Market Overview

Good evening investors. At midweek, markets reflect a balance of opportunity and caution, driven by Nigeria’s financial sector expansion and regulatory reforms alongside major global shifts in energy and geopolitics. This edition highlights how banking growth, fintech changes, oil market dynamics, and global monetary policies are shaping investor sentiment, with key implications for capital flows, inflation, and sector performance in the near term.

Nigerian News & Market Update

Financial Services

• Zenith Bank launches Côte d’Ivoire subsidiary:

  Zenith Bank has expanded into Francophone West Africa by launching a Côte d’Ivoire subsidiary to boost cross-border trade, investment, and financial services. - Channels

• CBN floats OMO bills auction, raises ₦1.7trillion:

  The Central Bank of Nigeria raised about ₦1.7 trillion through an Open Market Operations (OMO) bills auction amid strong investor demand as it moves to mop up excess liquidity in the financial system. - DMarketforces

• Access Bank deputy managing director to retire:

  Access Bank’s deputy managing director is set to retire as part of leadership changes driven by regulatory tenure limits in Nigeria’s banking sector. - PremiumTimes

Telecommunications

• MTN Nigeria to sell majority stake in MoMo PSB and Y’ello Digital for ₦95.5bn:
  MTN Nigeria plans to sell a 60% stake in its fintech units (MoMo PSB and Y’ello Digital) to its parent company for ₦95.5billion as part of a restructuring to reduce losses and refocus on core telecom operations. - BusinessDay

Energy

• Nigerian govt inaugurates new NUPRC board members:
  The Nigerian government has inaugurated new board members for the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to strengthen oversight and regulation of the country’s upstream oil and gas sector. - PremiumTimes

• Nigeria’s crude revenue threatened as UAE exits OPEC:

  Nigeria’s oil revenue faces potential pressure as the UAE’s exit from the Organization of the Petroleum Exporting Countries (OPEC) could increase global supply and weaken price control, impacting crude-dependent economies. - TheSun

  Nigeria Sectoral Indices Performance

  The table shows that the Nigerian equities remained bullish with broad gains across major indices. NGX Industrial Goods Index (+6.14%) led daily performance, while the Lotus Index (-5.05%) lagged. Strength was driven by Oil & Gas and Industrial Goods, though Insurance and Consumer Goods showed weakness, indicating uneven market participation.

  

  

  Fixed Income (FGN Bonds)

  

Global News & Market Update

Financial Services (North America)

• Bank of Canada holds rates, says changes will be small if forecasts hold true:

  The Bank of Canada kept its interest rate steady and signaled that any future policy adjustments would be gradual if economic forecasts remain on track. - Reuters

  Financial Services (Asia)

• Bank of Japan set to keep rates steady as Iran war clouds outlook:
  The Bank of Japan is expected to hold interest rates steady as uncertainty from the Iran war and rising energy costs clouds the economic outlook. - Reuters

  Energy (Oceania)

• Australian state offers first gas exploration permits in a decade:
  An Australian state has opened new gas exploration areas for the first time in a decade, cutting fees to boost investment and address future energy supply concerns. - Reuters

  Energy (Middle East)

• UAE to leave OPEC and reshape oil producer groups
  The UAE’s decision to exit OPEC signals a major shift in global oil alliances, potentially weakening the cartel’s influence and allowing the country to expand production independently. - Reuters

Geopolitics (Asia)

• Trump urges Iran to sign deal after report suggests US may extend blockade:
  U.S. President Donald Trump urged Iran to agree to a nuclear deal as reports indicate the U.S. may extend its blockade, maintaining pressure amid stalled negotiations. - Reuters

Indices, Commodities & Currencies

The table below shows that the Global Markets are currently in a risk-fragmented phase tech resilience contrasts with broader equity weakness. Oil strength is the dominant macro signal, pointing to inflationary pressure and possible geopolitical influence. The strong dollar + weak metals combo suggests capital is rotating defensively rather than into traditional safe havens.

Fixed Income (USA Bonds)

Events

Conclusion

In conclusion, markets are entering the latter half of the week with cautious optimism, supported by Nigeria’s strengthening financial sector and favorable energy dynamics. However, persistent global uncertainties particularly around oil markets and geopolitics are expected to keep volatility elevated. Investors should remain strategic, balancing exposure to growth opportunities with a defensive stance, as market direction will continue to be shaped by evolving macroeconomic signals and geopolitical developments.

Will shifting global energy dynamics and tightening liquidity redefine market momentum before the week closes?

Stay with Ranora this Friday as we break down how these trends play out and where the next actionable opportunities may emerge.

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Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.

Market Overview

Good evening and welcome to a new trading week where markets open against a backdrop of shifting global monetary policy expectations and renewed geopolitical tensions. Locally, Nigeria’s focus remains on fiscal financing, FX stability concerns, and ongoing efforts to strengthen digital and capital market infrastructure.
Investors should expect a data-sensitive week driven by debt issuance news, external reserve movements, and global energy and interest rate signals.

Nigerian News & Market Update

• NCC unveils internet roadmap, targets 30% adoption:

  Nigeria’s Nigerian Communications Commission has launched a national IPv6 roadmap to boost internet infrastructure and drive adoption to about 30% by 2030. - Punch

• Nigeria’s External Reserves Reverse Earlier Gains:

  Nigeria’s external reserves have started declining again after recent increases, raising concerns about sustained FX stability and inflows. - Channels

• DMO Targets ₦700billion Domestic Debt FGN Bonds:

  Nigeria plans to raise ₦700 billion through domestic bond issuance to fund its budget and manage rising public debt. - Leadership

• Africa’s richest man eyes Ethiopia bourse in pan-African listing push:

  Aliko Dangote is considering listing parts of his business on Ethiopia’s stock exchange to support cross-border capital market integration in Africa. - BusinessDay

Nigeria Sectoral Indices Performance

The table below shows that the Nigerian equities market showed a mixed start to the period, with broad indices like NGX 30 and NGX Banking posting sharp daily losses despite strong year-to-date gains. Banking and consumer goods sectors led daily declines, dragging short-term performance, while industrial goods and insurance showed relative resilience. Overall, year-to-date performance remains strongly positive across most sectors, especially Oil & Gas and Industrial Goods, indicating underlying bullish momentum despite short-term profit-taking.

Fixed Income (FGN Bonds)

FGN Bond Auction Result

Corporate Action

Global News & Market Update

• Bank of England to keep rates on hold while it gauges impact of Iran war:

  Bank of England is expected to keep interest rates unchanged as it assesses the economic impact of the Iran war and rising inflation risks. - Reuters

• Shell to acquire Canada’s ARC in output-boosting $16.4 billion deal:

  Shell plc has agreed to acquire ARC Resources in a $16.4 billion deal to significantly boost its oil and gas production. The acquisition will increase output and reserves while helping Shell offset ageing assets and strengthen long-term growth. - Reuters

• Triton Uranium eyes 2026 US listing as nuclear fuel demand rises:

  Triton Uranium plans a potential 2026 U.S. listing to capitalize on rising nuclear fuel demand and strengthen supply amid global energy needs. - Reuters

• Iran suspends exports of steel slabs and sheets until end of May:

  Iran has temporarily halted steel exports until end-May after war damage disrupted production and reduced output capacity. - Reuters

• Carney announces creation of Canada’s first sovereign wealth fund:

  Mark Carney announced plans to create Canada’s first sovereign wealth fund to finance major national infrastructure projects with public and private investment. - CBCNews

Indices, Commodities & Currencies

The table below depicts that the Global markets are broadly mixed to negative, with major indices like the S&P 500, Nasdaq, and European markets showing slight declines. Energy commodities are strong, with oil (WTI & Brent) and natural gas rising, while metals like gold and silver are under pressure. Agricultural commodities are mostly positive, and currencies show mild movements with a slightly weaker dollar and stronger commodity-linked currencies.

Fixed Income (USA Bonds)

Conclusion

Looking ahead, market sentiment is likely to remain cautiously balanced as Nigeria’s domestic borrowing programme and FX reserve trajectory continue to shape fixed income and currency expectations. Globally, oil price dynamics, central bank policy decisions, and geopolitical risks particularly in energy-linked regions may sustain volatility across commodities and risk assets. Investors should stay positioned for selective opportunities in bonds and defensive equities while monitoring external shocks that could quickly shift capital flows and risk appetite.

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Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.

Market Overview

Good evening and welcome to today’s market update, Nigeria’s economic outlook continues to strengthen, supported by expansion in renewable energy, ambitious agricultural reforms, and robust demand in fixed income markets. Government-backed initiatives and increasing private sector participation are driving momentum across key growth sectors. At the same time, global markets remain uneven, shaped by shifting supply chains, energy security concerns, and evolving geopolitical dynamics. These trends are collectively influencing capital allocation decisions and near-term investment strategies.

Nigerian News & Market Update

• FG begins export of solar panels, ramps up production capacity to 300 megawatts:

  Nigeria has started exporting locally made solar panels, boosting its role as a West African renewable energy hub. Capacity has grown to 300MW with 3.7GW planned, backed by strong policy support and rising investment. Reforms and the DARES programme are attracting private capital and enabling regional energy expansion. - The Sun

• Government plans livestock sector expansion to $74 billion:

  Nigeria plans to grow its livestock sector from $74 billion by 2035 under a 10-pillar reform strategy. The initiative aims to boost food security, address inflation, and unlock agricultural productivity amid rising hunger. Key focus areas include financing, infrastructure, and value chain improvements to drive sector-wide transformation. - Punch

• CBN allots ₦894 billion at April 22 Treasury-Bills auction as demand surge:

  The CBN allotted ₦894 billion at its April 22 T-bills auction, with demand surging to ₦2.36 trillion over three times the offer. Investor appetite was concentrated in 364-day bills, reflecting preference for longer-duration yields. Stop rates held steady across tenors, signalling yield stability despite strong demand and elevated issuance. - Nairametrics

• Unity Bank rallies investment in green economy, climate tech:

  Unity Bank is advocating increased investment in the green economy and climate tech to enhance resilience and tackle climate risks. The bank is positioning itself to support climate-focused investments, SMEs, and cross-sector collaboration in sustainability. - Nairametrics

  Nigeria Sectoral Indices Performance

  In the table below, Broad-based gains led by banking stocks, with the NGX Banking Index up strongly across all timeframes, reinforcing bullish momentum in financials. Consumer goods, industrials, and the premium board also posted solid gains, supporting a positive market breadth and sustained investor confidence. Insurance lagged with mixed performance, while oil & gas showed mild weakness short-term despite strong year-to-date returns.

  

  Fixed Income (FGN Bonds)

NTB Auction Result

Global News & Market Update

• JPMorgan expands $1.5 trillion economic security splurge into Europe:

  JPMorgan is extending its $1.5 trillion security-focused investment program into Europe, targeting defense, energy, and tech. The initiative aims to reduce reliance on fragile global supply chains for critical resources. Strong European defense and industrial momentum could create new investment opportunities. - CNBC

• Sierra Leone signs $225 million offshore oil agreement with Nigeria’s Marginal Energy:

  Sierra Leone signed a $225 million offshore oil deal with Marginal Energy Limited, covering five exploration blocks. The agreement includes seismic and drilling commitments, with the state retaining a carried interest in future projects. The move aims to revive upstream investment and attract investors ahead of a new licensing round. - Reuters

• Mexico to send one million barrels of crude oil to Japan:

  Mexico will supply one million barrels of crude oil to Japan following a bilateral agreement aimed at strengthening energy cooperation. The deal comes amid global supply disruptions linked to the Iran conflict, prompting Japan to secure alternative sources. - Reuters

• Zambia’s Luanshya Copper Mine to restart in August after two-decade halt:

  Zambia’s Luanshya copper mine will restart in August 2026 after more than 20 years idle. A $710 million redevelopment under CNMC aims to lift output to 100,000 tonnes annually by 2030. The project supports Zambia’s push to significantly scale up national copper production. - Reuters

Indices, Commodities & Currencies

The table below shows, Global equities were mixed, with modest gains in U.S. indices offset by weakness across Europe and Japan, while volatility (VIX) edged higher. Energy markets strengthened on rising crude prices, but metals broadly declined, signalling softer demand expectations. Agriculture showed mixed trends with strength in oats and wheat, while currencies were relatively stable, with a slight uptick in the U.S. dollar.

Fixed Income (USA Bonds)

Events

Conclusion

Nigeria’s trajectory will depend on sustained policy execution, particularly in energy transition and agricultural development, which are critical to long-term stability and growth. Globally, persistent uncertainty in commodities, interest rates, and geopolitical risks is likely to keep markets volatile. Investors should monitor opportunities in sectors benefiting from structural reforms while maintaining a balanced approach to navigate global headwinds and emerging opportunities.

Thanks for reading Ranora Consulting! Subscribe for free to receive new posts and support my work.

Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.

Market Overview

Good evening and welcome to today’s market update, Nigeria’s economic landscape is evolving with stronger crude supply to Dangote Refinery, strategic dairy sector investments, and key cabinet reshuffles aimed at improving fiscal coordination. Equity markets remain bullish, led by banking and oil & gas sectors, signalling sustained investor confidence. Globally, energy markets are in focus amid geopolitical tensions and rising African hydrocarbon investments, while currency diversification trends continue to reshape trade dynamics. Together, these developments highlight a period of transition, opportunity, and cautious optimism for investors navigating both local and international markets.

Nigerian News & Market Update

• NNPC April crude supplies to Dangote cross 1 billion barrels:

  NNPC Limited delivered ~6.8 million barrels of crude to the Dangote Refinery in April, via eight cargoes. The volumes signal stronger supply support, though still below the refinery’s full requirements. Rising inflows aim to stabilise operations and reduce fuel import dependence. - Punch

• Nestlé, Federal Govt Partner To Strengthen Capacity, Productivity In Dairy Sector:

  Nestlé Nigeria and Nigeria’s Federal Ministry of Livestock Development have partnered to set up a Dairy Technical Skills Centre to boost local milk production capacity. The initiative builds technical skills across the dairy value chain to improve productivity, quality, and sector sustainability. It aligns with national dairy policy goals aimed at strengthening food security and reducing import dependence. - Leadership

• Edun, Dangiwa quit as Tinubu reshuffles cabinet:

  President Bola Tinubu has reshuffled his cabinet, removing the ministers of finance and housing to improve economic coordination. Taiwo Oyedele has been appointed Finance Minister as part of efforts to strengthen fiscal management under the Renewed Hope agenda. The move signals continued policy adjustments aimed at boosting economic stability and delivery efficiency. - Punch

• GCR upgrades Coronation Group to A ratings:

  Coronation Group has been upgraded to an ‘A’ rating by GCR, reflecting stronger capital and earnings. The upgrade highlights improved risk management and financial stability. The outlook remains stable, signaling sustained performance ahead. - Punch

  Nigeria Sectoral Indices Performance

  The table below shows, Nigerian equities closed broadly positive, with the NGX All-Share Index gaining 0.57% on the day and maintaining strong momentum across all timeframes. Banking stocks continue to lead the rally, surging 54.03% YTD, while Oil & Gas and Industrial Goods also show robust gains of 99.29% and 61.20% respectively. Insurance remains the only laggard with slight negative QTD performance, but overall market breadth stays firmly bullish across sectors.

  

  Fixed Income (FGN Bonds)

  

Global News & Market Update

• Trump extends ceasefire with Iran amid ongoing negotiations:

  Donald Trump extended the U.S.–Iran ceasefire beyond its initial deadline to allow more time for negotiations, following mediation by Pakistan. While talks continue, the U.S. maintains a naval blockade of the Strait of Hormuz, keeping pressure on Iran. Oil markets show cautious stability, with investors watching geopolitical risks and potential supply disruptions. - Nairametrics

• Ecobank, Bank of China in yuan settlement deal:

  Ecobank is partnering with Bank of China to enable direct local currency–yuan settlements, reducing reliance on the dollar. The move reflects rising Africa–China trade and a broader shift toward alternative payment systems. Direct yuan use could cut costs and improve margins for businesses. - The Nation

• Ghana Plans Oil, Gas Capacity Boost, Eyes $3.5 Billion Offshore Investment:

  Ghana is targeting a $3.5 billion offshore oil and gas investment push to revive production and boost reserves. The plan combines upstream reforms with a broader energy transition strategy, including renewables, storage, and nuclear ambitions. The move reflects a wider regional drive alongside Nigeria to attract capital, raise output, and modernise the energy sector. - Leadership

• Algeria Expands Oil Exploration Investment With 2026 Licensing Round:

  Algeria has launched its 2026 licensing round, offering seven oil and gas blocks to attract foreign investment and boost output. The plan is aimed at increasing production and strengthening the country’s role in global energy supply. It reflects wider efforts across Africa to expand hydrocarbon investment and energy capacity. - Leadership

Indices, Commodities & Currencies

The table below shows that, Global markets traded mixed, with U.S. indices posting modest gains while European equities lagged and volatility (VIX) edged lower. Energy and metals led the commodities rally, with crude prices up over 3% and strong gains across gold, silver, and copper, while soft commodities were broadly positive. Currency markets were relatively stable, with slight USD strength against the euro and mixed performance across other major pairs, while grains showed a mixed to softer tone.

Fixed Income (USA Bonds)

Events

Conclusion

Nigeria’s growth trajectory will depend on effective policy execution and sustained sector performance. Globally, energy dynamics and geopolitical risks remain key market drivers. Investors should stay focused on resilient sectors and evolving trade trends, while positioning for opportunities amid potential volatility.

Thanks for reading Ranora Consulting! Subscribe for free to receive new posts and support my work.

Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.

Market Overview

Good evening and welcome to today’s market update, Nigeria’s markets remain resilient, supported by stronger bank capital positions, improved corporate governance, and solid earnings across key sectors. At the same time, global markets are navigating energy disruptions, leadership changes in major firms, and shifting capital flows. This edition highlights the key developments shaping investor sentiment both locally and internationally.

Nigerian News & Market Update

• Wema Bank meets N264.7 billion capital threshold, retains licence:

  Wema Bank surpassed the Central Bank of Nigeria’s N200 billion capital requirement, reaching N264.7 billion and retaining its national licence. The stronger capital base supports expansion in lending and digital banking growth. - Punch

• Shareholders hail BUA’s corporate governance:

  Shareholders praised BUA Group and Abdul Samad Rabiu for strong corporate governance and employee-focused initiatives, including a ₦30 billion staff reward scheme. Robust financial performance at BUA Foods and BUA Cement underpins confidence, with significant revenue and profit growth. - Punch

• UPDC REIT reports N752.4 million Q1 ‘increase’ on booming rental income:

  UPDC REIT reported a 36% YoY rise in Q1 2026 income attributable to unit holders to N752.4 million, driven by strong rental growth. Rental income surged 83% to N759.8 million, supported by higher occupancy and steady asset expansion. Earnings per share rose to N0.28, with assets growing to N37.7 billion despite higher liabilities. - Punch

• Nigeria Imports 61.7 million Barrels of U.S. Crude Despite Massive Exports:

  Nigeria imported 61.7 million barrels of U.S. crude from 2024 to early 2026 despite being a major exporter. The surge is linked to demand from the Dangote Refinery and limited domestic crude supply. It highlights a mismatch between exports and local refining needs in the oil sector. - Guardian

  Nigeria Sectoral Indices Performance

  The table below shows, Broad-based strength in equities, with most sectoral indices delivering strong gains across MTD, QTD, and YTD periods. Banking, oil & gas, and premium board stocks are standout performers, each posting robust double-digit growth year-to-date. Insurance remains the only laggard, showing weak momentum amid an otherwise resilient and bullish market backdrop.

  

  Fixed Income (FGN Bonds)

Global News & News Update

• AFC secures $100 million loan for African projects:

  Africa Finance Corporation secured a $100 million five-year loan from India Exim Bank to fund infrastructure and industrial projects across Africa. The deal strengthens AFC’s liquidity base and supports investments in transport, energy, and long-term development assets. It also reflects a broader shift toward diversified, non-Western funding sources amid tighter global capital markets. - Punch

• Apple Inc.’s new CEO, John Ternus, to lead $4 trillion tech giant:

  Apple has appointed John Ternus as CEO effective Sept 1, 2026, with Tim Cook transitioning to executive chairman. The succession reflects a planned leadership shift; Ternus is a long-serving Apple hardware executive with extensive product engineering experience. The change signals strategic continuity at the $4 Trillion firm, with continued focus on hardware innovation, services growth, and sustainability. - Nairametrics

• Russia cuts oil output in April, sources say:

  Russia cut oil output by an estimated 300,000–400,000 bpd in April, the sharpest monthly drop in six years, due to Ukrainian strikes on refineries and export infrastructure. Key ports and the Druzhba pipeline to Europe were disrupted, tightening export capacity and pressuring state oil revenues. Higher global oil prices may partially offset the fiscal impact despite lower volumes. - Reuters

• Japan, Mexico agree on energy cooperation as Iran war disrupts supplies:

  Japan and Mexico agreed to deepen energy cooperation amid global supply disruptions linked to the Iran war. Leaders also discussed boosting trade, investment, and economic security coordination between the two countries. The move reflects efforts to secure alternative energy and resource partnerships as geopolitical risks rise. - Reuters

Indices, Commodities & Currencies

In the table below, Global equities were mixed, with U.S. and European indices under mild pressure while the NASDAQ showed relative resilience; volatility edged higher.
Energy complex remained firm with gains in crude and products, while metals saw broad weakness led by gold, silver, and platinum. Agri-commodities were broadly positive, and the USD strengthened modestly against peers amid mixed currency movements.

Fixed Income (USA Bonds)

Events

Conclusion

Nigeria’s outlook is positive but tempered by structural gaps in the oil sector and external pressures. Globally, energy supply risks and geopolitical tensions may sustain volatility. Investors should stay selective favouring strong Nigerian equities while maintaining diversified exposure to navigate evolving global conditions.

Thanks for reading Ranora Consulting! Subscribe for free to receive new posts and support my work.

Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.

Market Overview

Good evening and welcome to today’s market update, where Nigeria’s financial landscape is driven by strong liquidity injections, aggressive corporate capital raises, and structural market reforms. At the same time, rising global energy tensions and supply disruptions are fueling inflation risks and commodity volatility across key markets. In this edition, we unpack how domestic policy moves and global macro pressures are converging to shape investor sentiment and asset allocation.

Nigerian News & Market Update

• CBN to Auction Nigerian Treasury Bills Totalling ₦750billion:

  The Central Bank of Nigeria plans to auction ₦750billion in treasury bills across 91-, 182-, and 364-day tenors, with strong investor demand expected to drive oversubscription. - Dmarketforces

• Lasaco Insurance Targets Expansion with ₦18.47billion Tradable Rights Issue:

  Lasaco Assurance Plc plans to raise ₦18.47billion through a tradable rights issue to strengthen capital and drive business expansion. - Leadership

• AccessARM Pensions Eyes Early Recapitalisation Compliance:

  AccessARM Pensions Limited plans to meet recapitalisation requirements early using internal funds, while positioning for industry consolidation and more active investment strategies. - Leadership

• Nigeria’s crude oil output rises to 1.38 million bpd in March – OPEC:

  Nigeria’s crude oil production rose by 5.25% to 1.38 million barrels per day (bpd) in March 2026, maintaining its status as Africa's top producer despite remaining below its 1.5 million bpd OPEC quota. - BusinessDay

• Dangote Sugar plans ₦500 billion rights issue:

  Dangote Sugar has received shareholder approval to launch a ₦500 billion rights issue aimed at addressing its ₦791.8 billion in current liabilities and strengthening its financial position. - PremiumTimes

• New dawn for investors as NGX extends market hours to 4:00 p.m:

  The Nigerian Exchange (NGX) will extend daily trading hours to 9:00 a.m. – 4:00 p.m. beginning April 27, 2026, aiming to enhance market liquidity and alignment with global standards. Read the full story at P.M. News. - PMNewsNigeria

Nigeria Sectoral Indices Performance

The table below shows that the Nigerian market is exhibiting strong bullish momentum, headlined by the NGX Oil/Gas sector's near-doubling in value year-to-date and the Banking Index leading daily gains at 2.56%. While most sectors reflect robust double-digit annual returns, the Insurance Index remains the outlier, struggling with negative monthly performance despite the broader rally. Overall, the NSE ASI’s 40.17% YTD growth signals high investor confidence as the exchange prepares for its strategic shift to extended trading hours.

Corporate Action

Fixed Income (FGN Bonds)

Global News & Market Update

• Doubts over talks between Iran and U.S. after violence flares in Strait of Hormuz:

  High-level peace negotiations in Islamabad between the U.S. and Iran ended without a deal after 21 hours of talks, as both sides failed to reach an agreement on nuclear restrictions and the reopening of the Strait of Hormuz. - CBCNews

• Canada’s annual CPI rises to 2.4% as Iran war drives up gasoline costs:

  Canada’s annual inflation rate increased to 2.4% in March, driven by a surge in gasoline costs related to the conflict in Iran. - Reuters

• Congo peace project plans first gold exports in September from restive east, founder says:

  UK-based social enterprise PeaceGold plans to begin formal, conflict-reducing gold exports from the eastern Democratic Republic of Congo by September, aiming to export up to 50kg monthly while supporting local artisanal cooperatives. - Reuters

• Zambia’s copper smelters plan extended shutdowns, squeezing output and chemical supplies:

  Zambia's major copper smelters are planning extended maintenance shutdowns, which are expected to tighten copper output and constrain regional supplies of sulphuric acid used in processing. These outages, combined with disruptions from the Iran war, are impacting production in Zambia and neighboring Congo. - Reuters

• Austria releases first batch of oil reserves under IEA plan:

  Austria has begun releasing the first batch of its strategic crude oil reserves, amounting to 56,000 tonnes in the initial phase, as part of a coordinated International Energy Agency (IEA) plan to stabilize markets amid the Iran war. - Reuters

• USA Rare Earth to acquire Brazil’s Serra Verde for $2.8 billion:

  USA Rare Earth is acquiring Brazilian miner Serra Verde for $2.8 billion to secure a reliable supply of heavy rare earths for its magnet-making strategy. - Reuters

• Russia values seized stake in gold producer UGC at $1.9 billion ahead of auction in May:

  Russia is auctioning a seized 67.2% stake in gold producer UGC for $1.85 billion (140.4 billion roubles) in early May. - Reuters

• Algeria launches oil and gas licensing round to boost output:

  Algeria has launched the "Algeria Bid Round 2026," offering seven oil and gas exploration blocks to attract foreign investment and boost production. The bidding process runs from June 1, 2026, with submissions due on November 26 and contracts to be signed in January 2027 - Reuters

• Brazil’s Novonor signs deal to sell controlling stake in Braskem to IG4:

  Novonor is selling its controlling stake in petrochemical firm Braskem to the IG4-advised Shine I fund, with Petrobras currently evaluating its waiver rights. - Reuters

Indices, Commodities & Currencies

The table below depicts that the Global equity indices are trading broadly lower, led by a -1.34% drop in the Nikkei 225, while energy markets show significant strength with Brent crude rising over 5% to $95.03. Precious and industrial metals, including Gold and Copper, are under pressure, contrasting with a generally stable currency market where the USD remains at 98.2. Overall, the data reflects a "risk-off" sentiment in stocks paired with a sharp rally in the energy sector, likely influenced by ongoing geopolitical tensions.

Fixed Income (USA Bonds)

Conclusion

Looking ahead, elevated system liquidity from treasury bill auctions and ongoing rights issues may support short-term market activity, but could also keep yields volatile. Globally, persistent geopolitical risks particularly in energy markets are likely to sustain inflationary pressures and cautious investor positioning. Investors should remain selective, focusing on fundamentally strong companies while closely monitoring interest rate trends and global commodity movements.

Thanks for reading Ranora Consulting! Subscribe for free to receive new posts and support my work.

Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.a

Market Overview

Good evening and welcome tot todays market update, This edition captures key developments across Nigeria and global markets, highlighting policy reforms, sector performance, and strategic partnerships. Nigeria’s push on revenue restructuring, food price stability, and industrial growth reflects a focus on economic resilience. Globally, evolving geopolitical and investment trends continue to shape market direction and risk sentiment.

Nigerian News & Market Update

• Nigeria moves closer to new revenue-sharing formula:

  Nigeria is nearing a new revenue-sharing formula as data verification begins nationwide. The review aims to ensure fair, transparent allocation based on current socio-economic realities. Updated indices and stakeholder input are expected to strengthen fiscal balance and development planning. - Punch

• Transcorp Hotels Plc sustains growth momentum with expanded margins and enhanced profitability:

  Transcorp Hotels Plc reported 9% revenue growth to ₦22.41 billion in Q1 2026, with PBT rising 15% to ₦7.08 billion. Improved cost efficiency boosted margins, with gross profit at 77% and reduced cost of sales. Performance reflects strong execution, operational discipline, and sustained profitability growth. - Nairametrics

• Federal Government Unveils Policies To Stabilise Food Prices:

  The Federal Government has introduced short- and long-term policies to stabilise food prices and boost local production. Measures include import tariff reductions, input subsidies, and strengthening agricultural value chains. Focus is also on financing, partnerships, and food system reforms to ensure sustainable food security and economic growth. - Leadership

• BoI, RMRDC partner to strengthen agric value chain:

  BOI and RMRDC have partnered to strengthen Nigeria’s agricultural value chain and boost GDP. The agreement focuses on value addition, reducing post-harvest losses, and improving processing, storage, and market access. It aims to drive industrialisation, create jobs, and convert raw materials into higher-value products.- The Sun

Nigeria Sectoral Indices Performance

The table below shows that Nigerian equities maintained a strong upward trajectory, with all major sectoral indices recording solid gains across daily, weekly, and year-to-date metrics, underscoring sustained positive market momentum. Performance was led by the Banking and Oil & Gas sectors, both posting standout returns approaching or exceeding 100% YTD, reflecting robust investor appetite and sector-specific tailwinds. While the Insurance index showed comparatively modest growth and slight short-term weakness, broader market sentiment remains firmly bullish, supported by consistent gains across industrials, consumer goods, and premium board names.

Fixed Income (FGN Bonds)

Global News & Market Update

• Nigeria–China Propel Development Agenda In New Partnership:

  Nigeria–China partnership is promoting innovation, collaboration, and execution to drive economic growth and sustainable development. The initiative focuses on infrastructure, technology, manufacturing, and the creative economy to deliver practical outcomes. It aims to strengthen investment, knowledge transfer, and job creation through actionable, innovation-led solutions. - Leadership

• Dangote plans 650,000bpd East Africa refinery expansion:

  Dangote plans a 650,000bpd refinery in East Africa to expand capacity and reduce fuel imports. The project aims to boost regional energy security and attract investment, with completion targeted in 4–5 years. It reflects a broader push for local refining and industrial self-sufficiency across Africa. - Punch

• China to curb US investment in tech companies:

  China is tightening rules on U.S. investment in sensitive tech firms, especially AI startups, requiring government approval for funding. Companies like ByteDance and major AI startups are being told to block or restrict U.S. capital without clearance. The move signals further U.S.–China tech decoupling and rising regulatory risk for global investors in China’s tech sector. - Reuters

• China Petroleum Engineering unit signs $4.6 billion Turkmen gas field contract:

  China Petroleum Engineering, a unit of China National Petroleum Corp, signed a $4.6 billion deal to expand Turkmenistan’s Galkynysh gas field. The project includes new infrastructure and production capacity, with completion expected in about four years. It reinforces China’s long-term gas supply links with Turkmenistan. - Reuters

Indices, Commodities & Currencies

In the table below, Global markets were mixed, with gains in U.S. equities led by the NASDAQ 100 and S&P 500 while European indices such as the DAX softened; Japan’s Nikkei 225 outperformed. Commodities showed a mixed trend, as Brent Crude edged higher but WTI Crude and natural gas declined, while gold and copper posted modest gains. Agricultural prices were broadly weaker, and currencies reflected a slightly softer US Dollar Index with mild strength in major peers.

Fixed Income (USA Bonds)

Conclusion

Nigeria’s reform momentum and sectoral growth present emerging opportunities, though execution remains critical. Globally, policy shifts and geopolitical tensions may drive near-term volatility. Investors should stay focused on macro trends, policy outcomes, and sector-specific signals to navigate risks and capture opportunities.

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Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.

Market Overview

Good evening and welcome to today’s market update, Nigeria’s corporate landscape remains firm, with developments at First Bank of Nigeria, MTN Nigeria, and FCMB reflecting regulatory clarity and growth-focused strategies. Strong gains in banking and oil & gas continue to support market momentum. Globally, energy shifts and trade partnerships are influencing investor sentiment and capital flows.

Nigerian News & Market Update

• First Bank discharged by court from alleged $8.49 million Nimex – Conoil dispute:

  First Bank of Nigeria Limited was discharged by the Federal High Court from a $8.49 million garnishee case involving NIMEX Petrochemicals Ltd and Conoil Plc. The court held that overdrafts (debit balances) cannot be attached in garnishee proceedings. The ruling clarifies limits of bank liability in debt recovery cases. - Nairametrics

• MTN Nigeria suspends airtime, data lending services over FCCPC regulation:

  MTN Nigeria has suspended its “Xtratime” airtime/data lending service to comply with new FCCPC digital lending regulations. The rules impose licensing requirements on telecom-based credit offerings ahead of an April 2026 deadline. The company expects no material impact on earnings. - Nairametrics

• FCMB leverages culture to deepen markets, support SMEs:

  FCMB is using cultural events like the Ibadan Festival to support SMEs and expand market access. It sees these gatherings as economic hubs driving commerce, tourism, and diaspora investment. The approach supports broader efforts to connect small businesses to finance and growth opportunities. - Punch

• Nigeria unveils Africa’s first blue economy TV:

  Nigeria has launched Blue Economy TV in Lagos, Africa’s first maritime-focused channel to promote the blue economy. It will spotlight shipping, fisheries, tourism, and other ocean-based industries. The platform aims to boost awareness, investment, and sustainable use of Nigeria’s waterways. - Punch

  Nigeria Sectoral Indices Performance

  In the table below, Broad-based gains led the market, with Banking (+8.6% WTD) and Oil & Gas (+13.8% WTD) driving strong momentum across sectors. Consumer Goods and Industrial indices also posted steady advances, reinforcing a positive short-term outlook despite mixed global cues. Insurance lagged with notable declines, standing out as the only sector under pressure amid an otherwise upbeat market trend.

  

  Fixed Income (FGN Bonds)

Global News & Market Update

• Repsol Taking Back Control Of Venezuelan Oil Assets:

  Repsol has struck a deal with Venezuela to regain control of its oil operations and boost production significantly. The company plans to raise output by up to 50% within a year and potentially triple it in three years. The move follows eased US restrictions as Venezuela seeks to revive its struggling oil sector amid global supply pressures. - Channels

• UAE strengthens logistics to deepen Nigeria trade partnerships:

  The UAE is improving logistics and trade corridors to speed up cargo movement and strengthen supply chains with partners like Nigeria. The focus is on better customs systems, alternative routes, and maritime cooperation to support regional trade. It is expected to deepen UAE–Nigeria trade ties and boost key sectors like energy and agriculture. - Punch

• FG, Morocco Sign Revised BASA To Boost Tourism, Flights:

  Nigeria and Morocco have signed a revised BASA to strengthen air travel and tourism between both countries. The agreement creates a modern framework to improve airline operations, connectivity, and commercial ties. It is expected to boost trade, tourism, and broader economic cooperation. - Channels

• US Announces New Sanctions Against Iran Oil Sector:

  US has imposed new sanctions on Iran’s oil sector, targeting shipping networks and individuals linked to oil exports. The move is aimed at cutting Tehran’s revenue amid escalating tensions and disruptions around the Strait of Hormuz.

  It follows broader US efforts to pressure Iran and restrict its ability to fund regional activities. - Channels

Indices, Commodities & Currencies

In the table below, Global equities were broadly positive, led by gains in U.S. indices and Japan, while Europe lagged slightly and volatility remained contained. Energy prices strengthened with oil benchmarks up 3%, while metals were mixed copper and platinum advanced but gold and silver softened. In commodities, grains showed selective strength and softs were mixed, while the U.S. dollar held firm against majors with modest currency moves overall.

Fixed Income (USA Bonds)

Events

Conclusion

Nigeria’s outlook stays positive, backed by sectoral strength and expanding trade initiatives. Globally, energy market shifts and geopolitical tensions may drive near-term volatility. Investors should focus on banking, energy, and trade-linked sectors for emerging opportunities.

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Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.

Market Overview

Good evening and welcome to today’s market update, Nigeria’s economy shows continued momentum, driven by telecom expansion, banking sector reforms, and strong equity market performance. Key highlights include Airtel’s infrastructure rollout, Wema Bank’s growth ambitions, and IMF support for bank recapitalisation, even as inflation ticks higher. Globally, markets remain mixed, with easing energy concerns and shifting trade alliances shaping the outlook.

Nigerian News & Market Update

• Airtel deploys 1,500 base stations in one year:

  Airtel Africa added 1,500+ base stations in Nigeria, expanding coverage and capacity as data demand rises. Network now ~17,200 sites, ~99% 4G, improving speed and reliability nationwide. Investment also targets submarine cable expansion to support internet growth and resilience. - Punch

• Wema Bank eyes power, blue economy amid tier-one target:

  Wema Bank Plc is targeting expansion into power and blue economy sectors as it deploys new capital while maintaining risk discipline. The bank aims to achieve tier-one status within 2–3 years, supported by strong deposit growth and scaling opportunities. - Nairametrics

• IMF Applauds Recapitalisation of Nigerian Banks:

  The International Monetary Fund backed Nigeria’s bank recapitalisation drive, citing stronger capital buffers and improved financial system resilience. It also urged stronger fiscal discipline to help economies manage volatile capital flows and external shocks. The IMF noted recapitalised banks are better positioned to absorb stress, sustain lending, and support economic stability. - Dmarketforces

• Nigeria’s Headline Inflation Rate Rises to 15.38%:

  Nigeria’s inflation rose to 15.38% in March, driven mainly by higher transport and food costs linked to rising fuel prices. - Dmarketforces

  Nigeria Sectoral Indices Performance

  The table below shows, Nigerian equities closed broadly positive, with the NGX 30 and Banking Index leading gains, supported by strong YTD performance above 40%. Oil & Gas stocks remain standout performers, sustaining the highest year-to-date return at over 80%, while Consumer Goods also show solid momentum. Insurance lagged with short-term losses, and Industrial Goods stayed relatively muted despite maintaining a strong longer-term uptrend.

  

  Fixed Income (FGN Bonds)

  

Global News & Market Update

• China ready to further play constructive role, contribute to restoring peace in Gulf region:

  China is ready to play a constructive role in restoring peace in the Gulf amid the Iran conflict. China and the United Arab Emirates reaffirmed strong strategic ties, expanding cooperation across energy, trade, and innovation sectors. The UAE also pledged to ensure the safety of Chinese citizens while both nations push for regional stability and deeper economic collaboration. - The Sun

• China, Vietnam Leaders Sign Cooperation Deals:

  China and Vietnam signed new cooperation deals during President To Lam’s Beijing visit, deepening strategic economic ties despite regional tensions. The move reflects efforts to strengthen supply chains and cushion against global trade disruptions, including U.S. tariffs. Vietnam’s large trade deficit with China underscores both opportunity and growing dependency risks. - Channels

• South Korea Secures more than 270 million barrels Oil From Suppliers Unaffected By Hormuz Blockade:

  South Korea secured over 270 million barrels of crude oil from alternative suppliers, covering more than three months of demand amid disruptions around the Strait of Hormuz. Oil prices declined sharply as supply concerns eased and geopolitical tensions showed signs of diplomatic progress. - Channels

• Bosnia selects US investor for gas link with Croatia to cut reliance on Russia:

  Bosnia and Herzegovina has selected U.S.-based AAFS Infrastructure and Energy LLC to lead a $1.5 billion gas pipeline linking to Croatia, aiming to reduce reliance on Russian supply. The project will connect to an LNG terminal on Croatia’s Krk island, aligning with the European Union’s planned 2028 phase-out of Russian gas imports. - Reuters

Indices, Commodities & Currencies

In the table below, Global markets showed a mixed tone, with gains in the S&P 500, Nasdaq, and DAX offset by declines in the Dow, Nikkei, and Euro Stoxx, while volatility edged higher. Energy markets remained firm with crude prices advancing, whereas metals were softer led by declines in gold and silver despite strength in copper and platinum. Agricultural commodities were mixed, and currency markets saw modest dollar weakness alongside selective strength in the euro, yen, and commodity-linked currencies.

Fixed Income (USA Bonds)

Conclusion

Nigeria’s trajectory points to improving financial strength, though inflation remains a key risk. Banking, telecoms, and energy sectors continue to present opportunities amid policy adjustments. Globally, stabilizing oil markets and supply chains may support investor confidence, but caution is advised as uncertainties persist.

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Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.

Market Overview

Good evening and welcome to today’s market update, Nigeria is strengthening its industrial base with major investments, including the steel deal with Rashmi Metaliks and the advancing gas pipeline with Morocco. These moves signal growing investor confidence and a shift toward long-term economic diversification. Globally, easing geopolitical tensions and softer oil prices are shaping a more cautious but stable market environment.

Nigerian News & Market Update

• Nigeria seals $1 billion steel deal with Indian firm:

  Nigeria signed a $1 billion steel deal with India’s Rashmi Metaliks, highlighting renewed investor confidence. The sector has drawn over $2.2 billion in FDI as the country shifts to value-added industrial production. With $10 billion annual demand, Nigeria targets 10 million tonnes of steel output by 2030. - Businessday

• Nigeria, Morocco advance $25 billion transcontinental gas pipeline deal:

  Nigeria and Morocco are progressing the $25bn transcontinental gas pipeline, with a formal agreement expected this year. The 6,900km project will link West Africa to Europe, strengthening energy security and regional integration. First gas is targeted by 2031, supporting Nigeria’s gas monetisation and non-oil revenue growth. - Punch

• FG seeks cheaper funding amid global economic tensions:

  Nigeria is seeking cheaper funding and stronger global financial support amid geopolitical tensions and rising inflation. Higher oil prices are boosting revenues but driving fuel costs, inflation, and tighter financial conditions. The government will push for lower capital costs and investor support to sustain growth and stability. - Punch

• PETROAN Backs World Bank on Reinstatement of Petrol Import Licences:

  PETROAN has backed the World Bank’s call to reinstate petrol import licences to boost competition and stabilise fuel prices. The group warned that supply constraints and rising global oil prices could worsen inflation without market liberalisation. It also urged refinery privatisation and a fully deregulated downstream sector to improve efficiency and energy security. - Dmarketforces

  Nigeria Sectoral Indices Performance

  The table below shows, Nigerian equities delivered broad-based gains, with the NGX 30 and Banking Index leading strong YTD returns of 31.85% and 36.11% respectively. Oil & Gas remains the standout performer (+75.5% YTD), while Industrial Goods also shows robust momentum (+56.9% YTD). Short-term performance is mixed, with Insurance lagging MTD/QTD, but overall market breadth remains positive across most sectors.

  

  Fixed Income (FGN Bonds)

Global News & News Update

• Oil Prices Slide as U.S., Iran Attempt Fresh Peace Talks:

  Oil prices retreated as renewed U.S.–Iran diplomatic talks eased immediate supply disruption fears, reversing earlier gains triggered by tensions in the Strait of Hormuz. Brent and WTI crude dipped slightly after a sharp rally driven by U.S. blockade actions and heightened geopolitical risk. Markets remain sensitive to negotiations, with further talks likely to shape near-term oil price direction. - Dmarketforces

• Lucid names auto industry outsider as CEO, expands Uber deal:

  Lucid named Silvio Napoli as CEO, signaling a strategic shift toward operational discipline and scaling execution. The EV maker secured $750 million in fresh backing from Public Investment Fund and Uber Technologies, alongside an expanded robotaxi partnership. - CNBC

• Norway to lift ban on wealth fund investments in Syrian bonds:

  Norway’s sovereign wealth fund is set to lift its ban on Syrian government bonds, signalling a gradual reintegration of Syria into global financial markets. The $2.2 trillion fund’s move is viewed as a symbolic endorsement of Syria’s new government and could shape broader investor sentiment. At the same time, it plans to exclude Iran government bonds, reinforcing sanctions-driven geopolitical risk positioning. - Reuters

• Russia imposes temporary export controls on helium:

  Russia has imposed export controls on helium, restricting shipments outside the Eurasian Economic Union until 2027 to secure domestic supply. Move follows tighter global helium markets amid disruptions linked to the Middle East, with helium vital for chips and fibre optics. Russia (~8% supply) is third-largest producer after the United States and Qatar, with key output from the Amur gas plant. - Reuters

Indices, Commodities & Currencies

The table below shows, Global equities advanced broadly, led by gains across the S&P 500, Nasdaq 100, and Nikkei, while volatility eased with the VIX lower. Energy markets softened with notable declines in WTI and Brent, whereas metals remained resilient, supported by gains in gold, silver, and copper. Currency markets were mixed with a softer USD, while agricultural commodities showed divergence, with strength in wheat and oats offsetting weakness in soy complex.

Fixed Income (USA Bonds)

Events

Conclusion

Nigeria’s growth outlook remains positive but hinges on policy execution and inflation control. Global developments, particularly between the United States and Iran, may keep oil prices volatile. Investors should watch Nigerian industrial and energy sectors closely while staying alert to global macro shifts.

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Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.

Market Overview

Good evening and welcome to today’s market update, where rising geopolitical tensions and an oil price surge above $100 are driving global risk sentiment and inflation expectations. Domestically, policy signals from the CBN alongside major corporate developments from Dangote Refinery’s Initial Public Offering (IPO) plans to Oando’s expansion push highlight shifting capital dynamics and growth ambitions. This edition unpacks how global energy disruptions and local reforms are influencing yields, liquidity, and investor positioning across Nigerian markets.

Nigerian News & Market Update

• Dangote Refinery eyes $5bn Africa IPO record as listing nears:

  Dangote Petroleum Refinery & Petrochemicals plans to raise up to $5 billion through a landmark Initial Public Offering (IPO) that could become Africa’s largest, as it prepares to list on the Nigerian Exchange. - BusinessDay

• Oando targets $750million to triple output as Iran war redirects West African energy appetite:

  Oando Plc is seeking up to $750 million to fund drilling that could triple output, leveraging rising global demand for West African oil amid geopolitical disruptions. - BusinessDay

• CBN Slices Interest Rates on 182, 364-Day Treasury bills:

  Central Bank of Nigeria reduced interest rates on 182-day and 364-day Treasury bills to lower borrowing costs, while keeping the 91-day rate unchanged.

  Strong investor demand saw subscriptions far exceed offerings, with total bids reaching about ₦2.96 trillion despite the rate cuts. - Dmarketforces

• FG tasks Dangote Sugar on 600,000 metric tonnes target by 2030:

  Nigeria’s government is pushing Dangote Sugar to boost local production to 600,000 metric tonnes by 2030 to reduce reliance on imports and achieve sugar self-sufficiency. - Punch

• SUNU Assurances appoints new ED:

  SUNU Assurances Nigeria Plc appointed Olayinka Adaramola as Executive Director to strengthen technical operations amid industry reforms. - Punch

Nigeria Sectoral Indices Performance

The table below shows that the market remains broadly positive, with most sectoral indices posting gains across key timeframes, signaling sustained bullish sentiment.
Banking and oil & gas lead performance, while consumer goods maintain strong underlying momentum. However, weak insurance performance and mixed daily moves suggest selective positioning despite overall market strength.

Corporate Actions

Fixed Income (FGN Bonds)

Global News & Market Update

• Deadline passes for U.S. to begin blockade of Strait of Hormuz for ships that use Iranian ports:

  The United States military has begun enforcing a blockade on Iranian-linked ships in the Strait of Hormuz, escalating tensions and driving oil prices above $100 amid threats of retaliation. - CBC

• OPEC lowers second-quarter global oil demand forecast on Iran war:

  OPEC cut its Q2 global oil demand forecast by 500,000 bpd due to disruptions from the Iran war and the closure of the Strait of Hormuz. - Reuters

• India’s inflation rises modestly in March, but Mideast war risks loom:

  India’s inflation rose to 3.4% in March, but remains below target, with rising risks from the Iran war and higher oil prices potentially pushing prices up further. - Reuters

• Brazil annual inflation accelerates in March on fuel price pressures:

  Brazil’s annual inflation rose to 4.14% in March, driven mainly by higher fuel and transportation costs linked to global geopolitical tensions. - Reuters

• Germany plans $1.9 billion of fuel price relief to tackle energy crisis:

  Germany approved about €1.9 billion in fuel tax cuts and relief measures to ease rising energy costs driven by the Iran war and global oil price shocks. - Reuters

Indices, Commodities & Currencies

The table below depicts that the Global markets show a mixed performance, with U.S. indices (S&P 500, Nasdaq) holding firm while European equities trend lower.
Energy markets remain elevated and volatile, as crude prices stay above $100, while metals and soft commodities largely face downward pressure.
Currency movements indicate a slightly weaker dollar and mixed FX trends, reflecting cautious investor sentiment amid global uncertainty.

Fixed Income (USA Bonds)

Conclusion

Looking ahead, elevated oil prices and geopolitical uncertainty are likely to sustain inflation risks globally while supporting Nigeria’s oil-linked revenues, creating a mixed macro backdrop. Domestically, strong liquidity conditions and declining Treasury bill yields may continue to push investors toward equities and corporate opportunities, particularly in energy and industrials. However, policy direction, execution of large-scale projects, and external shocks will remain key drivers of market volatility and investment strategy in the near term.

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Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.a

Market Overview

Good evening and welcome to today’s market update, Nigeria’s economic outlook remains cautiously optimistic, driven by reform-led investments in the oil and gas sector and improved corporate financial strength. Developments such as NNPC’s push for AI-driven efficiency, Champion Breweries’ successful debt redemption, and Lafarge Africa’s planned rebranding reflect a market focused on growth, resilience, and investor confidence. Sectoral performance remains broadly positive, with Banking, Consumer Goods, and Oil & Gas leading gains despite continued weakness in Insurance.

Nigerian News & Market Update

• NNPC pushes AI adoption to cut production costs:

  NNPC reports over $24 billion in new investments and a $10 billion pipeline, signalling renewed investor confidence in Nigeria’s oil sector amid reforms. The company is accelerating AI adoption and digital data mining to cut costs and support its 3 million barrels/day production target. Execution, regulatory stability, and technology integration are seen as critical to sustaining growth and global competitiveness. - Punch

• Champion Breweries redeems N15 billion commercial paper:

  Champion Breweries has fully redeemed its N15 billion commercial paper programme, repaying both Series 1 and Series 2 notes on schedule. The repayment highlights strong liquidity, disciplined financial management, and sustained investor confidence in the company. The milestone strengthens its credibility in debt markets and positions it for future funding to support growth initiatives. - Punch

• Lafarge Africa proposes name change to HBM Nigeria at April 30 AGM:

  Lafarge Africa plans to rebrand as “HBM Nigeria Plc,” subject to shareholder approval at its April 30, 2026 AGM. The move signals a strategic repositioning, coming alongside strong 2025 results with revenue up 53% and profit after tax surging 173%. The AGM will also address dividends, governance matters, and board restructuring as the company consolidates growth. - Nairametrics

• NUPRC says reforms unlock $10 billion in upstream oil, gas investment:

  Regulatory reforms under the Petroleum Industry Act have unlocked over $10 billion in upstream oil and gas investments, improving clarity and investor confidence. New rules and streamlined approvals have supported major projects and reduced investment risk, boosting sector competitiveness. Further regulatory measures are underway as Nigeria aims to sustain investment inflows and strengthen production recovery. - Nairametrics

Nigeria Sectoral Indices Performance

The table below shows Broad market sentiment remained positive, with most sectoral indices posting gains across short- and medium-term horizons, led by Banking and Consumer Goods. Insurance was the notable laggard, showing consistent declines across all timeframes, while Oil & Gas delivered strong year-to-date performance. Overall, year-to-date returns remain robust across sectors, particularly Banking, Industrial Goods, and Oil & Gas, underscoring sustained market resilience.

Fixed Income (FGN Bonds)

Global News & Market Update

• Russia boosts oil exports from western ports in early April despite drone attacks:

  Russia increased crude exports from key western ports to ~2.0m bpd in early April (vs. 1.9m bpd in March), showing resilience despite recent drone attacks on energy infrastructure. Disruptions at Baltic and Black Sea terminals briefly halted loadings, but rapid resumptions especially at Primorsk helped offset losses. Overall, export flows remain stable for now, though ongoing attacks continue to pose downside risks to supply chains and output. - Reuters

• India gold demand firms ahead of festival; China premiums ease:

  India’s gold demand is showing modest pre-festival improvement ahead of Akshaya Tritiya, though elevated prices are suppressing typical buying volumes and retail footfall. In China, physical gold premiums have narrowed sharply due to weak jewellery demand, despite continued central bank purchases supporting overall sentiment. Global spot gold remains on track for a third consecutive weekly gain, buoyed by geopolitical optimism and steady investment demand. - Reuters

• Glencore buys 45% stake in South Carolina aluminium recycling plant:

  Glencore has acquired a 45% stake in a South Carolina aluminium recycling plant, expanding its footprint in the U.S. supply chain. The move comes amid rising aluminium prices and supply disruptions linked to Middle East tensions. The facility, operated by Alumicore, will help boost recycled output as part of a more resilient and sustainable domestic supply chain. - Reuters

• US remains Spain’s top gas source but Russian shipments rise:

  The U.S. remains Spain’s largest gas supplier, though its share is declining as imports diversify. Russian LNG shipments to Spain have more than doubled year-on-year, now accounting for over a quarter of supply. The shift highlights ongoing challenges for Europe in reducing reliance on Russian energy despite diversification efforts. - Reuters

Indices, Commodities & Currencies

The table below shows, Global equities are mixed, with strength in U.S. tech (Nasdaq up) and European/Japanese markets, while small caps lag slightly. Energy markets are broadly higher (WTI & Brent up), but natural gas and heating oil decline; metals remain under pressure with gold, silver, and platinum falling. Agricultural commodities show mixed performance, while currencies are relatively stable with slight USD softness and modest gains in EUR, GBP, and JPY.

Fixed Income (USA Bonds)

Conclusion

Nigeria’s growth trajectory will depend on sustained policy reforms, regulatory stability, and effective execution across key sectors. Continued investment inflows and corporate restructuring could further strengthen market confidence. Globally, energy market dynamics and geopolitical developments will remain key drivers, with investors advised to stay selective and position around resilient sectors amid ongoing uncertainty.

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Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.

Market Overview

Good evening and welcome to today’s market update. This week’s market update highlights key developments shaping Nigeria’s economic landscape alongside major global trends influencing investor sentiment. Domestically, reforms in education, healthcare, and capital markets signal a push toward stronger institutions and improved transparency. Globally, energy market uncertainties and shifting trade dynamics continue to drive volatility across commodities and equities. Key themes include Nigeria’s institutional strengthening, corporate restructuring, commodity market expansion, and global energy supply adjustments all of which present evolving risks and opportunities for investors.

Nigerian News & Market Update

• Lagos, World Bank, FCMB Advance $500m Drive for Inclusive Education and Healthcare:

  The Lagos State Government, alongside the World Bank and First City Monument Bank, is implementing a $500 million programme to improve education and primary healthcare systems in Nigeria. The initiative focuses on performance-based funding, transparency, and stronger institutions to ensure better service delivery. Early results in Lagos show progress, with reforms aimed at improving outcomes and accountability in public services. - Nairametrics

• Unilever Plc to merge foods unit with McCormick, Nigerian subsidiary reviews impact:

  Unilever Plc has announced plans to merge its global foods division with McCormick & Company, marking a significant strategic shift. In response, Unilever Nigeria Plc stated that it is currently reviewing the potential impact of the deal on its local operations and structure. - Nairametrics

• NGX to delist Greif, DN Tyre over compliance failures, liquidation:

  Nigerian Exchange has delisted DN Tyre and Rubber Plc and Greif Nigeria Plc over compliance issues and liquidation. DN Tyre failed to recover after years of restructuring, while Greif Nigeria exited following its liquidation. The decision reinforces market standards but leaves investors unable to trade the shares, with potential losses involved. - Nairametrics

• FG inaugurates Nigerian Commodity Exchange board to boost trade:

  The Federal Government of Nigeria has inaugurated a new board for the Nigerian Commodity Exchange to strengthen the country’s commodities market and boost trade. The board, led by Dalhatu Abubakar as chairman and Anthony Atuche as managing director, is tasked with providing strategic direction and improving market performance. The move aims to enhance transparency, price discovery, and non-oil exports, positioning Nigeria more competitively in global commodity markets. - Nairametrics

  Nigeria Sectoral Indices Performance

  In the table below, NGX indices showed broadly positive momentum, with strong gains in banking (+32.49% YTD) and oil & gas (+68.36% YTD) leading the market.
  Consumer goods and premium board stocks also posted solid month-to-date and year-to-date growth, reinforcing bullish sentiment. However, insurance and industrial goods lagged slightly, recording mild declines across shorter timeframes.

  

  Fixed Income (FGN Bonds)

Global News & Market Update

• Brazil to appeal court ruling suspending oil export tax:

  Brazil plans to appeal a court ruling that suspended a 12% oil export tax introduced during rising global oil prices. The court suggested the tax may be unconstitutional, but a final decision is still pending. Energy Minister Alexandre Silveira confirmed the government will challenge the ruling to reinstate the tax. - Reuters

• Japan weighs new release of about 20 days’ worth of oil from reserves:

  Japan is considering releasing an additional 20 days’ worth of oil from its reserves in May due to uncertainty over the Strait of Hormuz reopening. The country, which relies on the Middle East for 95% of its oil, has already released about 50 days’ supply and cut refinery runs to 67.7% of capacity. Japan is also seeking alternative oil sources, providing gasoline subsidies, and increasing coal-fired generation to stabilize energy supply. - Reuters

• Israel to reopen Karish offshore natgas platform following ceasefire:

  Israel has instructed Energean to resume operations at the Karish offshore natural gas platform following the U.S.-Iran ceasefire. The platform had been shut since February 28 due to safety concerns during the U.S.-Israeli conflict with Iran. Energean confirmed it is safely restarting production, and its London-listed shares rose 2.4% on the news. - Reuters

• China’s car exports accelerate despite disruption from Mideast crisis:

  China’s car exports surged 73.7% in March to nearly 700,000 vehicles despite Middle East crisis disruptions, outpacing growth from earlier months. Domestic sales fell 15.2% amid higher fuel prices and reduced incentives for electric vehicles, marking six consecutive months of decline. EV maker BYD continued to face domestic sales drops but expects strong growth overseas, particularly in Europe, where fuel price hikes boost EV demand. - Reuters

Indices, Commodities & Currencies

The table below shows, Global equities were mixed, with the S&P 500 flat, NASDAQ 100 edging higher, while Nikkei 225 and DAX declined. Energy markets stayed firm as WTI Crude and Brent Crude gained, while metals rallied broadly, led by strength in Gold and Copper. Soft commodities weakened across the board, while grains were mixed and the US Dollar Index softened against major peers including the euro and yen.

Fixed Income (USA Bonds)

Events

Conclusion

In Nigeria, ongoing reforms and sectoral strength particularly in banking and oil & gas suggest a cautiously optimistic outlook, though regulatory enforcement and market exits underscore the need for selective positioning. Globally, energy supply uncertainties, geopolitical developments, and shifting trade flows are likely to sustain market volatility in the near term. For investors, this environment favors a balanced strategy: maintaining exposure to high-performing sectors while closely monitoring policy direction, global energy trends, and currency movements. Forward-looking opportunities may emerge in commodities, energy-linked assets, and export-driven sectors as both local and global markets continue to adjust.

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Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.

Market Overview

Good evening and welcome to today's market update. Nigeria’s market is driven by energy sector developments, policy reforms, and improving liquidity conditions, while global markets respond to easing geopolitical tensions and shifting commodity dynamics. This newsletter highlights key domestic restructuring trends, crude supply developments, and global macro signals shaping investor sentiment.

Nigerian News & Market Update

• Neimeth restructures reserves as drugmakers abandon costly debt model:

  Neimeth International Pharmaceuticals Plc is restructuring its reserves to reduce reliance on costly short-term debt, improve financial flexibility, and align with a broader industry shift toward equity financing amid high borrowing costs. - BusinessDay

• NNNPC Increases Dangote Refinery Crude Supply To 10 Cargoes:

  NPC Limited has increased crude supply to Dangote Petroleum Refinery to 10 cargoes, improving fuel supply prospects, but still below the 19 cargoes needed for full operations. - Channels

• NNPC rolls out new crude grade, Cawthorne, into global market:

  Nigerian National Petroleum Company (NNPC) Limited has launched exports of its new light, sweet crude grade, Cawthorne, with the maiden 950,000-barrel cargo sent to the global market, supporting Nigeria’s strategy to boost production and energy competitiveness. - TheSun

• CBN Plans DFI Recapitalisation As FG Unveils Mass Savings Scheme:

  Central Bank of Nigeria (CBN) plans to recapitalise and restructure Development Finance Institutions to better support MSMEs, while the Federal Government introduces a mass savings scheme to boost domestic investment and reduce borrowing reliance. - Channels

• SUNU seals rights issue process, targets market launch within weeks:

  SUNU Assurances Nigeria Plc has completed internal approvals for a ₦9.34 billion rights issue, allowing existing shareholders to subscribe to new shares, with a market launch expected soon pending final regulatory clearance. - TheNation

  Nigeria Sectoral Indices Performance

  The NGX sectors showed broad short-term strength, led by Banking and Oil & Gas, while Consumer Goods also posts solid gains. However, Insurance, Industrial Goods, and Lotus Index remain weak on a daily and short-term basis.

  Overall, year-to-date performance is strongly positive across most sectors, highlighting sustained bullish momentum in the Nigerian market.

  

  Fixed Income (FGN Bonds)

  

Global News & Market Update

• Trump agrees to 2-week ceasefire as Iran says it will allow passage through Strait of Hormuz:

  Trump and Iran agree to a two-week ceasefire contingent on reopening the Strait of Hormuz amid escalating strikes and tensions. - CBC

• India raises fertiliser subsidy as US-Iran war lifts global prices:

  India has increased its nutrient-based fertiliser subsidy by 11.6% to 415.34 billion rupees ($4.50 billion) for the summer crop season to shield farmers from rising global fertiliser prices following the U.S.-Israel-Iran conflict. - Reuters

• Zimbabwe to introduce lithium export quotas, sets conditions for resumption of shipments:

  Zimbabwe will resume lithium exports under quotas, local processing requirements, and a 10% export tax until a full 2027 ban. - Reuters

• India set to get first Iranian oil cargo in 7 years, tracking data shows:

  India is set to receive its first Iranian oil shipment in seven years after temporary U.S. sanctions relief amid Middle East supply disruptions. - Reuters

• India central bank holds rates as Mideast crisis fans growth, inflation risks:

  The Reserve Bank of India held interest rates steady at 5.25%, citing Middle East tensions that could slow growth and push up inflation. - Reuters

Indices, Commodities & Currencies

The table below shows that the Global equities are broadly higher, reflecting sustained risk appetite across major markets. Energy and metals are mostly weaker, while select soft commodities (like cocoa) show strength. Volatility is easing and currencies are mixed, pointing to cautious but stable market sentiment.

Fixed Income (USA Bonds)

Events

Conclusion

Looking ahead, improved crude supply, financial system reforms, and capital market activity could support Nigerian equities, though sectoral divergence may persist. Globally, easing volatility and geopolitical developments may sustain cautious optimism, but commodity price swings and inflation risks remain key watchpoints. Investors should stay positioned for selective opportunities while monitoring policy direction and external shocks.

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Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.

Market Overview

Good evening and welcome to todays market update, Nigeria’s market remains resilient, supported by strong corporate performance and banking sector growth, with Custodian Investment Plc surpassing ₦1 trillion in assets and expansion across key industries. Meanwhile, Dangote Group continues to drive exports despite rising energy costs. Globally, geopolitical tensions and slowing economic activity are shaping cautious investor sentiment. Overall, markets reflect a balance between growth opportunities and inflation-driven risks.

Nigerian News & Market Update

• Custodian Investment surpasses N1 trillion assets milestone:

  Custodian Investment Plc’s assets surged 155% to exceed ₦1 trillion in 2025, driven by strong revenue growth and diversification into merchant banking. The acquisition of Quest Merchant Bank significantly boosted its asset base and expanded services into wealth management and advisory. Overall performance showed rising profits, stronger equity, and continued growth in its core insurance business despite economic challenges. - Punch

• Dangote boosts fuel, fertiliser exports amid supply crisis:

  Dangote’s refinery has increased exports of fuel and fertiliser across Africa to address shortages caused by global supply disruptions. The plant is operating at full capacity, supplying multiple African regions, though rising crude oil prices continue to push up fuel costs in Nigeria. Despite higher output, structural challenges and global market pressures mean price relief may take time to materialise. - Punch

• Energy cost spike drives cement to N12,000/bag:

  Rising energy and fuel costs have pushed cement prices in Nigeria to about ₦12,000 per bag. Higher logistics and production expenses are making construction projects more expensive and slowing activity. Experts link the surge to fuel price hikes, global factors like the Middle East crisis, and manufacturers’ pricing practices. - Punch

• Wema Bank reaffirms commitment to MSMEs:

  Wema Bank reaffirmed its commitment to supporting MSMEs, highlighting their role in driving Nigeria’s economic growth. The bank won two global awards for its SME financing and digital lending solutions, including a fast, collateral-free loan system. It continues to expand support through digital platforms, training, and targeted initiatives to improve access to funding and business growth. - Punch

  Nigeria Sectoral Indices Performance

  The table below shows, Sectoral performance showed a broadly positive tone, with the NGX 30 and Banking Index leading gains across most timeframes, reflecting sustained investor confidence. While pockets of weakness persisted in Insurance and Industrial Goods, Consumer Goods and Oil/Gas provided stability with solid year-to-date returns. Overall, market breadth remains supportive, underpinned by strong banking sector momentum and resilient gains across key indices.

  

  Fixed Income (FGN Bonds)

Action

Global News & News Update

• JP Morgan reaches agreement with City airport for Canary Wharf’s tallest tower:

  JPMorgan Chase has agreed with London City Airport to build a 265m tower in Canary Wharf, set to become the area’s tallest building. The £3 billion skyscraper will serve as its new UK headquarters, housing over half of its 23,000 staff. The project could boost the UK economy and create jobs, though discussions continue over potential tax breaks and planning approval. - The Guardian

• Gold price weakens as Trump’s Iran deadline keeps markets cautious:

  Gold prices dipped slightly as investors stayed cautious over tensions involving Donald Trump and the Strait of Hormuz. Rising oil-driven inflation supports gold, but higher interest rates reduce its attractiveness. Overall, uncertainty is keeping gold prices unstable. - CNBC

• German service sector growth slows to seven-month low, PMI shows:

  Germany’s service sector growth slowed sharply, with PMI dropping to a seven-month low due to weaker demand. The downturn is linked to rising energy costs and uncertainty from the Middle East conflict, reducing new business activity. Firms face higher costs but struggle to raise prices, leading to weaker outlooks for economic growth. - Reuters

• China and Russia veto UN resolution on protecting Hormuz shipping:

  China and Russia vetoed a United Nations Security Council resolution aimed at protecting shipping in the Strait of Hormuz, calling it biased against Iran. The move deepens global tensions, with the U.S. condemning the veto while China and Russia push for an alternative approach. - Reuters

Indices, Commodities & Currencies

The table below shows, Global markets turned risk-averse as major equity indices declined across the U.S., Europe, and Asia, while volatility climbed, signalling rising investor caution. Energy commodities stood out as the only strong performers, with oil and gas prices advancing amid supply and demand dynamics, contrasting with broad weakness in metals, soft commodities, and grains. Meanwhile, a firm U.S. dollar and mixed currency movements reinforced a cautious macro outlook shaped by uncertainty around growth and inflation.

Fixed Income (USA Bonds)

Conclusion

Nigeria’s outlook remains positive but sensitive to energy prices, inflation, and currency stability, with banks like Wema Bank supporting economic activity. Globally, uncertainty around geopolitics and interest rates is likely to keep markets volatile. Investors should stay cautious, focusing on resilient sectors like banking and energy while monitoring macroeconomic signals for emerging opportunities.

Thanks for reading Ranora Consulting! Subscribe for free to receive new posts and support my work.

Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.

Market Overview

Good evening and welcome to today’s market update, This edition highlights a dynamic intersection of opportunity and caution across Nigerian and global markets. Domestically, policy-driven reforms, capital market strength, and strategic investments in agriculture and energy signal a strengthening economic foundation. Globally, however, geopolitical tensions and supply disruptions are driving volatility across commodities and financial markets. Key themes this week include Nigeria’s push for food security and capital market resilience, alongside rising global energy risks and shifting investor sentiment.

Nigerian News & Market Update

• World Bank approves $500 million loan for Nigeria’s agriculture sector:

  The World Bank has approved a $500 million IDA loan for Nigeria’s AGROW project to boost agricultural productivity, strengthen value chains, and improve food security. The initiative will support up to 1 million smallholder farmers, enhance market access, and attract private sector investment into key crops like rice, maize, cassava, and soybeans. Running from 2026–2032, the programme aims to drive job creation, modernise farming systems, and address structural challenges such as low yields and climate vulnerability. - Nairametrics

• Tinubu appoints Dalhatu Abubakar as Nigeria Commodity Exchange Chairman, names board:

  President Bola Ahmed Tinubu has appointed Dalhatu Abubakar as Chairman of the Nigeria Commodity Exchange and reconstituted its board to strengthen commodity trading and boost non-oil exports. The new board includes key non-executive directors and a Managing Director, tasked with improving market transparency, price discovery, and attracting investment into the sector. The move aims to stabilise food prices, enhance food security, and position Nigeria more competitively in regional and global commodity markets. - Nairametrics

• Fidelity Bank shows exceptional performance as banks conclude recapitalisation:

  Fidelity Bank Plc delivered standout performance during Nigeria’s recapitalisation, with heavily oversubscribed offers reflecting strong investor confidence. The bank exceeded the ₦500 billion capital requirement, strengthened its capital buffers, and attracted major institutional investors, positioning it for expansion. - Nairametrics

• Oando expands into Angola with 45% stake in Kwanza Basin Block:

  Oando Plc has acquired a 45% stake in Angola’s Kwanza Basin Block KON 13, marking its first operated upstream venture outside Nigeria. The deal expands its pan-African footprint, following its recent acquisition of Nigerian Agip Oil Company, and positions it as operator of the asset. The move supports geographic diversification and growth, with early oil indications reducing exploration risk and boosting long-term reserve potential. - Businessday

  Nigeria Sectoral Indices Performance

  The table below shows that, Market performance was mixed, with the NGX 30 slipping slightly on the day but maintaining a modest month-to-date and year-to-date gain. Banking and insurance stocks showed relative strength, supporting broader market resilience despite pockets of weakness in oil/gas and consumer goods. Overall, year-to-date returns remain solid across most indices, reflecting sustained investor confidence amid short-term volatility.

  

  Fixed Income (FGN Bonds)

Global News & Market Update

• Russia bans producers from exporting gasoline until end-July:

  Russia has banned gasoline exports by producers until end-July to stabilize domestic supply during peak agricultural demand and rising global oil prices. The restriction excludes countries with existing inter-governmental fuel supply agreements, such as Mongolia. The move follows past fuel shortages and is part of recurring efforts to control prices and ensure adequate domestic availability. - Reuters

• Trump’s fresh Iran threats give investors a risk-off reality check:

  Fresh threats from Donald Trump to escalate the Iran conflict have rattled global markets, dashing hopes for a quick resolution. Oil prices surged while stocks and bonds fell, as investors shifted to safe-haven assets and the dollar strengthened. - Reuters

• India ends import tax on petrochemicals to help local industry:

  India has scrapped import taxes on 40 petrochemical products until June 30 to ease supply disruptions and support local industries. The move follows a government directive to divert domestic petrochemicals toward LPG production amid shortages linked to the Iran conflict. The tax relief aims to reduce cost pressures on plastics and pharmaceutical sectors facing rising feedstock prices and tighter supply. - Reuters

• Maldives seeks fuels from India amid Iran war:

  The Maldives is seeking fuel supplies from India as Middle East disruptions strain energy imports. Shipping through the Strait of Hormuz remains blocked, delaying Indian vessels and tightening regional supply. India is reviewing the request while balancing domestic needs and expanding fuel support to neighbouring countries. - Reuters

Indices, Commodities & Currencies

The table below shows Global markets traded mostly lower, with declines across major indices including the DJIA, S&P 500, and European benchmarks, while the Russell 2000 showed relative resilience and volatility (VIX) ticked higher. Energy prices remained firm, led by gains in WTI and Brent crude, while metals and soft commodities broadly weakened, highlighting mixed demand signals across asset classes. In currencies, the US dollar held steady with slight strength, while movements in the yen and Swiss franc suggested cautious positioning amid ongoing market uncertainty.

Fixed Income (USA Bonds)

Events

Conclusion

Nigeria’s outlook remains cautiously optimistic, supported by structural reforms, strong banking sector capitalization, and increased investment in agriculture and commodities. However, global headwinds, particularly geopolitical tensions and energy supply disruptions may sustain market volatility in the near term. Investors should watch for inflationary pressures, oil price movements, and FX stability, while positioning toward fundamentally strong sectors like banking, agriculture, and energy. In the coming weeks, a balance between domestic resilience and external risks will likely shape both returns and capital flows.

Thanks for reading Ranora Consulting! Subscribe for free to receive new posts and support my work.

Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.

Market Overview

Good evening and welcome to today's market update, Nigeria’s financial markets remain upbeat, driven by strong equity gains, banking sector innovation, and expanding energy exports. At the same time, global markets are navigating geopolitical tensions and evolving energy supply chains, creating a mixed but opportunity-driven environment. Key developments include Sterling Bank’s zero-fee milestone, the Nigerian Exchange’s ₦30 trillion Q1 rally, and Dangote Refinery’s growing presence in international fuel markets. Policy adjustments by Nigerian Midstream and Downstream Petroleum Regulatory Authority and global energy moves by Shell further shape the outlook.

Nigerian News & Market Update

• Sterling Bank marks one year of zero transfer fees, rewards Nigerians with ₦1.6 billion:

  Sterling Bank marked one year of its zero transfer fees policy, saving customers over ₦1.6 billion since April 2025. The initiative, implemented via its OneBank platform, has boosted financial inclusion, transaction volumes, and customer engagement. Backed by digital transformation, the bank aims to sustain the model while expanding access to payments, savings, and credit. - The Nation

• Capital market investors net ₦30 trillion gains in Q1:

  Nigeria’s equities market recorded nearly ₦30 trillion in gains in Q1 2026, delivering a strong 29.35% return driven by sustained investor demand. The rally was fuelled by improved macroeconomic conditions, foreign inflows, stronger corporate earnings, and FX market stability. - The Nation

• Dangote exports aviation fuel to UK amid shortages:

  Nigeria’s Dangote refinery has begun exporting aviation fuel to the UK and other European markets amid shortages caused by Middle East supply disruptions. The shift follows the US-Iran conflict, which has constrained key routes like the Strait of Hormuz, driving up global jet fuel prices. Rising demand highlights Nigeria’s growing role in global energy supply, though the refinery is nearing capacity on jet fuel and diesel. - Punch

• NMDPRA raises gas price to $2.18/MMBTU, effective April 2026:

  Nigeria’s NMDPRA has raised the domestic gas price for power generation to $2.18/MMBTU, effective April 2026, marking a slight increase from $2.13. The adjustment also affects commercial and industrial users, reflecting broader efforts to align pricing with market realities and the Petroleum Industry Act. The hike comes amid mounting debt and supply challenges in the power sector, potentially increasing electricity generation costs and straining stability. - Nairametrics

  Nigeria Sectoral Indices Performance

  The Nigerian Exchange (NGX) exhibited strong sectoral performance today, with the Banking and Premium Board indices leading gains, reflecting robust investor confidence. Despite overall positive momentum, the Oil & Gas and Lotus indices experienced slight declines, while the Insurance sector faced a notable weekly downturn. Year-to-date, the Oil & Gas sector continues to dominate with impressive growth, closely followed by Industrial Goods and the Premium Board, underscoring their resilience in the market.

  

  Fixed Income (FGN Bonds)

  

Global News & Market Update

• Shell in advanced talks with Venezuela for more gas areas, sources say:

  Shell is in advanced talks with Venezuela to develop major offshore gas fields, potentially accessing up to 20 trillion cubic feet of reserves. The project would involve processing gas in Trinidad to boost LNG exports, helping address supply shortfalls at Atlantic LNG. Key hurdles include Chevron exiting stakes and existing Russian interests in some fields, though Shell aims to finalize investment decisions this year. - Reuters

• Russia exports more LNG in first quarter, shipments to Europe jump too:

  Russia’s LNG exports rose 8.9% year-on-year to 8.6 million tons in Q1 2026, despite sanctions and efforts to redirect supply away from Europe. Shipments to Europe increased 17%, highlighting continued demand even as the EU plans to phase out Russian gas imports by 2027. Growth was supported by Arctic LNG 2 output, while flows from Yamal LNG dipped slightly and Sakhalin-2 exports edged higher. - Reuters

• German manufacturing expands in March despite Iran war supply strains:

  Germany’s manufacturing sector expanded in March, with PMI rising to 52.2, its fastest growth since May 2022 driven by stronger output and new orders. However, supply chain disruptions linked to the Iran war have lengthened delivery times and pushed input costs to record highs. Rising energy prices are fueling inflation and dampening business confidence, with future output expectations falling. - Reuters

• Greece set to rejoin MSCI developed markets index in 2027:

  Greece will be reclassified into MSCI’s developed markets index in May 2027, signalling a key milestone in its post-debt crisis recovery. The upgrade could expand its investor base, though analysts warn it may reduce visibility and trigger modest capital outflows. Despite strong recent gains, challenges remain, including lingering bad loans and potential shifts in investor positioning. - Reuters

Indices, Commodities & Currencies

The table below shows, Global markets are broadly higher, with major equity indices advancing led by strong gains in Europe and Asia, while volatility eased as the VIX declined. Energy markets softened, with crude oil and natural gas pulling back, whereas metals rallied sharply, led by gold, silver, and copper posting solid gains. Agricultural commodities were mostly weaker, while currency markets showed a softer U.S. dollar alongside modest strength in the euro, pound, and commodity linked currencies.

Fixed Income (USA Bonds)

Events

Conclusion

Nigeria’s strong market performance and rising role in global energy trade continue to attract investor interest, though higher energy costs may pressure key sectors. Globally, supply disruptions and industrial resilience remain key themes influencing capital flows. Investors should watch Nigeria’s equity momentum, energy sector reforms, and global LNG developments. Opportunities remain in financials, energy, and industrials, while staying cautious of volatility tied to geopolitical and macroeconomic shifts.

Thanks for reading Ranora Consulting! Subscribe for free to receive new posts and support my work.

Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.