Author: Julius Alagbe

Sterling Plc Shrinks amidst Missed Regulatory Filing The market value of Sterling Financial Holdings Plc shrank by more than 5% in the equities market as investors, shareholders anticipate the release of its audited financial statement for year 2024. The share price closed lower at N5.65 in the equities segment of the Nigerian Exchange on Friday as investor sentiment waned. The financial services holding company that harbors Sterling Bank is trading at about a 12% discount to its 52-week high. Data obtained from the Nigerian Exchange put N256.832 billion as the market value of Sterling Financial Holdings Plc’s 45.457 billion shares…

Benchmark Yield on Nigeria’s Bonds Falls in Post-Auction Rally Nigerian bonds rallied as investors increased positions after unmet bids at the primary market auction conducted by the Debt Management Office filtered into the secondary market. The bargain hunting in the secondary market reflected investors’ reaction to the lower stop rates recorded at the Nigeria’s bond primary market auction. Benchmark yield declined marginally on the back of fixed interest income investor activity seen across the curve but with a focus on the short (-5 bps) and mid-segments (-7 bps) of the curve. Buying interest in the JAN-26 FGN bonds dragged its…

Kenya Inflation Declines to 3.8% in May Kenya’s annual inflation eased to 3.8% in May 2025, from an eight-month high of 4.1% in April. The inflation remained well within the central bank’s 2.5% to 7.5% target range. Price growth slowed for food and non-alcoholic beverages (6.3% vs 7.1% in April), while remained steady for transport (at 2.3%). On a monthly basis, consumer prices increased by 0.5% in May, following a 0.3% rise in the previous month. #Kenya Inflation Declines to 3.8% in May# South African Rand Weakened Against Dollar

Nigeria’s $26bn Debt Request: Risky Gamble on Growth amid Fiscal Fragility –Cowry Asset Nigeria’s renewed external borrowing drive has continued to generate reactions, though the authority has claimed move to seek approval is in line with its medium term expenditure framework. However, the ever rising appetite for loans, and the size of latest borrowing request reignited conversations around Nigeria’s fiscal sustainability. In commentary note, experts at Cowry Asset Management Limited release by its research arm said request $26 billion in loan approval is a risky gamble on growth amidst fiscal fragility. With a fast rising debt profile, the government appears…

Moody’s Upgrades Nigeria’s Ratings, Changes Outlook to Stable Moody’s Ratings has upgraded the Government of Nigeria’s long-term foreign currency and local currency issuer ratings to B3 from Caa1 and changed the outlook to stable from positive. In a rating note released, Moody’s analysts said they have also upgraded Nigeria’s foreign currency senior unsecured debt ratings to B3 and the foreign currency senior unsecured MTN program rating to (P)B3 from Caa1 and (P)Caa1, respectively. According to the rating note, the upgrade reflects significant improvements in Nigeria’s external and fiscal positions, noting that a more flexible exchange rate has greatly bolstered external…

Naira – CBN Rate Closed at N1586 against Dollar The naira official rate quote on the Central Bank of Nigeria (CBN) FX platform settled at N1586 per dollar, unchanged from the previous day’s close in the absence of demand pressures. The market experienced some level of stability for the last trading session in May 2025. The Nigerian Foreign Exchange Market (NFEM), the official rate for the CBN, closed at N1586.1524 per dollar, from N1586.20 on Thursday. Forex market liquidity remains sufficient to match aggregate corporate demand for foreign currency, traders said, noting that the local currency will stay range-bound with…

Fitch Affirms Bank of Industry at ‘B’ with Stable Outlook Fitch Ratings has affirmed Nigeria-based Bank of Industry Limited’s (BOI) credit or Long-Term Issuer Default Rating (IDR) at ‘B’ and its National Long-Term Rating at ‘AAA(nga) with a stable outlook. The global ratings agency said BOI’s IDRs are driven by potential support from the authorities in Nigeria, as reflected by its Government Support Rating (GSR) of ‘b’ and are equalised with the country’s ratings. According to Fitch, the stable outlook on BOI’s credit rating mirrors that on the sovereign. BOI’s national long-term rating is the highest attainable rating on Nigeria’s…

Oil Prices Dip as Market Anticipates OPEC+ Output Raise Oil prices declined as the market anticipated that the Organization of Petroleum Exporting Countries and allies (OPEC+) would increase output in July. Brent crude futures slipped 21 cents, or 0.33%, to $63.94 a barrel on Friday while the U.S. West Texas Intermediate crude fell 22 cents, or 0.36%, to $60.72 a barrel. Oil prices were on track for a second consecutive weekly decline on Friday, weighed down by expectations of another OPEC+ output hike in July amidst uncertainties in US trade policy. A federal appeals court temporarily reinstated President Donald Trump’s…

Nigeria Bonds Rally, Debt Market Investors Sense Tight Supply In the secondary market, the Nigerian government bonds market rallied as investors continued to increase their bets on the naira assets in hopes of strong economic growth and fiscal strength. Demand climbed in the secondary market as fixed-interest securities investors sensed a limited bond supply at the Debt Management Office’s monthly auction. The monthly auction subscription was less impressive than market analysts had thought, and DMO struggled to meet demand with lower spot rates. With disinflation, real return on investment has remained attractive given the monetary authority’s decision to keep the…

Seplat Energy Falls by 10% as Investors Exit Positions In a rare move, Seplat Energy Plc. lost 10% of its market value in the equities market as investors exited positions in the energy company stock. The price depreciation recorded by the market moving energy stock reflected negative sentiment some investors had over the company in the short term ahead of the second quarter of 2025 earnings.  Analysts said the negative share price movement reduced Seplat Energy Plc.’s market value by about N325 billion in a single day trading session, though volume was considered tiny. According to data obtained from the…