Author: Julius Alagbe

GTCO Recovers after Investors Price Block Trade GTCO climbs slightly in the equities segment of the Nigerian Exchange after the financial giant was priced at N61 in a 13 million block trade on Thursday. At the close of trading session, its market price declined to N60.5, and during the intraday session, its market price has recovered. Data from the Nigerian Exchange showed that financial services company’s share price has inched higher to N61 after it slumped in the previous day. A total of 26,685,418 shares of GTCO were traded in the local bourse with price slipping to N60.5 from N61.6.…

US Recession Looms for First Half of 2025 – CEO US recession is now expected in the first half of 2025, setting the stage for the most significant economic disruption since the global financial crisis of 2008, a stark warning from Nigel Green, the CEO of global financial advisory and asset management organization, deVere Group. In a note sent to MarketForces Africa, Green noted that mounting pressures across key economic indicators are converging, making this downturn increasingly inevitable. Investors need to prepare now, as the fallout will create both winners and losers across global markets. “The cracks in the US…

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.…