Author: Olu Anisere

Kenya’s Loan, Eurobonds Action Reduce Interest Burden – Note Kenyan government decisions to restructure China’s loan and buy back Eurobonds, as well as monetary policy rate cuts, are expected to reduce the country’s interest burden, Moody’s Ratings said in a commentary note. Kenya’s Finance Minister John Mbadi announced that the government had converted approximately $3.1 billion in loans from the Export-Import Bank of China (A1 stable) related to the Standard Gauge Railway (SGR) from US dollars into Chinese yuan (RMB). Although the conversion does not affect the principal outstanding, the government will benefit from a lower interest rate on the…

Naira Weakens to N1463 at Official Window – CBN FX Update The naira weakened against the US dollar for the second day and traded at N1463 at the Nigerian foreign exchange market on Tuesday. The local currency fell as demand for the dollar increased. At the global forex market, the US dollar posted gain against all the major trading partners amidst U.S shutdown. FX demand in Nigeria has been on the rise, reflecting seasonal demand. The spot rate at the official and parallel market depreciated versus US dollar, though analysts said the Central Bank has strong buffer to tame demand…

NGX Index Climbs, Market Cap Nears N94trn on Soft Rally The Nigerian Exchange (NGX) All-Share Index (ASI) climbed by 0.06%, or six basis points, on Tuesday as buying momentum continues but at a slow pace.  The market index was up by 50 basis points, and the slowdown in bargain hunting cut across sectoral names. With year-to-date return climbing to 43.6%, the local bourse key performance indicators were driven north by investors’ interest in some mid- and large-cap companies’ shares. The market’s upward trajectory despite negative breadth. Today’s gainers include REGALINS (8.82%), PRESTIGE (6.71%), WAPIC (6.45%), LEGENDINT (5.45%) and CWG (4.74%),…

Pound Falls, UK Jobs Data Fuels BoE Rate Cut Expectation Investors sold down the British pound, with the US dollar taken as a replacement amidst disappointing UK job data, and now markets are anticipating that the Bank of England will be disposed to cut the rate. FX data revealed that Sterling fell below $1.33, hovering at its weakest level as markets reacted to weaker wage growth, fuelling Bank of England rate cut expectations. Sterling gave back about half of its pre-weekend gains yesterday at around $1.3315, with the retracement near $1.3300. The disappointing jobs data has sent sterling slightly below…

Malabu Oil & Gas Ltd Prays Court to Void its Deregistration by CAC Malabu Oil & Gas Limited has urged the Federal High Court in Abuja to make an order declaring its deregistration by the Corporate Affairs Commission (CAC) as null and void. The oil and gas company, which is said to be jointly owned by Mohammed, son of former Head of State, Late Gen. Sani Abacha, and others, had been enmeshed in boardroom crisis. Malabu, in the originating summons marked: FHC/ABJ/CS/2137/2025, had sued CAC as sole defendant for allegedly deregistering it over alleged failure to file its annual returns.…

Oil Prices Decrease as Tensions in Middle East Ease In the global commodity market, prices of crude oil reduced on Tuesday amid uncertainty over trade policies between the US and China, while easing geopolitical tensions in the Middle East further pressured markets. Brent crude was trading at $62.68 per barrel, down 0.7% from Monday’s close of $63.18. US benchmark West Texas Intermediate (WTI) fell 0.8% to $58.70 from $59.21. Prices came under pressure after US President Donald Trump threatened higher tariffs on Chinese goods in response to Beijing’s export curbs on rare earth elements. He later said a 100% additional…

Nigerian Bonds Yield Tracks Below 16% Amidst Cautious Action The average yield on Federal Government of Nigeria (FGN) bonds stayed below 16% in the secondary market amidst mixed sentiment over fixed interest securities assets. The bond market’s trading temperature has been affected by the authority interest rate cut, which sparked a move into risky assets. Bargain hunting has been limited despite ample liquidity in the financial system, reflecting a cautious disposition to local debt papers in the secondary market. The choice given to pension fund administrators about portfolio structure could shift attention, and hence trading activities on low return papers.…

Nigerian Treasury Bills Yield Falls Ahead of Inflation Report Trading activities on Nigerian Treasury bills remained tight, albeit with a bullish undertone, as the average yield contracted by a basis point to 17.39% in the secondary market. Ahead of consumer price data this week, the market reacted to recent spot rates repricing at the belly and long end of the curve, though bargain hunting has been softened by mixed investor sentiment. Disinflation is expected to persist due to movement in prices of food items and a stable exchange rate. But analysts said recent strike actions that caused Nigeria to lose…

Don’t Despair, PDP on Course, Makinde Tells Members Gov. Seyi Makinde of Oyo State, on Monday, advised Peoples Democratic Party (PDP) members not to despair in spite of recent high-profile defections. Makinde spoke during the inaugural meeting of the party’s National Convention Transportation Sub-Committee, which he chairs, in Abuja. He said that the party remained on course to recovering power in 2027, notwithstanding the defections. Makinde urged PDP members to remain steadfast and committed to the revival of the party, which was still a constant factor in Nigerian politics. “This situation may appear like it’s difficult, because the news out…

LPG Hoarding: FG Directs NMDPRA to Intensify Depots Monitoring The Federal Government has mandated the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to intensify Liquefied Petroleum Gas (LPG) depots monitoring, to prevent product hoarding following its recent price surge. The Minister of State for Petroleum Resources (Gas), Dr Ekperikpe Ekpo, gave the directive in a statement issued by his spokesperson, Louis Ibah, in Abuja on Monday. Ekpo expressed concern over the situation, noting that the price of LPG has risen from N1,000/N1,100 per kg to as high as N1,500 and N1,700 per kg in some parts of the country.…