for July 2025, ranking first in both trading volume and transaction value. The firm recorded a trading value of N414.46billion, representing 22.8% of the NGX’s total trading value during the month under review. This shows the company’s growing influence and competitive edge in Nigeria’s capital and equities market and this performance highlights the effectiveness of the integrated model promoted by First Holdco Plc…..(Read More) Nigeria surpasses OPEC’s target for second consecutive month – Nigeria’s average daily crude oil production rose to 1.507 million barrels per day (bpd) in July 2025. According to the Organization of the Petroleum Exporting Countries’ (OPEC) latest Monthly Oil Market Report. This means that the country surpassed OPEC’s target for the second month in a row. The report said the production figures were obtained through direct communication with Nigerian authorities. OPEC typically sources its crude oil output data from two channels: direct communication with member countries and secondary sources such as energy intelligence platforms…..(Read More) ABC Transport posts N465.5m H1 profit – ABC Transport Plc has recorded a profit after tax of N465.5m in the first half of 2025, a turnaround from the N191.5m loss reported in the same period last year. In its half-year financial statements filed on the Nigerian Exchange Limited recently, the company’s revenue rose sharply to N7.7bn in the six months ended June 30, 2025, up by 52 per cent from N5.1bn recorded in the corresponding period of 2024. Gross profit increased by 55 per cent to N1.8bn….…(Read More) Trump says he’ll know if Putin wants a peace deal with Ukraine in their meeting – US President Donald Trump said Monday that he expected to determine, moments into his meeting with Russian leader Vladimir Putin in Alaska this Friday, whether it would be possible to work out a deal to end the war in Ukraine. Speaking at a White House press briefing, Trump said, “At the end of that meeting, probably the first two minutes, I’ll know exactly whether or not a deal can be made”. He said he thought Friday’s sitdown with Putin in Alaska would be “really a feel-out meeting,” adding that “it’ll be good, but it might be bad”……(Read More)  

CFG AM Fixed Income Dollar Fund Launch (August 1st, 2025)

We are excited to share some news designed to help you grow and preserve your wealth in a stable, dollar-denominated way. CFG ASSET MGT_DollarFund_ Click for more… Today, we officially launched the CFG AM Fixed Income Dollar Fund, a new opportunity to invest in a diversified portfolio of dollar-denominated fixed income instruments. Here’s what makes this fund worth your attention: Access: Minimum subscription starts from just 10 units of $100 each, payable in full on acceptance. Security & Structure: Registered and authorized by the Securities and Exchange Commission (SEC) as a Unit Trust Scheme. Income Focused: The fund is designed to generate consistent income by investing in carefully selected dollar fixed income instruments.  Key details: Offer opens: August 1st, 2025 Minimum subscription: 10 units (with multiples of 5 units thereafter) Application forms available at CFG Asset Management Limited or downloadable online At CFG, we are committed to helping you invest with confidence, whether your goals are long-term growth, income generation, or diversification. For more details on how to invest, please find attached a teaser that contains all the information you need or reach out directly to us anytime. We would be glad to walk you through how the fund fits into your portfolio. Invest in your future today!

CFG AFRICA MACROECONOMIC HIGHLIGHTS 01/08/2025

NGX closes July strong, gains N12.62tn – The Nigerian Exchange closed the month of July 2025 on a bullish note, recording a significant N12.62tn gain in market capitalization. The All-Share Index appreciated by 0.42 per cent on the last trading day of the month to settle at an all-time high of 139,863.67 points, up from the previous close of 139,278.67 points. This final session capped a 21-day consecutive rally and brought the month-to-date return to 17.03 per cent. Week-on-week, the ASI advanced by 3.97 per cent, while the year-to-date gain stood at 34.60 per cent…….(Read More) Naira ends July at 1,533.55/$, down 0.25% – The naira closed out July 2025 at N1,533.55/$ at the official market, the Nigerian Foreign Exchange Market, data from the Central Bank of Nigeria revealed on Thursday. This is about 0.25 per cent weaker than the 1,529.71/$ that it had closed in June, indicating improved stability in the foreign exchange market. In the middle of the month, the naira strengthened to a four-month high against the US dollar to close at 1518/$ on July 14th. This marks the naira’s strongest performance since March 14, 2025, and the first time it traded below N1520/$ since that period, signalling a wave of positive momentum for the nation’s currency……(Read More) Inflation, energy cost, high interest rates crippling us – Manufacturers – The Chairman of Manufacturers Association of Nigeria (MAN) in Ogun State, George Onafowokan, yesterday re-echoed myriad of challenges confronting the manufacturing sector, saying producers now operate under intense pressure following the sector’s decline due to rising inflation, naira depreciation, high interest rates, and escalating energy cost. This is even as he expressed concern over the declining contribution of the manufacturing sector to Nigeria’s Gross Domestic Product (GDP), which fell from 16.04% in Q4 2023 to 12.68% by mid-2024……..(Read More) Petrol price hit 1,037 in June – NBS – The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol increased from N750.17 in June 2024 to N1,037.66 in June 2025. The NBS made this known in its Petrol Price Watch for June 2025 released in Abuja on Thursday, showing an increase in the financial burden of Nigerians due to the increase in premium motor spirit (PMS). The NBS report stated that the June 2025 price of N1,037.66 represented a 38.32 per cent increase over the price of N750.17 recorded in June 2024……(Read More) Marketers warn against disruption as Dangote plans direct fuel supply – The Natural Oil and Gas Suppliers Association of Nigeria has warned that the Dangote Petroleum Refinery’s plan to bypass existing distribution channels and supply refined petroleum products directly to end-users would lead to a nationwide disruption, long-term product scarcity, and the collapse of existing supply networks. The oil and gas suppliers called on the refinery to halt its plan and seek further dialogue before commencing the distribution of products to end users, urging it to learn from what happened to non-functional refineries……(Read More) Trump orders trade tariffs on 68 nations: Who has a deal and who doesn’t – US President Donald Trump on Thursday (local time) announced a fresh wave of tariffs, hitting exports from dozens of countries. Starting August 7, a base 10 per cent tariff will apply to all exports entering the US unless a country has a special trade deal. For those without a deal, the new rates range from 10 per cent up to 41 per cent. The White House released the updated tariff list on Thursday, saying this is part of Trump’s effort to revive American manufacturing and reduce trade imbalances. He postponed the original start date of August 1 by a week — just hours before it was to begin…..(Read More)

CFG AFRICA MACROECONOMIC HIGHLIGHTS 30/07/2025

IMF upgrades Nigeria’s growth projection to 3.4% – The International Monetary Fund (IMF) has upwardly reviewed Nigeria’s 2025 economic growth forecast to 3.4%, showing 0.4 percentage point increase from the 3.0% projection in its April 2025 World Economic Outlook (WEO). This revision outlined in the IMF’s latest July 2025 WEO Update titled, “Global Economy: Tenuous Resilience amid Persistent Uncertainty.” It signals renewed optimism about Nigeria’s near-term economic prospects despite global uncertainties and domestic macroeconomic challenges, the report noted……(Read More) Dangote Cement Grows Nigeria’s Exports By 18.2%, Records N520.5bn Net Profit – Dangote Cement Plc has reported a profit after tax of N520.5 billion for the half year ended June 30, 2025. The cement giant also achieved an 18.2 per cent growth in Nigerian exports, highlighting its significant contribution to the country’s economy. The Company’s H1 2025 unaudited results released on the Nigerian Exchange showed that Group revenue rose by  17.7 per cent to N2.072 trillion from N1.760 trillion in H1 2024. Group EBITDA up 41.8 per cent to N944.9 billion from N666.221 billion, while Nigeria EBITDA up 82.4 per cent year-on-year to N845.4 billion…….(Read More) 5 months after, Nigeria’s inflation 7.22% short of FG’s target – Five months into 2025, Nigeria is yet to achieve the 15 per cent inflation target the federal government set for itself. Daily Trust reports that headline inflation is an aggregate of the movement of prices of goods and services in an economy between a certain period of time. This helps to gauge the purchasing power of citizens as well as direct policy decisions of the government in terms of salary, interest rates and other economic indices. In Nigeria, the inflation rate in 2024 was at a peak, hitting a 20 year high of 34.80 percent by December……(Read More) Ecobank Group reports N609bn PBT, $1.1bbn in Net Revenue in 2025 H1 – Ecobank Group yesterday announced unaudited financial results for the first half of 2025, reporting a 23% year-on-year increase in profit before tax to $398 million (N609.09bn). The Group achieved strong growth and improved efficiency despite economic challenges in key markets. The cost-to-income ratio improved to 49.1%, the best performance in more than a decade, as net revenue grew 12% year-on-year to $1.1 billion. Customer deposits surged by $3.4 billion during the year to $23.9 billion, with 83% held in low-cost current and savings accounts….(Read More) Market Capitalisation Up N1.74trn to N87trn Historic High – The Nigerian stock market yesterday recorded a significant gain of N1.74 trillion by market capitlisation  to cross the N87 trillion historic record, driven by a strong half year ended June 30, 2025 corporate earnings reports. As Dangote Cement Plc gained 3.05 per cent or N15.10 per share to close at N509.60 per share and MTN Nigeria Communication Plc appreciated  by 9.99 per cent or N41.00 per share to close at N451.60, the market capitalisation of all listed stocks on Nigerian Exchange Limited (NGX) added N1.74 trillion or 2.03 per cent to close at N87.191 trillion from N85.455 trillion it opened for trading..…(Read More) US economic growth likely rebounded in Q2, but with weak underlying details – U.S. economic growth likely rebounded in the second quarter as the flow of imports subsided, but with consumer spending anticipated to have increased moderately and business investment in equipment stalled that would grossly exaggerate the economy’s health. The Commerce Department’s advance gross domestic product report on Wednesday would be heavily distorted by trade as was the case in the January-March quarter when GDP contracted for the first time in three years. Economists said President Donald Trump’s protectionist trade policy……(Read More)

CFG AFRICA MACROECONOMIC HIGHLIGHTS 29/07/2025

NGX market cap crosses N85tn as investors eye Q2 earnings – The Nigerian Exchange gained N22.14tn in market capitalization in H1 2025, pushing its valuation to N85.46tn, driven by investor confidence and improving macroeconomic conditions, writes TEMITOPE AINA. The Nigerian Exchange Limited continued its bullish trajectory in the first half of 2025, recording a N22.14tn gain in market capitalization as investor confidence strengthened amid macroeconomic conditions and corporate performance. Market capitalization rose from N62.92tn on January 2 to N85.46tn as of July 28, representing a growth of 35.78 per cent. Over the same period, the All-Share Index increased from 103,180.14 points to 135,166.51 points, delivering a year-to-date return of 31.02 per cent to investors……(Read More) Banks, others to report monthly transactions of N25m to tax authorities – Banks, insurance companies and other financial institutions will henceforth report monthly transactions above N25 million for individuals and N100 million for firms to the tax authorities. This directive was contained in the Nigeria Tax Administration Act, NTAA section 29, titled, “ Information to be delivered by bankers and others” The NTAA is among the new tax laws which will come into effect from January 2026. The new laws also include the Nigeria Tax Act 2025……(Read More) Transcorp Power Posts N77.6bn Profit, Declares N11.25b Interim Dividend In H1 – Transcorp Power Plc has posted a gross profit of N77.6 billion in its unaudited financial results for the half-year ended June 30, 2025. In line with its growth trajectory, the company has declared an interim dividend of N11.25 billion, equivalent to N1.50 per share, reflecting its commitment to rewarding shareholders. The Company’s revenue grew by 52 per cent year-on-year to N205.8 billion in 2025, against N135.4 billion in H1 2024. Cost of sales rose to N128.185 billion as against N72.467 billion in H1 2024; while gross profit increased to N77.6 billion, up from N62.9 billion in H1 2024, with a gross margin of 23 per cent….(Read More) BAT Nigeria Calls For Export Reforms To Boost Economic Growth – BAT Nigeria has advocated critical export policy reforms to unlock Nigeria’s manufacturing competitiveness. The managing director, BAT West and Central Africa, Yarub Al-Bahrani, stated this at the 2025 edition of the BusinessDay CEO Forum held in Lagos. Themed ‘Nigeria: From Reform to Recovery,’ the forum brought together the nation’s foremost business leaders, senior policymakers, global experts, and entrepreneurs to dissect the practical impacts of Nigeria’s ongoing policy recalibration……..(Read More) Dangote Cement posts N311bn Q2 profit – Dangote Cement Plc has reported a robust profit of N311.2bn for the second quarter ended June 30, 2025, representing a remarkable increase of 303 per cent compared to the N77.2bn recorded in the corresponding period of 2024. The cement giant’s impressive earnings were driven by a 14 per cent rise in revenue to N1.08tn in Q2 2025 from N943bn in Q2 2024. The company also improved its gross profit margin, which rose to N630.6bn, up 24 per cent from the N507.6bn recorded last year……(Read More) Dollar shedding its tariff risk premium – The dollar’s surge since the U.S.-European Union trade deal seems a little counterintuitive at first glance, but the rally suggests the greenback may be shedding its elevated trade risk premium – whether Washington wants that or not. The weekend’s U.S.-EU agreement averted a likely protracted trade war by halving threatened U.S. import tariffs on European goods in return for market access and investment commitments. It mirrored a similar deal made with Japan last week, though it covers four times as much U.S. trade…..(Read More)

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