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Nigerian Banks Less Exposed to Naira Depreciation- Fitch
Fixed Income Assets Yields Diverge as Naira Appreciates The average yields on naira denominated fixed income assets diverge as the local currency appreciates across the foreign exchange markets. At the Investors’ and Exporters’ foreign market …. Read more Nigerian Banks Less Exposed to Naira Depreciation- Fitch Compare with what happened in 2016, Nigerian banks’ capitalisation would be fairly resilient to further naira depreciation given their long net foreign-currency positions … Read more Investors Lose N40.66bn as Stock Market Declines Equities investors in the Nigerian Exchange (NGX) lose about N41 billion on Monday amidst renewed selloffs on some listed companies shares. Last week, the Nigerian Exchange lost weight … Read more MTN Nigeria Dazzles with Double-Digit Earnings Growth MTN Nigeria Plc.’s revenue increased significantly, up by 20.71% at the end of 9-month of the financial year 2022 to N1.456 trillion from N1.206 trillion, according to its interim result … Read more IMF-Ghana Talks Will Not Reduce Bonds Value, Says Akufo-Addo Ghanaian President said talks with the International Monetary Fund were going well and reassured investors that negotiations would not lead to a reduction in the face value of government bonds. Read more Nigeria’s Private Sector Improves in October – PMI In Nigeria, private sector activities have been noted to improve in October 2022 despite uncertainties in the macroeconomic conditions, according to the Stanbic IBTC purchasing manager index… Read more OPEC Forecasts 10% Jump in Global Oil Demand Global oil demand will increase by over 10% by 2027 and more than 13% by 2045 compared to 2021, according to the World Oil Outlook 2045 by the Organization of the Petroleum Exporting Countries (OPEC)… Read more UK Announces £50mn Energy Support Fund for Winter National Grid, British multinational electricity and gas utility company, launched a £50 million support fund to help consumers struggling with high energy costs on Tuesday. Read more
MarketForces FinancialNews
Nov 1, 2022 · 2 min read
Yield Hits 14.3% as Market Repriced FGN Bonds
Dangote Cement Profit Sinks 23.41% as Finance Cost Spike s Dangote cement Plc sees a heavy drop in its profitability, though sales increased by 15.17% year on year to about N1.18 trillion, according to its nine months of 2022 interim financial statement … Read more NASD Securities Exchange Falls to N950.66bn It was a tough trading outing at the NASD over-the-counter (OTC) securities exchange market for trading shares of a number of unlisted companies as investors’ net worth… Read more PFAs Increase Position in FGN Bonds as Pension Asset Spikes Pension Fund Administrators (PFAs) were top active investors in the Federal Government of Nigeria (FGN) bonds instruments as pension assets inched upward to N14.4 trillion, the latest… Read more Yield Hits 14.3% as Market Repriced Bonds The average yield on Federal Government of Nigeria, FGN, bond instruments jerked up to 14.3% in the just concluded as the market re-priced fixed interest securities assets, according to a slew of analysts… Read more Naira Worsens Across FX Markets as CBN Battles Cynics Amidst a plan to redesign the local currency, the Nigerian naira closed at N444.75 at the investors’ and exporters’ foreign exchange window, according to market data … Read more Yield Swerves as CBN Sells Treasury Bills for 14.50% The average yield on the Nigerian Treasury Bills (NTB) swerve as the Central Bank sold 364-day bills for 14.50% at the primary market auction (PMA) conducted last week… Read more Zenith Bank Profit Spikes Despite Macroeconomic Headwinds With strong profitability records, Zenith Bank Plc surmounted macroeconomic headwinds as earnings popped, according to the group’s unaudited results for the third quarter… Read more Airtel Africa Profit Skids as Weak Currencies Pepper Earnings Airtel Africa PLC on Thursday said it saw strong interim revenue growth, but profit was held back by the devaluation of certain African currencies. The telecom company… Read more Stock Market Bleeds as Dangote, Airtel Africa Shares Fall There was a bloodbath in the Nigerian Exchange as the local bourse ended in the red. The market records about N237 billion loss as investors began to rebalance their respective portfolios …. Read more Nigerian Currency Redesign Follows Due Process, Official Says UPDATE: The Central Bank of Nigeria (CBN) said it followed due process in its decision to redesign some naira denominations, adding that the exercise was 12 years overdue. Read more Unity Bank Posts N2.2bn Profit as Gross Earnings Spikes by 17% Retail lender, Unity Bank Plc has declared a N2.2 billion profit for the nine-month period ended September 30, 2022, with a 17% growth in gross earnings to N42.2 billion … Read more Nigeria’s Current Account Estimated to Deteriorate Signifying the difference between export and import earnings, Nigeria’s current account has been projected to deteriorate, flipping from a short-lived surplus in … Read more UBA Bolsters Earnings, Profit Spikes 12.3% In the third quarter earnings release for the financial year 2022, the United Bank for Africa (UBA Plc) again proved its profitability muscle has not weakened despite macroeconomic headwinds …. Read more
MarketForces FinancialNews
Oct 31, 2022 · 3 min read
Naira Depreciates by N2.83 at Investors, Exporters FX Window
Nigeria’s Current Account Estimated to Deteriorate Signifying the difference between export and import earnings, Nigeria’s current account has been projected to deteriorate, flipping from a short-lived surplus in 2022 … Read more EIB Backs MTN Nigeria with €100m to Expand 4G Coverage The European Investment Bank (EIB) has agreed to EUR 100 million in financing with MTN Nigeria Communications Plc to support the telecommunications company’s network expansion programme. Read more Naira Depreciates by N2.83 at Investors, Exporters FX Window The Nigerian local currency, the naira, worsened further at Investor’s and Exporters’ foreign exchange (FX) window, dropping by N2.83 amidst a large spike in demand for foreign currencies… Read more Currency Depreciations Risk Escalating Global Food, Energy Crises UPDATE: The shrinking value of the currencies of most developing economies is driving up food and fuel prices in ways that could deepen the food and energy crises … Read more UBA Bolsters Earnings, Profit Spikes 12.3% In the third quarter earnings release for the financial year 2022, the United Bank for Africa (UBA Plc) again proved its profitability muscle has not weakened despite macroeconomic headwinds across the key markets … Read more NGX Sheds N128bn as Selloffs Hit Airtel, Geregu Shares The equities segment of the Nigerian Exchange, NGX, tumbles on Thursday as investors started a new bearish riot with selloffs in large and mid-cap companies’ shares including Airtel Africa… Read more Airtel Africa Profit Skids as Weak Currencies Pepper Earnings Airtel Africa PLC on Thursday said it saw strong interim revenue growth, but profit was held back by the devaluation of certain African currencies. The telecom… Read more Energy Crisis Turning Point for Cleaner, Secure Future –IEA The global energy crisis, affected by Russia’s invasion of Ukraine, is causing long-lasting changes that have the potential to boost the transition to a more sustainable and secure energy system… Read more European Central Bank Hikes Rates UPDATE: In a bid to fight inflation headlong, the European Central Bank (ECB) announced another jumbo rate hike of 75 basis points, bringing interest rates in the Eurozone very close to neutral levels. Read more Balance of Payment: Egypt to Get $3bln from IMF Facility International Monetary Fund (IMF) staff and the Egyptian authorities have reached a staff-level agreement on comprehensive economic policies and reforms to be supported by a 46-month… Read more
MarketForces FinancialNews
Oct 28, 2022 · 2 min read
T-Bills Yield Rises to 11.2%, Bond Pops 2 Basis Points
T-Bills Yield Rises to 11.2%, Bond Pops 2 Basis Points The average yield on Government instruments spiked as the Nigerian naira traded steady against the United States dollar in the Investors’ and Exporters’ foreign exchange window. Read more Nigeria Rice Production to Contract by 7%, Price Spikes Nigeria’s rice production is estimated to fall by 7% in the year, beginning October through September 2023 mainly due to insecurity and floods in rice-growing regions, the United States Agriculture Department said. Read more Nigeria Loses Compensation Claim in Glencore Bribery Case Nigeria’s bid to claim compensation from a British subsidiary of mining and trading group Glencore over bribes paid to officials at Nigeria’s state oil company was denied by a London court on Wednesday… Read more Non-Interest Capital Market to Expedite Housing Development — SEC The Securities and Exchange Commission (SEC) says the non-interest segment of the capital market is capable of financing the housing sector, leading to better well-being of citizens. Read more Blockchain Technology to Grow to $39 Billion, NITDA Says The National Information Technology Development Agency (NITDA) on Wednesday, said the global market for blockchain technology was expected to grow to over $39 billion by 2025. Read more Investors Gain N39bn as NGX Shakes off Bear Market Riot Equities investors in the Nigerian Exchange (NGX) on Wednesday gained N39 billion, consolidating on the ongoing rally that has persisted in the week. The increased value … Read more UK Economy to Contract, GlobalData Forecasts The UK government’s introduction of the mini-budget negatively affected the country’s economy, which was already reeling from high inflation, the Russia-Ukraine conflict, Brexit… Read more FIRS Begins Taxes Collection from Online Gaming Transactions The Federal Inland Revenue Service (FIRS) has stated that it has commenced the deduction of taxes at transaction points from Online Gaming Transactions using the…. Read more Naira Tumbles as Demand Outruns FX Market Supply Keeping to the existing trading patterns, the Nigerian naira tumbles to N441.67 per United States dollar at the Investors’ and Exporters’ foreign exchange (FX) window … Read more S&P Cuts South Africa Growth Outlook As the global economy walks on a leg, S&P has cut South Africa’s economic growth outlook, according to a report. The global rating firm said it was a tale of two quarters in the first half of 2022… Read more eNaira: CBN Eyes 100% Cashless Economy Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) said Nigeria would take decisive steps to ensure that the country operates a 100 per cent cashless economy. Read more CBN Redesigns Naira Notes, Circulation Begins in December The Central Bank of Nigeria (CBN) has concluded plans to redesign certain denominations of the local currency, the apex bank chief said today. Godwin Emefiele … Read more Bitcoin Races North amidst Crypto Assets Surge Bitcoin price races up North above $20,000 on Tuesday, trading above the psychological threshold after trading low for almost three straight weeks, amidst fresh crypto assets surge … Read more
MarketForces FinancialNews
Oct 27, 2022 · 3 min read
eNaira: CBN Eyes 100% Cashless Economy
eNaira: CBN Eyes 100% Cashless Economy Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) said Nigeria would take decisive steps to ensure that the country operates a 100 per cent cashless economy. Read more GCR Maintains Stable Outlook on Lafarge Africa as Rating Improves GCR Ratings has upgraded Lafarge Africa Plc.’s national scale long-term Issuer rating to AA (NG), from AA-(NG) previously, according to a rating note with an outlook maintained as stable. Read more Stock Market Booms over BUA, Jaiz Bank Rally Equities investors in the Nigerian Exchange see about N178 billion gain on Tuesday as BUA Cement, Jaiz Bank shares top gainers chart amidst the third quarter earnings …. Read more Naira Tumbles as Demand Outruns FX Market Supply Keeping to the existing trading patterns, the Nigerian naira tumbles to N441.67 per United States dollar at the Investors’ and Exporters’ foreign exchange (FX) window … Read more Airtel Africa: Investors Sell Shares in Nigeria to Invest in London An indication emerged that Airtel Africa Plc.’s’ investors are selling their shares as they spotted an opportunity to earn from stable currency assets on London Stock Exchange where … Read more In Germany, Recession Remains Unavoidable The speed of the weakening of sentiment indicators is at least slowing, but for the rest, there is very little evidence that the German economy can avoid recession, said Carsten Brzeski… Read more Mastercard, Cellulant Partner for Enhance Online Payment Solutions Mastercard and Cellulant have partnered to allow millions of consumers across Africa to join the global digital commerce market. The Executive Vice President, Market Development… Read more LAPO MfB Launches Savings Package for Low income Earners In a bid to encourage financial inclusion, LAPO Microfinance Bank has introduced a new savings package tagged: “My Pikin and I (MPI)” for low income families… Read more Yields on Fixed Interest Securities Retreat ahead of CBN Auction The average yields on fixed interest securities backtracked on Monday as market participants turned up in a bullish mood ahead of Central Bank of Nigeria’s Treasury bills … Read more TotalEnergies Hits 500MW of Onsite Solar Distribution to Customers TotalEnergies said the company has reached the milestone of 500 MW of onsite B2B solar distributed generation in operation, according to a statement released today. Read more Sterling Rises as Rishi Sunak Becomes UK PM Sterling rose on Tuesday supported by improved risk sentiment as Rishi Sunak prepared to become Britain’s prime minister, while the euro steadied ahead of an expected rate hike by the European Central Bank … Read more Titan Trust Offers Union Bank Shareholders N7/Share Titan Trust Bank Limited has made an offer of N7 per ordinary share to buy non-controlling interest or minority shareholders of Union Bank of Nigeria Plc… Read more Brent Price Slides to $92 over Weak Demand Brent crude futures bottomed around the $92 per barrel level on Tuesday as global recession fears and weak oil demand, especially in China, outweighed support from tight supplies. Read more Abbey Mortgage Bank Gets Extension of Free Float Compliance Abbey Mortgage Bank Plc told shareholders that Nigerian Exchange Limited has approved the Bank’s free float compliance extension request of three (3) years… Read more Moody’s Downgrades Nigeria’s Rating UPDATED: Moody’s Investors Service has downgraded Nigeria’s local currency and foreign currency long-term issuer ratings as well as its foreign currency senior unsecured debt…. Read more
MarketForces FinancialNews
Oct 25, 2022 · 3 min read