CFG WEEKLY MARKET REPORT SEPT 1ST-4TH 2025

Marketers continue imports as Dangote petrol arrives US – The Dangote Petroleum Refinery last week made its first Premium Motor Spirit (petrol) shipment to the United States, while local marketers insisted on fuel importation. This confirmed earlier reports that the refinery is exporting more fuels following the shutdown of some foreign refineries for maintenance. According to S&P Global, 300,000 barrels of petrol left Nigeria on August 26, with an expected arrival at New York and New Jersey on September 12. This is even as fuel marketers in Nigeria still import more petrol into the country, ignoring the 650,000-barrel-per-day refinery in Lekki, Lagos……(Read More)  ‘How new exploration licences will improve Nigeria’s oil production’ – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently concluded the execution of the Production Sharing Contract (PSC) of the Oil Prospecting Licence (OPL) 2001 and 2002. The licences are for offshore exploration in the Deepwater West Delta basin and is 2,000 square kilometres. The licence was awarded to TotalEnergies which owns 80% and South Atlantic Petroleum with 20% in 2024…….(Read More) Tariff war: Respect state electricity regulators, FG warns Discos – The Federal Government, through the Nigerian Electricity Regulatory Commission, has told electricity distribution companies to treat state regulators with respect. The Vice Chairman of NERC, Musiliu Oseni, stated this at the commission’s quarterly stakeholders meeting, which ended in Lagos on Tuesday. Power distributors had repeatedly countered state regulatory commissions on matters of electricity tariffs, a development that consistently pitched the two groups at opposing ends…..(Read More) CNG price hits N450/SCM as FG withdraws subsidies – Amid long queues and insufficient refilling stations, the cost of one standard cubic metre of Compressed Natural Gas has jumped from N230 to N450. Our correspondent gathered from retailers that the government reviewed the price recently to N450, reducing its subsidies. However, while trucks pay N450/SCM, car drivers and commercial drivers still enjoy some subsidies, as they pay N380 for one standard cubic metre of what the government calls a cheaper alternative to petrol and diesel…..(Read More) ‘$3.5bn brass fertiliser, petrochemical project to commence in october’ – The Managing Director of the Brass Fertiliser and Petrochemical Company, Chief Ben Okoye, has stated that work on the $3.5 billion project would start in October this year. Chief Okoye explained that the 10,000 metric tonnes of methanol per day project was delayed as there was no agreement reached on the gas component but that  President Tinubu last October directed the Minister of State for Petroleum (Gas) to get it started and that the agreement was signed in January this year……(Read More) Despite dip in China’s exports to Russia, new deals show ‘room to grow’ amid US pressure – Despite a slowdown in automotive shipments from China to Russia, there is room for them to advance trade settled in yuan and roubles as both countries continue to be pressured away from the US market, analysts said on Tuesday during Russian President Vladimir Putin’s visit to the world’s second-largest economy. Russians want consumer goods, personal electronics and common machinery that are difficult to import from the West because of trade sanctions…..(Read More)

CFG_DMR_02-SEP-2025

Europe stocks steady as Chinese tech surges – Shares in Europe remained steady on Monday, as Chinese technology stocks surged, while European long-dated bonds faced heavy pressure, according to Reuters. Europe’s broad STOXX 600 index gained 0.1 per cent, initially boosted by improved manufacturing data, though the positive momentum eased later in the day. In Asia, Chinese tech giant Alibaba saw its Hong Kong shares jump 18.5 per cent following a report that artificial intelligence drove a surge in revenue for its cloud business………(Read More) NGX suspends three insurance firms for missing audits – The Nigerian Exchange Limited has suspended trading in the shares of three listed insurance companies for failing to file their audited financial statements for the year ended December 31, 2024. The suspension, effective September 1, 2025, affects Regency Alliance Insurance Plc, International Energy Insurance Plc, and Universal Insurance Plc……….(Read More) Cost of fund cuts banks’ borrowings by 12% to N69trn – Banks’ borrowings through the Central Bank of Nigeria, CBN, Standing Lending Facility,  SLF, declined by 12.4 per cent Year-on-Year, YoY, to N69.37 trillion in the first eight months of the year (8m’25) from N79.23 trillion in 8m’24. The CBN has two short term lending windows for banks: the Standing Lending Facility (SLF) and Repo lending. It lends money to banks through the SLF at interest rate of 500 basis points (bps) above the Monetary Policy Rate (MPR), and it also lends money to banks through Repurchase (Repo) arrangement, which involves the purchase of banks’ securities with the agreement to sell back at a specific date and usually for a higher price. …….(Read More) Naira rises to N1,540/$ in parallel market – The Naira yesterday appreciated to N1,540 per dollar in the parallel market from N1,545 per dollar last weekend. Similarly, the Naira recorded a new level appreciating to the N1,527.5 per dollar in the Nigerian Foreign Exchange Market (NFEM).The new level was last recorded on July 3rd this year. Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira fell to N1,527.5 per dollar from N1,531 per dollar last weekend, indicating N3.5 appreciation for the naira. Consequently, the margin between the parallel market and NFEM rate narrowed to N12.5 per dollar from N14 per dollar last week Friday……..(Read More) Equities Market Opens September Trading With N362bn Loss – Trading activities in the domestic equities market yesterday lost N362 billion to start September trading on a negative note, following share price depreciation in Lafarge Africa Plc and 32 others. The All-Share Index (ASI) shed 573.31 points, representing a decline of 0.41 per cent to close at 139,722.19 points. Also, market capitalization depreciated by N362 billion to close at N88.407 trillion. The downturn was driven by price depreciation in large and medium-capitalized stocks, including Lafarge Africa, Eterna, Oando, Zenith Bank, and Ellah Lakes….…(Read More) Dollar inches up as gold hovers near record high – The U.S. dollar clawed back some ground in Asian trading on Tuesday following five days of selling, ahead of the return of U.S. traders from the Labor Day holiday. The dollar index was last up 0.2% at 97.873, having touched its lowest since July 28 on Monday. Gold hit an all-time high. “Capital markets across equities and credit are still optimistic on the U.S., which suggests that foreign holders of U.S. assets are not in retreat,” analysts from DBS wrote in a client note……..(Read More)

CFG_DMR_01-SEP-2025

Market capitalisation jumps N203bn as stocks extend rally – The Nigerian Exchange extended its bullish momentum on Tuesday as investors gained N203bn, pushing the market capitalisation to N89.7tn at the close of trading. The benchmark All-Share Index rose by 321.59 points, or 0.23 per cent, to settle at 141,761.36 compared with 141,439.77 recorded on Monday. This brought the market’s year-to-date gain to 37.73 per cent, despite posting a one-week decline of 0.6 per cent. Trading statistics showed that a total of 604.99m shares valued at N12.89bn were exchanged in 28,819 deals. This reflected a three per cent improvement in volume and a 15 per cent rise in turnover, though the number of deals declined 13 per cent when compared with the previous session…………(Read More) Tinubu meets NGX, SEC chiefs in Brazil, hails capital market gains – President Bola Tinubu on Tuesday praised the “remarkable growth” of Nigeria’s capital market under his administration. This is as he credited investors’ confidence in his economic reforms for the surge in activity on the Nigerian Exchange. He disclosed this while receiving the Director-General of the Securities and Exchange Commission, Dr. Emomotimi Agama, and the Board of Directors of the Nigerian Exchange Group in Brazil during his state visit. The President said the expansion of market capitalisation and trading volumes reflected the strength of his policies…………(Read More) Domestic refining changing West Africa’s fuel supply – Marketers – The Major Energies Marketers Association of Nigeria (MEMAN) has described the rising domestic refining capacity as a game-changer which is changing the fuel supply landscape in Africa. It specifically made a reference to the 650,000-barrel Dangote Petrochemical Refinery and the emerging Lome Hub as reshaping West Africa’s fuel market. This emerged yesterday when MEMAN hosted its monthly webinar in partnership with S&P Global Commodity Insights (Platts), to examine how global geopolitics, regional refining capacity, and evolving trade flows are transforming West Africa’s refined products market………..(Read More) FG allots N136bn in medium-term bonds – The Federal Government of Nigeria has successfully allotted a total of N136bn in its recently concluded five- and seven-year bond auctions, with marginal rates of 17.945 per cent and 18 per cent, respectively. According to the offer document on its website on Tuesday, the new five-year FGN August 2030 bond and the seven-year FGN June 2032 bond were auctioned on August 25, 2025, and are set to settle on August 27, 2025. The total amount offered for each bond was N100 bn, but strong investor demand led to an allotment of N46.005 bn for the five-year bond and N90.157 bn for the seven-year bond…..…..(Read More) Forbearance: Nigerian banks’ non-performing loans may increase – Fitch – Fitch Ratings said Tuesday that a vast majority of Nigerian banks are expected to exit longstanding forbearance by end-2025. However, the ratings agency observed that the expiry of forbearance will lead to some large Stage 2 loans being reclassified as impaired, the agency said in a new peer credit analysis on the country’s major banks. Daily Trust reports that an impaired loan is a loan that is not performing according to the original terms of the agreement……….…(Read More) Trump defiant as Fed Governor Lisa Cook threatens legal action over his attempts to remove her from board – President Donald Trump on Tuesday responded to questions about Federal Reserve Governor Lisa Cook’s attorney saying they will file a lawsuit challenging his attempt to remove her. Asked at a Cabinet meeting if he was prepared for a legal fight, Trump said, “Oh sure, always.” Cook’s attorney, Abbe Lowell, issued a statement saying, “Trump has no authority to remove Federal Reserve Governor Lisa Cook. His attempt to fire her, based solely on a referral letter, lacks any factual or legal basis. We will be filing a lawsuit challenging this illegal action.”…………(Read More)

THE LOOP July EDITION 2025_FF

Commercial paper market jumps 107% to N1.58tn – The value of new listings of commercial papers in the first seven months of 2025 more than doubled compared to the same period in 2024 to hit N1.58tn. The PUNCH analysis of the FMDQ Financial Markets Monthly report indicated that the CP market grew with significant highs in March, May, and July 2025 as businesses resort to short-term financing to ease funding pressure. According to Corporate Finance, commercial paper refers to a short-term, unsecured debt obligation that is issued by financial institutions and large corporations to finance their payrolls, payables, inventories, and other short-term liabilities……….(Read More) Africa Prudential posts 75% profit in H1 – Africa Prudential Plc has posted a 75 per cent year-on-year growth in Profit Before Tax to N1.98bn, compared to N1.13bn recorded in the same period of 2024. The unaudited results released in Lagos showed that Profit After Tax rose 73 per cent to N1.35bn from N779m in the corresponding period of last year. Net total income also increased significantly by 64 per cent to N3.3bn, against N2bn recorded in 2024. According to the unaudited results, total assets climbed to N41.35bn as of June 2025, representing a 38 per cent rise from N29.95bn, while shareholders’ fund grew by 15 per cent to N11bn, despite a N1.2bn dividend payout earlier in the year………(Read More) Dangote’s 1,000 trucks arrive, fuel distribution to begin from S’West – Barring any last-minute change in plan, the Dangote Petroleum Refinery is expected to start its direct fuel distribution scheme soon, as 1,000 Compressed Natural Gas-powered trucks required for the exercise have arrived in Nigeria. With the 1,000 trucks, the refinery would start distributing fuel directly to marketers in Lagos, Ogun, and other South-West states, pending the delivery of the remaining 3,000 trucks. Impeccable sources and officials at the $20bn Lekki-based plant, who did not want to be named due to a lack of authorisation to speak to the press………(Read More) DisCos rake in N1.10trn revenue in 6 months – The 11 electricity Distribution Companies (DisCos) collected N1.101trn as revenue from their customers in the first six months of 2025, analysis of the month factsheet of DisCos has shown. The factsheet which is produced by the Nigerian Electricity Regulatory Commission (NERC) said this is from the total N1.486trn worth of the electricity the DisCos billed their customers. This means that the customers failed to pay N385.43bn for electricity delivered to them….…..(Read More) Nigeria leads as Africa moves to add 1.2m bpd crude oil refining capacity – Africa is set to add 1.2 million barrels per day (bpd) of new refining capacity by 2030, marking one of the fastest downstream expansions globally, according to the newly released 2025 OPEC World Oil Outlook. This medium-term growth – led by landmark projects in Nigeria, Angola and Uganda – signals a turning point for the continent’s energy sovereignty and investment attractiveness. At the forefront of Africa’s refining expansion is Nigeria’s 650,000-bpd Dangote Refinery, which began operations in 2024 and is already reshaping regional fuel trade dynamics……..…(Read More) Fed Chair Jerome Powell signals possible rate cut, sending stocks sharply higher –  Federal Reserve Chairman Jerome Powell signaled a possible cut in interest rates in the near future, sending stocks soaring on Friday. Speaking to a gathering of economists and central bankers in Jackson Hole, Wyo., Powell said current economic conditions, including a marked slowdown in job growth, suggest a downward adjustment in the Fed’s benchmark rate may be warranted. Powell stopped short of promising a rate cut at the next Fed meeting in September, saying he and his colleagues will continue to monitor incoming data on both inflation and job growth…………(Read More)  

CFG WEEKLY MARKET REPORT_18TH_ AUG_2025 TO 22ND_AUG_2025

Pension managers target broader investments for N24tn fund – Players in the Nigerian pension industry have called for regulatory guidelines that would enable them to invest in export-orientated businesses, toll roads, real estate and high-growth unlisted companies so as to boost returns. According to a Bloomberg report on Thursday, this call comes as high inflation and currency depreciation erode value for the contributors to the nation’s pension scheme. The monthly data from the National Pension Commission has revealed that as of June, the pension funds stood at N24.63tn, with a majority of it invested in government-backed instruments………(Read More) Nigeria on track to hit 2.5mbpd oil output — FG – The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission, has declared that the country is firmly on course to ramp up crude oil output to 2.5 million barrels per day by 2026, following its strategy to unlock deepwater potentials, revive dormant fields, and accelerate approvals for new projects. It also announced the completion of a case-by-case review of the marginal fields licensing that are due for renewal……..(Read More) Despite meeting OPEC quota, price drop threatens Nigeria’s capital projects – The federal government’s ability to meet up with its targeted revenue of N41trn to foot the 2025 budget is becoming a tall order with the instability in the global price of oil. This is even as the government has met the production quota given by the Organisation of Petroleum Exporting Countries (OPEC) thrice during the year. Analysis showed that between April and August, the global oil price experienced a significant drop, influenced by a combination of factors including weakening demand and increased supply………(Read More) Nigeria’s FX reserves rise to $41bn – Nigeria’s foreign exchange reserves rose sharply to $41.00 billion on August 19, 2025, the highest level since 2021, Data from the Central Bank of Nigeria (CBN) indicated. Daily Trust reports that this was the first time the external reserves would witness this highest accretion since December 2021. Daily Trust reports that the month of August has witnessed consistent accretion with the reserve adding about $1.46 billion month-to-date, from $39.54 billion on 1 August before it hit $41.00 billion by 19 August….…..(Read More) Stock Market Sustains Profit-taking Momentum, Drops by N781bn – The Nigerian stock market yesterday continued its decline with a loss of N781 billion, driven by sustained sell-offs that negatively impacted performance. The Nigerian Exchange Limited  All-Share Index (NGX ASI) declined by 1,233.basis points or 0.87 per cent, to close at 140,332.44  basis points with the Month-to-Date and Year-to-Date returns settled at +0.3per cent and +36.4per cent, respectively. Also, the overall market capitalisation value lost N781 billion to close at N88.784 trillion. Market sentiment remained weak, with a negative breadth …….…(Read More) Trade War Tensions: China ‘opposes’ Trump’s 50% tariffs on India, hails Beijing & Delhi as ‘double engines of Asia’ – China has sharply criticised Washington’s decision to slap tariffs of up to 50% on Indian goods, warning that remaining silent in the face of “economic bullying” would only embolden the United States. Beijing has also pledged to stand firmly with New Delhi, framing the two neighbours as indispensable partners in shaping Asia’s economic and political future………..(Read More)