Author: Julius Alagbe

Nigeria Bonds Yield Clears at 18.40% Ahead of Inflation The average yield on Nigerian Government bonds settled at 18.40% ahead of inflation data for February. The next inflation figure is due for release by the statistics office in the coming days, and the market expects the consumer price index to cool off further from 24.48% after rebasing exercise. On Thursday, the market posted thin transaction as traders remain cautious, saying falling yield could cause investors to exit positions in a fast and furious manners. Most of the fixed income market players focused their attention on the Treasury bills market, particularly…

The Nigerian Exchange, NGX, market capitalisation soared after sell pressures with investors recording about N82 billion in capital appreciation. ON Thursday, equities market rebounded, halting a two-day losing streak, with 0.12% surge in key market performance indicators.  The positive sentiment was fueled by bargain hunting in some recently depreciated medium and small-cap stocks.

Africa Finance Corp. Lists Bonds on London Stock Exchange Africa Finance Corporation (AFC) closed the London Markets in recognition of its first listing on the London Stock Exchange, continued success in global debt markets, and pivotal role in driving Africa’s economic transformation, the exchange said in a statement. AFC’s return to the international bond market is marked by two milestone transactions—an oversubscribed US$500 million 144A/Reg S Senior Unsecured 5-year Eurobond and its inaugural US$500 million perpetual hybrid bond. With a 145% increase in volume of issuance out of the continent on the London Stock Exchange over the last 3 years…

$650m Notes: Moody’s Affirms Seplat’s Caa1 Corporate Family Rating Moody’s Ratings has affirmed the Caa1 long-term corporate family rating (CFR) and Caa1-PD probability of default rating (PDR) of Seplat Energy Plc. In a rating note, the global rating agency said concurrently, its analysts have affirmed the Caa1 rating on its $650 million senior unsecured bond maturing in April 2026, saying the outlook remains positive. Moody’s said its rating action reflects Seplat’s recently announced senior unsecured notes issuance to refinance its existing $650 million senior unsecured notes due in April 2026. Seplat’s $350 million fully drawn revolving credit facility (RCF) maturing…

Euro, Sterling Rise as US Dollar Embeds Negatives Euro and British Sterling rose as the US dollar continues to lose steam among majors in the forex markets.  The US dollar fell against its major trading partners Tuesday, except for a gain versus the yen. The greenback has suffered from President Donald Trump’s protectionism stance with tariffs threats against other bellwether economies, a development that has triggered concerns for recession as economic numbers wobble. Market analysts attribute this shift to concerns over US economic stability, as Trump’s tariff policies on Canada, Mexico, China, and the EU fuel fears of an economic…

Sterling Rises on Elevated U.K Interest Rates, Weak U.S Dollar Sterling traded around $1.29, hovering near four-month highs, supported by broad dollar weakness amid concerns over the US economy and the potential impact of upcoming tariffs. The dollar is fragile and would be hit by a soft number, ING said in a note on Friday. However, the DXY has already seen its biggest weekly drop since November 2022 (3.5% versus 4.2%) and current long dollar positioning is probably nowhere near where it was in late 2022 after a two-year dollar rally. On Monday, Sterling is gaining strength from expectations that…

Naira Plunges as Offshore Demand Eclipses FX Inflows Reversing recent past positive movements, the Nigerian local currency, the naira, plunged against the US dollar across the foreign exchange (FX) markets due to tight liquidity levels available at the supply side. Both the official and parallel markets felt the negative impacts of US dollar scarcity, with demand rising faster than market supply. Spot data from the FMDQ platform revealed that the naira depreciated by 0.33%, closing at ₦1,517.24 per US dollar on Friday even as the Central Bank restarted FX sales to banks. The local currency wobbled in the week, reversing…

World Must Listen to Africa — Chinese Foreign Minister Chinese Foreign Minister Wang Yi, on Friday, said the stability of Africa’s development would be vital to the future of humanity. Wang said that the world must, therefore, listen to Africa and its concerns. He said this at a news conference on China’s external relations. The foreign minister spoke on the sidelines of the Third Session of the 14th National People’s Congress in Beijing. Wang highlighted strategic partnerships established by China with all African countries which had diplomatic ties with it. According to him, Africa is a fertile land of hope.…

CBN Returns N1.2trn from OMO, TBills Bids, Cuts Rates Nigeria’s attractive short-term investment options continue to attract local and foreign investors into the financial market. Institutional investors, local banks, and asset managers’ appetite for fixed income assets maintained an uptrend even as spot rates began to decline. In its latest primary market auctions, the Central Bank of Nigeria (CBN) raised more than N2.5 trillion in consecutive days. Details from the OMO bills and Treasury bills auction conducted on Wednesday and Thursday showed more than N1.2 trillion in investment money were rejected by the apex bank. For Treasury bills, the CBN…

Trade War Has no Winner, Protectionism Leads Nowhere, Says China The success of China and the U.S. will present opportunities not threats because both share extensive common interests and a broad cooperation space, says China’s Commerce Minister, Wang Wentao. Wang said this at a news conference organised on the sidelines of the Third Session of the 14th National People’s Congress (NPC) on Thursday in Beijing. He was speaking on China’s strategy in addressing tariff increments by the U.S. on Chinese goods. He said that trade war had no winner and protectionism led nowhere. “These practices of extortion with the threat…