Nigeria Equity Watch -N.E.W

02/11/2025

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Nigeria Equity Watch -N.E.W

26/10/2025

SFS REIT Portfolio Update: Key Investment Metrics Revealed

The SFS Real Estate Investment Trust Fund (SFS REIT), listed on the Nigerian Exchange (NGX), has released key performance metrics highlighting the composition and performance of its underlying real estate assets. The data provides insight into the Fund's diversified portfolio, which primarily focuses on properties in Lagos, Nigeria.

Portfolio Highlights
The disclosed document reveals details on several properties, showing a clear focus on the Lagos commercial and residential real estate market:

Investment and Tenancy Structure

* The majority of the listed properties are residential (4 out of 6), followed by commercial/hotel assets.

* The Fund maintains a 100% ownership rate across all listed properties, indicating full control over the assets.

* Tenancy is primarily structured for Individuals on an Annual basis for the residential estates, which is typical for the Nigerian residential leasing market.

* The Protea Hotel Select Ikeja has an "Annual" and "Corporate" tenancy structure, aligning with its commercial/hospitality function.

Market Context and Fund Performance

As an NGX-listed REIT, SFSREIT has historically provided consistent returns. Recent market data indicates that SFSREIT has been a strong performer in the market:

* Share Price Performance: The stock has recorded significant year-to-date gains, demonstrating robust market confidence in its valuation and underlying assets. As of recent market close, the share price has shown a strong upward trend over the past year.

* Dividend Yield: The Fund has a history of consistently paying dividends. For example, the most recent announced dividend yield was over 10%, making it an attractive proposition for income-focused investors.

* Sector Outlook: The Nigerian real estate sector remains a key area for investment, with properties in prime Lagos locations like Lekki continuing to command strong demand and rental yields, which bodes well for the long-term performance of the SFS REIT portfolio.

The continuous disclosure of property metrics allows investors to clearly link the Fund's share price performance and dividend history to its tangible real estate holdings.
Nigeria Equity Watch -N.E.W

26/10/2025

24/10/2025

Reform Rally Sustained: NGX Market Cap Soars to N98.1 Trillion as Investors Back Economic Overhaul

LAGOS, NIGERIA — Nigeria's equities market is demonstrating remarkable resilience, with investor conviction in ongoing economic reforms propelling the Nigerian Exchange Limited (NGX) into uncharted territory.

On Thursday, the market recorded a robust gain of N479 billion in market capitalization, extending the bullish streak as institutional and retail investors continued to pile into blue-chip stocks. The benchmark All-Share Index (ASI) advanced by a significant 0.49 per cent (753.65 points), closing the session at an impressive 154,489.90 points.

This surge pushed the total market capitalization to a staggering N98.1 trillion, up from N97.6 trillion recorded in the preceding session, showcasing growing investor confidence in the country's macroeconomic realignment.

The Anatomy of the Uptrend
The sustained rally, which has seen the market clock a notable 4.14 per cent week-to-date gain, is fundamentally driven by:

* Macroeconomic Policy Clarity: Investors are responding positively to the government's coordinated economic agenda, which includes the decisive foreign exchange (FX) regime reforms and the Central Bank's tightening cycle aimed at anchoring inflation.

* Sectoral Strength: Renewed buying interest is concentrated in fundamentally sound, high-value stocks across key sectors, including industrial goods, banking, and consumer staples, as investors anticipate stronger corporate earnings in a post-reform environment.

* Liquidity and Stability: The gradual improvement in FX liquidity has reassured foreign portfolio investors, who see the current valuations as an attractive entry point before the full dividends of the structural adjustments materialize.

As the market approaches the N100 trillion capitalisation milestone, the sustained momentum suggests a belief among stakeholders that the current policy trajectory is firmly set to unlock long-term value in the Nigerian economy.

24/10/2025

World-Beater Ambition: Dangote Refinery Plots Capacity Double and Massive NGX Listing

The Dangote Refinery, already Africa's largest, is moving to cement its status as a global energy behemoth with a dual-pronged strategy: a massive capacity expansion and a strategic stock market listing.

In an exclusive interview with S&P Global Commodity Insights, Aliko Dangote, President and Founder of Dangote Industries Limited (DIL), confirmed plans to more than double the refinery's current 650,000 barrels per day (bpd) capacity to a staggering 1.4 million bpd. This ambitious goal would make the Lagos-based complex the world's largest refining facility, surpassing the 1.36 million bpd Jamnagar Refinery in India.

The expansion, which engineers say the Lekki complex was designed to accommodate, signals a long-term commitment to not only ensuring Nigeria's energy independence but also transforming the country into a major global exporter of refined products.

The Equity Strategy: Unlocking Value on the NGX
Beyond the technical expansion, Mr. Dangote revealed a fundamental shift in the business model: a strategic move to the capital market. The management of the $20 billion complex is preparing for an Initial Public Offering (IPO), with plans to list up to 10% of its shares on the Nigerian Exchange Limited (NGX) as early as 2026.

This listing is expected to:
* Fund Growth: The capital raised will be critical to financing the next phase of the 1.4 million bpd expansion and related petrochemical projects, including boosting annual polypropylene output.

* Attract Partners: Dangote indicated the company's "business concept is going to change," moving away from 100% ownership by welcoming strategic partners, with Middle Eastern firms currently being courted.

* Enhance Transparency: The move to the NGX will follow the successful listing path of other group subsidiaries, promoting greater corporate governance and public ownership.

This impending IPO is set to be a watershed moment for the Nigerian capital market, promising to significantly boost the NGX's market capitalization and offering local and international investors a stake in Africa's most strategically important industrial asset. The market will be watching closely as this massive industrial project transitions into a publicly traded equity.

24/10/2025

AFRIPRUD Delivers a Masterclass: Q3 Profit Soars 24%, 9M Earnings Leap 54%

Africa Prudential Plc (AFRIPRUD), a key player in Nigeria's registrar and financial services sector, has published its unaudited results for the third quarter ended September 30, 2025, painting a picture of aggressive and efficient growth that signals a high-yield investment strategy.

The company's performance in the third quarter was formidable:

* Pre-Tax Profit (Q3): Africa Prudential reported a pre-tax profit of N1.043 billion, marking a robust 24% year-on-year (YoY) increase.

* Gross Earnings (Q3): The top line also saw significant expansion, with gross earnings growing by 29.7% YoY to N1.863 billion.

Nine-Month Period: A Surge in Value Creation
The sustained growth throughout the year has translated into exceptional nine-month (9M) figures,
demonstrating a powerful acceleration in profitability:

* 9M Pre-Tax Profit: The cumulative pre-tax profit for the nine-month period skyrocketed to N3 billion, representing a major 54% leap compared to the same period in 2024.

* 9M Gross Earnings: Similarly, 9M gross earnings reached N5.208 billion, a substantial 49% YoY growth.

Analysis: Leveraging High Yields
The sheer magnitude of the 9M profit growth (54%) relative to the gross earnings growth (49%) suggests superior margin management and, crucially, a highly effective investment income strategy. Given the prevailing high-interest-rate environment in Nigeria, this performance is likely underpinned by the company's ability to maximize returns on its investment portfolio, especially in fixed-income assets, alongside steady growth in its core registrar and technology-driven service revenue.

This result solidifies Africa Prudential's reputation for generating significant shareholder value, placing it firmly in the spotlight of the Nigeria Equity Watch as a high-momentum stock.

24/10/2025

Eight-Year Freeze Melts: A*o Savings & Loans Shares Roar Back on NGX

The Nigerian Exchange Limited (NGX) has delivered a significant market surprise, lifting the eight-year suspension on the shares of A*o Savings & Loans Plc. This pivotal decision marks the resumption of trading, effective October 21, 2025, instantly injecting fresh activity into the bourse.

The market's response has been immediate and emphatic. Just two days into its trading comeback, the stock demonstrated remarkable vigor. At the close of trading on Thursday, October 23, 2025, the share price surged by 9.09% (an initial rise of 9.9% from N0.55 to N0.60 is actually 9.09\% or (0.60-0.55)/0.55), climbing from its starting point of N0.55 to close at N0.60 kobo per share. This N0.05 kobo gain on Thursday built on a rise from the previous day's trading, resulting in a total appreciation of N0.10 kobo across the two sessions between Wednesday, October 22 and Thursday, October 23.

The volume of trade further underscores the renewed investor interest. A substantial 11,300,155 units of the stock were exchanged across 17 trades, totaling a market value of N6.78 million on Thursday alone.

This dramatic resurgence is more than just a stock price movement; it is a critical test of market faith and a signal of potentially resolved internal issues that led to the prolonged regulatory suspension. For A*o Savings & Loans, the re-listing is a powerful opportunity to re-engage with the capital market, potentially paving the way for crucial fundraising and recapitalization efforts.
The financial community will be closely watching if this initial trading momentum is sustained as a long-term indicator of the company's future stability and growth trajectory.
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