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Naira Tumbles as World Bank Expects Remittance to Sag
Naira Tumbles as World Bank Expects Remittance to Sag The Nigerian local currency tumbles by 0.12% at the Investors’ and exporters’ foreign exchange market on Thursday, a day after the World Bank reports that despite headwinds … Read more Business Confidence Drops as Nigeria’s Private Sector Improves for 29-Month Business conditions continued to improve markedly in the Nigerian private sector during November amid improving demand and higher customer numbers, according to …. Read more Nigerian Treasury Bills Yield Spikes, FGN Bonds Bump The average yield on Nigerian Treasury Bills spikes strongly on Monday to 11%, according to trading data. However, while there is an expectation that the yield curve will shift upward … Read more Stock Market Slumps as MTN, FCMB Depreciate Key performance indicators of the Nigerian Exchange (NGX) declined marginally on Thursday as market capitalisation which open at N25.959 trillion, lost N2 billion … Read more Remittances Grow 5% despite Global Headwinds Remittances to low- and middle-income countries (LMICs) withstood global headwinds in 2022, growing an estimated 5% to $626 billion. This is sharply lower than the 10.2% increase … Read more Brent Slumps as EU Puts Price Cap on Russian Oil The global oil market loosened up after European Union (EU) places a price cap on Russian oil while a stronger dollar impacted demand. There are uncertainties around the global price of crude… Read more Food, Kerosene Prices Worsen in October –NBS Data The National Bureau of Statistics (NBS), said that prices of selected food items as well as kerosene used by households for cooking as an alternative to gas saw a significant jump in October. Read more Moody’s Downgrades Ghana Ratings Again Moody’s Investors Service has downgraded the Government of Ghana’s long-term issuer ratings to Ca from Caa2 and changed the outlook to stable. The recent downgrade … Read more Interbank Rate Rises over Tight Market Liquidity The interbank offered rate rose strongly amidst tight liquidity in the financial system, forcing some cash-rich Nigerian banks were seeking higher rates on the free fund. Read more IMF to Visit Ghana for Talk on Funding Support An International Monetary Fund (IMF) staff team will visit Ghana again from Dec. 1 to 13 to continue discussions on Accra’s request for a support programme… Read more
MarketForces FinancialNews
Dec 2, 2022 · 2 min read
Naira Appreciates as Dollar Inflows Improve, FX Gap Collapses
Naira Appreciates as Dollar Inflows Improve, FX Gap Collapses The Nigerian naira appreciates on Monday as healthy growth in foreign exchange (FX) inflows douse perennial demand pressure for foreign currencies pairs by ... Read more FIRS Seeks Harmonised Systems for Tax Administrators The Executive Chairman, Federal Inland Revenue Services (FIRS), Mr Muhammad Nami has appealed for the harmonisation of tax systems among member states of ... Read more China Unrest Spooks Markets, Investors Brace for Rebound Global stock markets are spooked as protests erupt across China against President Xi Jinping’s zero-Covid policy, but investors should position ... Read more Global Trade Growth to Slow as Import Demand Softens -WTO Global trade growth is on pace to dip through the rest of 2022 and into next year amid cooling global demand for imports, the World Trade Organization said ... Read more Investment Managers Face Tough Investment Climate Global investment managers face macro pressures and a challenging investment environment in 2023, with traditional Investment managers more exposed than ... Read more Bond, Treasury Swerve amidst Liquidity Pressure The average yield on Nigerian Treasury Bills (NTB) continues to decline amidst tight liquidity in the financial system. More funds were seen flowing across bills... Read more NGX Sinks over Selloffs in Jaiz, BUA Cement The equities segment of the Nigerian Exchange (NGX) fell off the bullish cliff on Monday over renewed selloffs in small and mid-cap stocks. Today’s results halt six ... Read more Oil Falls as Protests in China Raised Demand Concerns Amidst instability in the global economy, oil prices lost almost $2 a barrel on Monday following ongoing China Covid-19 restrictions and protests in several cities ... Read more Bitcoin Trades at $16,200 in Tight Crypto Market Trading at the $16,000 -$16,500 range, the largest crypto asset by market capitalisation, bitcoin, continues to face strong resistance at the $17,000 price ceiling. Read more Nigeria Launches Trade Information Portal The Federal Ministry of Industry, Trade and Investment on Monday in Abuja inaugurated the Nigeria Trade Information Portal (NTIP) in fulfilment of the World Trade Organisation ... Read more
MarketForces FinancialNews
Nov 29, 2022 · 2 min read
Naira Slumps to New Low as Demand for FX Rises
Nigeria’s Bond, Treasury Bills Mixed as Liquidity Improves Yields on Nigeria’s bond and Treasury bills instruments mixed across tenors as liquidity in the financial system improved, according to a slew of fixed income market analysts. Read more Airtel Africa Share Price Spikes Ahead of Dividend Pay Ahead of interim dividend payments, equities investors’ interest in Airtel Africa has forced a new rerating of the telecommunication company’s share price in the Nigerian Exchange … Read more Nestlé Nigeria Exits 13-Digit Valuation, Share Drops 21% Nestle Nigeria Plc has lost its place among the Nigerian Exchange trillion naira market capitalisation gang after sell orders on the consumer goods company were executed consecutively …. Read more Renewed Interest in BUA Cement Boosts Valuation Interested investors can now buy the entire 33.864 billion outstanding shares of BUA Cement Plc. for less than N3 trillion from N1.8 trillion in September 2022, except that Abdul Samad… Read more NB Plc Pops 19% Amidst Plan to Issue Bonus Shares Nigerian Breweries Plc leads the gainers’ chart as the company share tuned up stock market performance with a mouth-watering 18.7% weekly gain, according to trading data… Read more Dangote Cement Rises after Shares Repurchase Plan Top cement producer Dangote Plc’s share was more popular in the equities segment of the Nigerian Exchange after the company announced a fresh plan to repurchase its own shares in an effort to further stem volatility…. Read more Nigerian Bourse Booms as Market Movers Rally Market capitalisation rises by N1.7 trillion as market movers companies’ stock listed in the Nigerian Exchange recorded large price appreciation amidst an upward adjustment …. Read more Naira Slumps to New Low as Demand for FX Rises Exchanged at N446.33 on Friday, the Nigerian local currency has crossed yet another red line as the naira struggles against stronger trading pairs including the United States dollar, the Great Britain pound sterling, the Euro and others. Read more NASD Sees Moderate Gain After Losing Streaks Investors trading shares of unlisted companies’ on NASD over-the-counter (OTC) securities exchange see a moderate capital gain in the just concluded week as market sentiments popped higher. Read more GCR Downgrades FSDH Merchant Bank as Capital Moderates While the outlook is accorded as stable, GCR Ratings has downgraded FSDH Merchant Bank Limited’s national scale long-term issuer rating to BBB+ (NG) and affirms the short-term issuer rating … Read more Zenith Tech Fair Produces 11 Finalists with N53 mln A total sum of N53 million in prize money was won at the end of a keenly contested hackathon session at the Second Edition of the Zenith Tech Fair, themed “Future Forward 2.0”… Read more
MarketForces FinancialNews
Nov 27, 2022 · 3 min read
Naira Heading for Devaluation, Analysts’ Consensus
Geregu Power Talks to Investor for Part Acquisition Geregu Power Plc and Fund for Export Development in Africa, an impact development arm of the Africa Export and Import Bank – are in talks for the acquisition of a portion of … Read more PFAs Investment in FGN Bonds Rises to N9trn As pension assets rose to about N14.60 trillion, according to the latest report from National Pension Commission (Pencom), fund managers’ investment has also spiked to…. Read more NASD Investors Loss Widens by N1.41 Billion It was a negative outing this week for NASD Investors in the over-the-counter (OTC) securities exchange as trading activities resulted in a N1.41 billion decline … Read more Naira Heading for Devaluation, Analysts’ Consensus A slew of investment banking analysts has consistently maintained a position that the Nigerian naira is relatively overvalued, saying the monetary authority is … Read more Brent Slides to $85.4 Ahead of OPEC+ Meeting Brent crude futures fell to $85.4 per barrel on Friday, as investors await the Organisation of Petroleum Exporting Countries and allies (OPEC+) meeting on Sunday. Read more Money Market Rates Rise, CBN Skips OMO Auction Money market rates closed the week at double digits following sustained liquidity pressures in the financial system as the monetary authority skipped primary market auction… Read more Wema Bank Valuation Rises 10% to N44.10bn Wema Bank Plc ranks among the top performers in the equities segment of the Nigerian Exchange. The tier-2 bank share price spiked 10% to N3.43 on Friday, from … Read more Investors’ Net Worth Spikes as Nigerian Stock Market Booms Equities investors’ net worth spikes strongly as Nigerian Exchange switches into bullish gear after the month of November ushered in fresh and perhaps sustained rallies.. Read more EU Agrees to Put Price Cap on Russian Oil The European Union will join the G7 powers in imposing a $60-per-barrel price cap on Russian oil, the Polish ambassador to the EU has said, three days ahead of … Read more Moody’s Downgrades Ghana Ratings Again Moody’s Investors Service has downgraded the Government of Ghana’s long-term issuer ratings to Ca from Caa2 and changed the outlook to stable. Read more Nigeria Earns $500m from 5G Spectrum Auction Minister of Communications and Digital Economy, Prof. Isa Ali Pantami said that the Federal Government has generated over 500 million dollars from the 5G Spectrum licence auction.
MarketForces FinancialNews
Dec 3, 2022 · 2 min read
Nigeria’s Economic Growth Slowdown in Q3
Bond Falls after CBN Sold 364-Day Bills at 14.84% Trading activities in the secondary market space ended on a mixed note after the Central Bank of Nigeria (CBN) offered investors higher spot rates at the primary market auction conducted … Read more NGX Puffs Up on Bargain Hunting in Airtel, BUA The Nigerian Exchange (NGX) puffs up on Thursday over bargain hunting in Airtel Africa shares, Nigerian Breweries while BUA Cement consolidates on the previous day’s gain. Read more Corporate Affairs Commission Ends AGM by Proxies The Corporate Affairs Commission (CAC) says guidelines on the use of proxies by public companies for Annual General Meetings (AGMs) will cease to apply from … Read more Oil Falls as Supply Concerns Ease, Nigeria Cuts Price Oil prices decreased on Thursday influenced by the impending price cap on Russian crude by G7 countries, easing tight supply fears. Nigeria has cut the official selling prices … Read more Alleged $9.6bn P&ID Scam: Court Orders Arrest of Another Foreigner Corrado Fantoli A Federal High Court, Abuja, on Thursday, ordered the arrest of one of the alleged brains behind the Process and Industrial Development (P&ID) Ltd.’s alleged 9.6 billion dollars scandal… Read more South Africa Hikes Benchmark Repo Rate to 7% Amidst rising consumer price index, the South African Reserve Bank raised its benchmark repo rate by another 75 basis points to 7% at its November 2022 meeting… Read more Naira Hits N446 as External Reserves Decline to $37.19bn FX: The Nigerian local currency, the naira, slides further to N446 against the United States (US) dollar at the investors’ and exporters’ foreign exchange window. Read more Strengthening Agricultural Productivity Key to Job Creation -IMF The International Monetary Fund, IMF, says that strengthening the performance of the agricultural sector is key to job creation, food security, and social cohesion … Read more Nigeria’s Economic Growth Slowdown in Q3 Nigeria’s economic growth slowdown by 65 basis points in the third quarter of 2022 amidst uncertainties. According to the National Bureau of Statistics (NBS), real gross domestic product (GDP) growth slowed to 2.25% year on year. Read more Weak Cedi Worsens Ghana’s Debt –Finance Minister Ghana’s finance minister Ken Ofori-Atta said on Thursday that the depreciation of the cedi is affecting the country’s ability to manage its debt. In 2022, the local currency has lost more than 50% of its value… Read more
MarketForces FinancialNews
Nov 24, 2022 · 2 min read