Author: Julius Alagbe

South African Rand Weakens as Oil Prices Rise, Gold Drops The rand has weakened slightly against major currencies this morning, trading at R16.38 per dollar, R19.25 per euro, and R22.11 per pound, amid a slide in gold prices. In a note, First National Bank (FNB) said a depreciation comes as oil prices jumped after the US Navy seized an Iranian ship over the weekend. The US President Donald Trump said an Iranian vessel was seized in an attempt to breach the naval blockade. In response, Tehran reimposed restrictions on the Strait of Hormuz after claiming that the US blockade violated…

Global market sentiment has weakened at the start of the new week, with the aggregate market sentiment gauge falling to 0.29 from 0.18 last week, on a scale from +1 (bullish) to 1 (bearish), analysts said in a note. 

CBN to Auction Nigerian Treasury Bills Totalling N750bn The Central Bank of Nigeria (CBN) is scheduled to auction N750 billion in local treasury bills across three standard tenors on Wednesday. The Apex Bank will raise the amount across 91-, 182-, and 364-day Treasury bills amid sustained investor demand for duration. At the short end, 91-day treasury bills totalling N100 billion will be auctioned on Wednesday. The authority will put N150 billion worth of 182-day bills for investor subscription. Reflecting surging demand, the CBN will offer N500 billion for the longest tenor – 364-day bills. Amidst persistent spot rate cuts, analysts…

Naira Sees 1.13% Weekly Gain on FX Liquidity, Interventions The Nigerian local currency, the naira, appreciated against the U.S. dollar, gaining 1.13% in the official market to close at ₦1,343.64. supported by healthy FX liquidity and interventions. At the informal segment of the Nigerian currency market, the naira strengthened to N1370 per dollar, supported by $150k weekly sales at the Central Bank rate. The spot rate fluctuated but stayed positive amidst Apex Bank’s sustained US dollar injections into the official window to keep the local currency stable. In the absence of additional inflows, Nigeria’s foreign reserves declined to $48.70 billion,…

FirstHoldco Gains 23% on Trading Volume, Pre-Q1 Positioning FirstHoldco gained 23% as investors stepped up buying action in the shares of a financial services company ahead of the first quarter of 2026 earnings release. The non-operating holding company of First Bank Limited saw its share price rise to N64 on Friday, as 31.463 million units valued at N1.984 billion were traded on the local bourse. The positive price movement was driven by heavy trading volume, led by buy-side actors, in anticipation of strong earnings performance following recapitalisation. Market value of First Holdco Plc.’s 44.453 billion outstanding shares edged higher by…

BTC/USD: Bitcoin Price Dips on Flight from Speculative Asset Bitcoin price slides to $74,985.58, slightly outpacing the broader crypto market’s 0.99% decline, amid risk-off sentiment triggered by escalating Middle East tensions. The digital asset retreated on geopolitical risk-off sentiment after Iran closed the Strait of Hormuz, prompting a flight from speculative assets. Bitcoin fell alongside traditional risk assets after Iran closed the Strait of Hormuz on April 19, heightening fears of a broader conflict. This triggered a market-wide sell-off, undermining Bitcoin’s perceived safe-haven narrative for the session. The move was macro-driven, with Bitcoin trading in tight correlation with U.S. equities,…

Ecobank Transnational Incorporated (ETI) soared by 46% in the Nigerian stock market as investors accumulated the Pan-African financial group units ahead of dividend payments.

NEAR protocol (NEAR) price declined by about 6% to $1.34 over the past 24h, underperforming the broader market amid risk-off sentiment across crypto assets.

XRP Price Dips, Investors Take Profit as Iran Closes Hormuz XRP’s price has declined to $1.43 over the past 24h, from $1.50, amid a risk-off shift in crypto markets following renewed Iran-U.S. geopolitical tensions. Geopolitical risk-off sentiment after Iran reversed its stance on the Strait of Hormuz, triggering a broad crypto selloff. Prices fell after Iran announced that the Strait of Hormuz was again under strict military control, reversing earlier optimism about a ceasefire. This renewed geopolitical tension caused a risk-off move across crypto, with XRP showing a higher beta (down 4.12%) than Bitcoin (down 2.33%). This sector-wide weakness contributed…

TRON Climbs to $0.33 Amidst Major U.S Exchange Listing TRON (TRX) price climbed to $0.330, rising amid a broader market dip, primarily driven by a major U.S. exchange listing that expands compliant market access. TRX has seen significant fluctuations, driven by negative sentiment in the crypto market, until Iran and the US reached a deal to reopen the Strait of Hormuz, which was closed again. TRX began trading on the licensed U.S. exchange Binance.US, with TRX/USD and TRX/USDT pairs now active since April 17, driving the altcoin rally versus the broader crypto market. TRON DAO’s spokesperson emphasised that this step…