Author: Julius Alagbe

Nigerian Exchange Shrinks to N95trn as Sectoral Indexes Plunge The Nigerian Exchange (NGX) market capitalisation shrank to N95 trillion on Friday as selling rallies persisted in the local bourse. Price depreciation in key market movers dragged the local bourse southward. Investors trimmed stockholding across sectoral names as unimpressive banking and oil and gas performance triggered selloffs.  Profit-taking activities heated up as the market recorded losses in nine out of the last 10 trading sessions. The NGX All-Share Index fell 0.33% to 149,524.81 points, trimming year-to-date gains to 45.27%. The Nigerian stock market contracted by ₦318.78 billion to ₦95 trillion. Market…

South African Rand Steady Versus Dollar as FX Reserves Climb The South African Rand was steady versus the US dollar amidst reports of a surge in the country’s foreign reserves.  ZARUSD pair traded at 17.37 per dollar on Friday in the forex market, little changed from its previous close of 17.3750/USD. The currency has been spurred by higher metal prices, including gold, as global investors continue to seek safe-haven investment options, while anticipated slowdown in US Fed rate cuts boosts sentiment. SA Rand experienced early rally, then selloffs before it stabilised against the greenback while the country seeks to reverse…

China’s Foreign Reserves Surge to $3.343trn in October China’s foreign exchange reserves increased to USD 3.343 trillion in October 2025, up from USD 3.339 trillion in September and exceeding market expectations of USD 3.32 trillion. According to China’s State Administration of Foreign Exchange data, the value of the country’s foreign exchange reserves increased by 0.14%, or $4.7 billion, from September. The administration said that the US dollar index and global financial asset prices generally rose in October and that the increase in foreign exchange reserves was due to the combined effect of exchange transactions and changes in asset prices. Also,…

Tinubu Woos Investors, Says Nigeria Ready for Partnerships President Bola Tinubu has assured domestic and international investors of Nigeria’s openness and readiness for business partnerships. The President said this at the 39th edition of the Lagos International Trade Fair (LITF) organised by the Lagos Chamber of Commerce and Industry (LCCI) on Friday in Lagos. He said the country was open for business. The President was represented at the fair by the Minister of State for Industry, Sen. John Enoh. The 2025 edition of the fair will run from Nov. 7 to 16, showcasing the best of Nigerian entrepreneurship and ingenuity,…

GCR Assigns IR Rating of AA+ to Lagos State Govt’s N200bn Bond GCR Ratings has assigned an indicative long-term issue rating of AA-(NG)(IR) to Lagos State Government’s proposed up to N200 billion Series 4 Senior Unsecured Fixed Rate Bonds, with the Outlook accorded as Stable An Indicative Rating is denoted by an ‘IR’ suffix to indicate that a credit rating has been accorded based on review of final draft documentation and expectations regarding final documentation, GCR said. Ratings analysts added that the Indicative Rating is expected to convert to a final credit rating subject to the receipt of final documentation…

Lagos Opens N200 billion Bond for Investors Subscriptions Lagos State Government is in the Nigerian debt market to raise up to ₦200 billion from local bond issuance under the ₦1 trillion Debt and Hybrid Instruments Issuance Programme. The offer, which opened Thursday, Nov 6, is priced between 16.15% and 16.25%, is the largest issuance by the State, and proceeds from the bond will be applied to financing priority physical and social infrastructure projects across the State. In separate notes, Investment firms said the 10-year Lagos bond offer will be executed by way of Book Build and is scheduled to close…

Oil Prices Edge Higher over Tight Supply Concerns Oil prices edged higher on Friday as Western sanctions on Russia continued to tighten supply and fuel geopolitical uncertainty, though weak demand signals capped further gains. International benchmark Brent crude was trading at $63.75 per barrel, up around 0.66% from the previous close of $63.33. The US benchmark West Texas Intermediate (WTI) also increased by about 0.74% to $59.83, compared to $59.39 in the prior session. Switzerland-based oil trading company Gunvor Group announced that it has withdrawn its offer to purchase the international assets of Russian energy company Lukoil. In a statement…

Benchmark Yield on Nigerian Government Bonds Falls to 15.79% The average yield on Nigerian government bonds fell by 3 basis points (bps) on Thursday in the secondary market as investors increased their position ahead of November supply. The local bonds market ended Thursday positively, with average yields declining 3 bps to 15.79%, demonstrating robust investor demand for domestic sovereign securities. Risk averse investors seeking attractive returns in the local debt market have continue to boost their positions in anticipation of Nigeria’s benchmark interest rate cut in latter part of the month. Inflation is expected to fall below 18% based on…

Bank of England Keeps UK Interest Rate at 4% The Bank of England has kept interest rates at 4%, as the monetary policy committee noted that upside risk to inflation has become less pressing. The Bank said inflation reached its peak in September at 3.8% and is expected to fall gradually over the coming months before returning to its 2% target in 2027. It had earlier forecast a peak of 4%. The committee voted by a majority of 5–4 to maintain Bank Rate at 4%. Four members voted to reduce Bank Rate by 0.25 percentage points, to 3.75%. UK central…

Bitcoin Declines to $101K over Panic Selling Rally Bitcoin fell on Thursday, trading at $101,676 after BlackRock trimmed holdings, causing some panic selloffs. BTCUSD has lost more than $22,000 in the fourth quarter after the price peaked at $123k. Cryptocurrency investor panic sell-offs were visible on top cryptocurrencies, dragging the global market cap of all assets down by 2.43% to $3.39 trillion at the time of writing. Negative investment sentiment started after Fed speech signals slowdown in rate cut. Tight trading actions ensued and Bitcoin, Ethereum have become casualties of profit taking activities. According to data obtained from CoinMarketCap.com, BTCUSD,…