Most read articles
Moody’s Downgrades Nigeria’s Rating
Naira Slides to N441.67 as External Reserves Fall The Nigerian naira depreciates by 29 kobo from N441.38 to N441.67 per the United States dollar at the Investors’ and Exporters’ foreign exchange window… Read more NASD Securities Exchange Rises to N961bn As prices of unlisted companies’ stocks inched upward, the NASD Securities Exchange over-the-counter (OTC) rises to about N961 billion, according to trading data. Read more T-Bills Yield Spikes ahead of CBN Auction The average yield on Nigerian Treasury bills (NTB) rises further over sell pressures seen in the secondary market last week amidst rising headline inflation rate. Read more Nigeria Sells 15-Year Bond for 16% Nigeria’s debt office sold 15-year tenored government bonds at a spot rate of 16% amidst weak subscription level seen at the primary market auction conducted by… Read more Stock Market Lost N1.73trn as Investors Dump Airtel Africa The Nigerian Exchange market capitalisation was lowered by more than N1.7 trillion in the just concluded week as investors in the local bourse priced down Airtel Africa. Read more Angola’s Outlook Turns Positive on Oil Export Advantage Angola is popping up its macroeconomic performance as the oil market favours the country’s fiscal performance amidst the global energy crisis. Its local currency has also gained against the United States … Read more Price of 5Kg Cooking Gas Increase by 87% – Statistics Office The average price of 5kg of cooking gas increased from N4,456.56 in August to N4,474.48 in September, the National Bureau of Statistics (NBS) reported… Read more Moody’s Downgrades Nigeria’s Rating Amidst rising macroeconomic pressures, Moody’s Investors Service has downgraded Nigeria’s local currency and foreign currency long-term issuer ratings as well as its foreign currency… Read more Rising Interest Rates, Stronger US Dollar Hit World Economy Rising interest rates and a stronger dollar have impacted the global economy as countries battle worsening inflation rates, as market conditions raised downside risk for frontier markets … Read more Nigeria’s Debt Hits N63trn as DMO Adds N20trn Taken from CBN Nigeria’s public debt inches near N63 trillion after the federal government announced a decision to securitize overdrafts obtained from the Central Bank ways and means window… Read more CBN, NIBSS, to Introduce National Card Scheme The Central Bank of Nigeria (CBN) and Nigeria Inter-Bank Settlement Systems (NIBSS) Plc, in conjunction with the Bankers’ Committee, will float a national card scheme to improve the payment system … Read more Shell Resumes Crude Oil Export at Forcados Terminal Shell Petroleum Development Company (SPDC) has resumed export operations at the Forcados Oil Export Terminal, where repair work on the pipeline has been going for some days. Read more
MarketForces FinancialNews
Oct 24, 2022 · 3 min read
Treasury Bills Yield Crosses 10%, Bond Hits 14.1%
Shell Resumes Crude Oil Export at Forcados Terminal Shell Petroleum Development Company (SPDC) has resumed export operations at the Forcados Oil Export Terminal, where repair works on the pipeline…. Read more CBN Sells Polaris Bank to Strategic Capital Investment The Central bank of Nigeria, CBN, has announced its final decision to sell Polaris Bank Limited to a new core investor, Strategic Capital Investment Limited … Read more Treasury Bills Yield Crosses 10%, Bond Hits 14.1% The average yields on fixed interest securities rose on Thursday amidst selloffs in the local debt capital market amidst a bucket of macroeconomic uncertainties. Read more CBN, NIBSS, to Introduce National Card Scheme The Central Bank of Nigeria (CBN) and Nigeria Inter-Bank Settlement Systems (NIBSS) Plc, in conjunction with the Bankers’ Committee, will soon float… Read more Nigeria’s Debt Hits N63trn as DMO Adds N20trn Taken from CBN Ticking Debt Clock: Nigeria’s public debt inches near N63 trillion after the federal government announced a decision to securitize an overdraft obtained from the Central Bank… Read more Equities Investors Gain N35bn as Stock Market Rallies The equities segment of the Nigerian Exchange closed trading activities for the week bullish, to sustain previous day’s positive sentiment, as the market … Read more Brent Price Rises to $92.88 on Supply Concern Oil prices showed marginal increases during the week due to tight supply concerns driven by the OPEC+ group’s output cut decision, upcoming European Union (EU) sanctions…. Read more
MarketForces FinancialNews
Oct 21, 2022 · 2 min read
Federal Government to Securitise over N20trn Taken from CBN
Nigeria’s Plan to Lengthen Debt Maturity Amount to Default – Moody’s Nigeria’s plan to lengthen debt maturity may amount to a default under Moody’s definition, the global ratings agency said in a report. Read more Airtel Africa Share Price Down by 34.5% Investors in the Nigerian equities market have priced down Airtel Africa Plc share by 34.49% in October 2022, according to trading data from the local bourse on Wednesday. Read more Reps Committee Says Sale of Polaris Bank Followed Due Process Polaris Bank: Mr Henry Nwawuba, Chairman, House of Representatives Ad hoc Committee investigating the sale of Polaris Bank said … Read more Federal Government to Securitise over N20trn Taken from CBN The Nigerian government has agreed to securitise more than N20 trillion in tranches of overdraft advances collected from the Central Bank, the nation’s lender of last resort. The apex bank had in breach … Read more Yields Steady as Nigerian Naira Hits N441.50 The average yields on Nigerian government debt instruments trading in the fixed income market remained steady as the local currency depreciated further… Read more Fintech will Determine Powerhouse Economies of Next 10-Yea r Fintech will determine which countries will become powerhouse economies of the next decade, affirms the CEO of one of the world’s largest independent financial advisory… Read more Nigerian Bourse Sinks Deeper as Airtel Large Losses The equities segment of the Nigerian Exchange (NGX) tumbles by more than N570 billion on Wednesday as a result of selloffs in Airtel Africa shares. In three days, the telecom company … Read more US Slams Lafarge $778m Fine for Funding ISIS The United States justice department in Brooklyn has fined Lafarge, a French cement company, with $778 million after pleading guilty to making payments to terrorists … Read more
MarketForces FinancialNews
Oct 20, 2022 · 2 min read
Devaluation: Naira 20% Overvalued, Bank of America Says
Nigerian Bourse Slides by N545bn over Selloffs in Airtel The Nigerian stock market lost N545 billion on Tuesday following selloffs in Airtel Africa Plc.’s shares in what appears to be a correction of the telecom giant’s overpriced stocks. Read more LivingTrust Mortgage Bank Plans to Raise Fresh Capital Shareholders of LivingTrust Mortgage Bank Plc have authorised its directors to raise fresh capital, according to the resolution passed at its annual general meeting. Read more DMO Fails to Raise N225bn after CBN Tightens Discount Window Debt Management Office (DMO) fails to achieve N225 billion from sales of Federal Government (FGN) Bonds to interested market participants as subscription levels …. Read more PZ Cussons Records Sharp Earnings Growth in Q1 In the first quarter of the financial year 2023 earnings result submitted to the stock market regulators, the consumer goods company, PZ Cussons Nigerian Plc delivered solid earnings growth but its share price has remained … Read more Newly Industrialised Nigeria in 10 Years Possible –Dangote Business magnate and President of Dangote Group, Aliko Dangote has identified priority investments in infrastructure and core industries among other recommendations… Read more Union Bank, MobiHealth Inks Deal on Healthcare Delivery Union Bank of Nigeria has announced the first banking partnership with globally recognised telehealth services company Mobihealth International… Read more Crude Oil Prices Rise as US Dollar Slides Oil prices extended gains on Tuesday from the easing value of the US dollar that encouraged cheaper oil purchases and positive demand indicators from China, the world’s second-largest oil consumer. Read more BUA Loses Interest in Kogi, Pulls Out of Deal BUA said it has withdrawn interest in the 50,000 hectares of land in Kogi State over the failure of the land to meet its intended purposes, according to a statement by the group …. Read more Airtel Africa Sheds Another 10% of its Market Valuation Now, investors can now buy shares of Airtel Africa cheaper having lost N380 per unit so far from the peak price of N2000. The Nigerian Exchange has been spilling blood across counters … Read more Devaluation: Naira 20% Overvalued, Bank of America Says Echoing in a loud voice, Bank of America has indicated that Nigerian local currency, the naira, is 20% overvalued, according to its latest estimates. Read more Yields on T-Bills Nears 10%, Bonds Spikes to 14% The average yield on Nigerian Treasury bills spikes to 9.9%, according to Cordros Capital analysts’ notes after spot rates upward adjustments at the Central bank of Nigeria auction last week. Read more Binance Changes Terra Classic Tax to 0.2% Binance will update the burn tax on on-chain transactions including deposits and withdrawals from 1.2% to 0.2%, according to a statement released today by the company. Read more
MarketForces FinancialNews
Oct 19, 2022 · 3 min read
Yields Slide as Inflation Exposure on Naira Assets Widens
Naira Stages Recovery as FX Demand Pressures Ease Naira holds sway against major foreign currencies including the United States dollar on Monday, exchanged at N441.25 per greenback in the investors and exporters … Read more NLNG Declares Force Majeure as Flood Disrupt Gas Supply Nigeria LNG (NLNG) has declared force majeure as flood disrupts gas supply, a spokesman for the company said on Monday. Read more Oil Jumps as Market Sees Higher Demand in China Oil prices rose on Monday as the value of the US dollar fell, making dollar-indexed crude oil more affordable to buyers. Higher demand expectation is also supported by China’s decision … Read more Airtel Africa Sheds 10% of its Market Valuation Now, investors can now buy shares of Airtel Africa cheaper having lost N380 per unit so far from the peak price of N2000. The Nigerian Exchange has been spilling blood … Read more GTCO Worst Performing Stock, Analysts Expect Earnings Miss in Q3 Equity analysts at CardinalStone Partner limited, a multi-asset investment banking firm in Lagos said Guaranty Trust Holding Company (GTCO) is the worst performing stock… Read more Yields Slide as Inflation Exposure on Naira Assets Widens In the fixed income market, the average yields on government instruments were turned sideways as investors weighed the effects of the rising headline inflation rate on naira assets. Read more Stock Market Index Falls as Investors Lose N655bn The Nigerian stock market index falls on Monday as investors lose more than N655 billion amidst worsening inflation rate conditions in the country. Today, the statistics office … Read more Nigeria’s Inflation Rate Accelerates to 20.77% Rising for an eighth straight month in 2022, Nigeria’s headline inflation rate has accelerated to 20.77% in September, according to National Bureau of Statistics data. Read more Fidelity Bank redeems $400m Eurobond Notes Fidelity Bank Plc has announced the redemption of the $400,000,000.00 Eurobond notes issuance due October 17, 2022, according to a statement. Read more
MarketForces FinancialNews
Oct 18, 2022 · 2 min read