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Bonds Yield Hits 13.7% as Market Reacts to False Alarm
Moody’s Places Nine Nigerian Banks on Review for Downgrade Moody’s Investors Service has placed on review for downgrade the long-term deposit ratings, as well as the long-term issuer and senior unsecured debt ratings of the nine largest banks in Nigeria under its coverage… Read more Bonds Yield Hits 13.7% as Market Reacts to False Alarm The average yield on Nigerian government bond instruments jerked upward to 13.7% in reaction to debt restructuring statement ahead of Debt Management Office (DMO) primary market auction on Monday. Read more GCR Affirms North South Power Company Ratings, Outlook Stable GCR Ratings has affirmed the national scale long-term and short-term Issuer ratings of AA(NG) and A1+(NG) respectively accorded to North South Power Company Limited… Read more Nigeria’s Export Receipt Declining, GDP Growth Threatens In Nigeria, there is a strong connection between oil revenue receipts and economic growth due to over reliance on hydrocarbon exports. Other than hydrocarbon export receipts, Nigeria’s non-oil revenue… Read more Jaiz Bank New Chief Executive Sirajo Salisu Assumes Duty Jaiz Bank Plc.’s new Managing Director and Chief Executive Dr. Sirajo Salisu, today assumed a duty to lead Nigeria’s premier non-interest banking services, according to … .Read more FGN Eurobond Yield Rises after Debt Restructure Gaffe The average yield on Nigeria’s Eurobond spiked as the market reacted to the poser that Nigeria’s finance minister's statement on debt restructuring with multilateral lenders …. Read more Naira Bubble Bursting as Markets Re-price FX Rates The Nigerian local currency, the naira, bubble continues to burst as forces of demand and supply correct foreign exchange rate pricing across the Nigerian markets… Read more CBN Stops Foreign Banks from Deposit Collection Financial services regulator, the Central Bank of Nigeria (CBN), has barred foreign banks operating in Nigeria from receiving deposits locally, according to an exposure draft posted on its website. Read more IMF Sees Extreme Volatility in Financial Markets The IMF is warning of a period of ‘extreme volatility’ in financial markets in the latest Global Financial Stability Report released in Washington, D.C. Read more Kaduna Attracts $4.48bn Investment Inflows – El-Rufai Kaduna State Government has attracted a total investment portfolio of $4.48 billion comprising actualized and announced investments in the last seven years, Gov. Nasir El-Rufai… Read more Frontier Markets Currencies Pressured by Strong US Dollar Frontier-market currencies have come under sustained pressure in recent months as the US dollar surges in response to Fed monetary policy tightening, according to …. Read more Stock Market Gains N118.5bn as Value Hunters Drive Rally In the equities segment of the Nigerian Exchange, NGX, there was strong demand for growth stocks in the just concluded week, according to trading data from the local bourse. Read more Geregu Power Lists N40.09 bln Bonds Geregu Power has announced the listing of its N40.09 billion on the FMDQ Exchange. The company has hinted that its capital raise is to finance operations and … Read more I MF SDR Allocation Inappropriate this Time, Says Yellen U.S. Treasury Secretary Janet Yellen on Friday said she does not see another allocation of International Monetary Fund (IMF) emergency reserves to member countries as appropriate … Read more NASD Loss Widens as Unlisted Companies Stocks Sink NASD over-the-counter Securities Exchange index slides further in the just concluded week due to negative movement in unlisted companies’ stock prices… Read more
MarketForces FinancialNews
Oct 17, 2022 · 3 min read
Naira Reclaims Value as Nigeria Mulls Eurobond Raise
CBN Sells Nigerian Treasury Bills at 13% to Investors Central Bank of Nigeria (CBN) sold long-dated Treasury bills at 13% to fixed interest income investors in order to attract higher subscription levels at the primary market auction conducted … .Read more Naira Reclaims Value as Nigeria Mulls Eurobond Raise Still not impressive for a country that relies heavily on imports to feed more than 200 million people, however, the Nigerian naira reclaims value at the official window… Read more . Yields Track Lower over Buying Interest in Bills, Bonds The average yields across the fixed income market segments trim lower midweek following pockets of buying interest on Nigerian government instruments. In the treasury bills secondary market… Read more NGX Tumbles as Investors Unload Big Banks Shares Shares of Nigerian top banks have been priced downward again as investors rebalance their respective portfolios ahead of third-quarter earnings releases. After gaining… Read more FG Okays MTN’s N202.8bn Tax Credit for Enugu-Onitsha Expressway The Federal Executive Council (FEC) has endorsed the completion of the ongoing Enugu-Onitsha expressway by MTN Nigeria PLC, Telecommunication Company, at the cost of N202.8 billion … Read more Nigeria to Explore Debt Restructuring -Finance Minister Nigeria is considering restructuring its debt and extending the repayment period of its credit obligations amid rising debt-service burden… Read more House of Reps Asks CBN to Suspend Sale of Polaris Bank The House of Representatives has directed the Central Bank of Nigeria (CBN) to immediately suspend the sale of Polaris Bank Plc. Read more Obajana: Dangote Insists on 100% Ownership, Kogi Seeks Evidence The management of Dangote Industries Ltd says it owns Obajana Cement plant 100 per cent and its acquisition in 2002 followed due process. The company said this in a statement… Read more Pension Regulator Begins Prospective Retires Verification The National Pension Commission (PenCom), says it will begin online verification and enrolment of retirees and prospective retirees of Federal Government Ministries, Departments and Agencies (MDAs)… Read more
MarketForces FinancialNews
Oct 13, 2022 · 2 min read
Naira Crosses New Red Line at Investors, Exporters Window
Obajana: Dangote Insists on 100% Ownership, Kogi Seeks Evidence The management of Dangote Industries says it owns Obajana Cement plant 100 per cent and its acquisition in 2002 followed due process. The company said this in a statement … Read more Shell to Resume Nigeria’s Forcados Crude Oil Export in Oct. The Shell Petroleum Development Company of Nigeria Limited (SPDC) says the Forcados Oil Terminal will resume export operations by the end of the month when…R ead more Inflation Rate Worsens to 37.2% in Ghana Amidst buckets of downgrades, the headline inflation rate has worsened to 37.2% in Ghana, according to latest data from the statistics office. Read more Sterling Gains as Market Digests BoE Comments The British pound or the sterling trades near $1.1 on Wednesday, after shortly falling below $1.05 earlier in the session as investors were digesting recent comments… Read more Debt Office Offers Bonds worth N225bn for Subscription The Debt Management Office (DMO) has re-opened three Federal Government of Nigeria (FGN) Bonds valued at N225 billion for subscription, for the month of October. Read more Shareholders Approve Norrenberger 49.4% IEI Acquisition International Energy Insurance Plc (IEI) shareholders have approved the acquisition of 49.4% of its outstanding shares in the company by Norrenberger with a plan … Read more Yields on Bills, Bonds Diverge as Naira Sinks Amidst worsening headline inflation rate expectations for the month of September, the average yields on Treasury bills and government bonds diverge while the Nigerian local currency sinks deeper. Read more Naira Crosses New Red Line at Investors, Exporters Window The Nigerian local currency, the Naira, has crossed the new red line at the Investors’ and Exporters’ Foreign Exchange (FX) window on the back of sustained demand pressures across the markets. Read more NGX Records Large Gain as Investors Hunt for Value Equities investors in the Nigerian Exchange record a large gain on Tuesday over fresh bargain hunting in the local bourse. Stock market performance indicators were lifted higher … Read more IMF Plans Completion of Zambia, Chad Debt Restructuring International Monetary Fund Managing Director Kristalina Georgieva, said she hoped debt restructuring efforts for Zambia and Chad could be completed by the end … Read more Valuations Decline as Selloffs Hit Dangote, BUA, MTN Nigeria Nigerian exchange heavyweights and strongest market movers have been slammed with sell ratings, according to stock market screened this week as the local bourse experienced a seesaw … Read more
MarketForces FinancialNews
Oct 12, 2022 · 2 min read
T-Bills Yield Inches Near 8%, Bond Rises to 13.5%
Femi Otedola Geregu Power Boosts EPS by 45.48%, Valuation Rises Sharply As part of the listing requirements, Geregu Power Plc, a company chair by Femi Otedola, has released its financial statement for 2021 which shows its total assets and equity capital declined year on year because the company paid N37.582 billion as dividends… Read more Ehingbeti 2022: we are closing the financial exclusion gaps in Nigeria-MD/CEO, 9PSB 9 Payment Service Bank (9PSB), Nigeria’s digital payment service bank focused on financial inclusion has restated its commitment towards closing the financial exclusion gap in Nigeria by actively providing platforms … Read more Kogi Assembly Guts Fire amid Obajana Cement Ownership Tussle The Kogi House of Assembly has been gutted by fire in the early hours of Monday, the development happens after the state ownership tussle with Dangote Cement. Read more Ben Bernanke, Douglas Diamond, Philips Dybvig Awarded Nobel Prize in Economics The Royal Swedish Academy of Sciences on Monday decided to award the 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Ben S. Bernanke… Read more OPEC+ Production Quotas Cuts Soft on Oil Market –Fitch The Organisation of Petroleum Exporting Countries and allies (OPEC+) decision to cut production quotas by 2 million barrels per day will have a muted impact on the oil supply market … Read more How to Trade FOREX, Stocks, Cryptocurrency with Caution Trading foreign currencies (FOREX) stocks and cryptocurrency is popular in Nigeria as it is in other climes. Fluctuations in prices provide an opportunity to buy low and sell high. Reads more Oil Slides over Weak Economic Outlook in China The global price of crude oil declined on Monday over an expectation that aggregate demand will weaken on the back of slowing economic activity in China and … Read more T-Bills Yield Inches Near 8%, Bond Rises to 13.5% Ahead of the Central Bank of Nigeria (CBN) primary market auction (PMA) this week, the average yield on Nigerian Treasury bills has already inched near 8% following an upward adjustment to spot rates … Read more
MarketForces FinancialNews
Oct 10, 2022 · 2 min read
Oil Theft Starts from Trans Escravos Pipeline –NNPC
Investors Lose N661 billion to Bearish Trade on Nigerian Bourse Equities investors in the Nigerian stock market lost about N661 billion to bearish trade in the local bourse last week. There were records of selloffs across tickers… Read more Naira Depreciates to N439.19 at Investors, Exporters FX Market The Nigerian local currency, the naira, weakened further as the exchange rate inched near N440 to a United States dollar at the investors’ and exporters’ foreign exchange window. Read more Explosion Damages Bridge Linking Russia, Crimea An explosion that sparked a fire on a bridge to Crimea caused massive damage to the structure’s train tracks and roadway, prompting a shake-up of security by Russia and jubilation among Ukrainian officials. Read more Oil Theft Starts from Trans Escravos Pipeline –NNPC The Nigerian National Petroleum Company Limited has said that an oil theft point that operated undetected in Nigeria for an estimated nine years ran from the Trans Escravos pipeline in Delta state and not the Forcados export terminal… Read more Creative Economy Offers Countries Path to Development – Report The creative economy offers a feasible development option to all countries, particularly developing economies, says UNCTAD’s Creative Economy Outlook 2022 … Read more Dealers Infractions: CBN Tightens Access to Discount Window The Central Bank of Nigeria (CBN) has tightened the reins on how its authorised market dealers are accessing to discount window following infractions… Read more NASD Investors Lose N10.27bn as OTC Market Tumbles Investors trading shares of unlisted companies saw their net worth decline by N10.27 billion on the back of negative trade patterns in the over-the-counter market… Read more Angola Beats Nigeria as Largest Crude Exporter Amidst shrinking exports, production capacity issues in Nigeria have lifted Angola to become the largest crude exporter in Africa, according to… Read more
MarketForces FinancialNews
Oct 9, 2022 · 2 min read