Author: Olu Anisere

Global Cryptos Market Cap Surpasses $4T, BTC, ETH Rally Global cryptocurrency market capitalisation surpassed $4 trillion again amidst a fresh but strong rally across the top 10 digital assets as a result of an improved sentiment driven by corporate and retail buyers. Trading data showed that the crypto market size inched higher by more than 2% to $4.14 trillion, driven by a monster rally in Bitcoin and Ethereum with support price appreciation in other notable names. Bitcoin briefly touched $124,000 again before it pulled back to $121,000. BTCUSD market cap edged higher to about $2.5 trillion early on Thursday, cementing…

Naira Rises Against Dollar as External Reserves Hits $40.292bn The naira appreciated against the US dollar at the Nigerian Foreign Exchange Market (NFEM) in the absence of significant demand for foreign currency. Spot rate data obtained from the Central Bank of Nigeria (CBN) FX update platform showed that the naira closed at N1534.82, more than N2 gain from N1537.09 quoted for the previous day. Pressure at the official FX market eased sharply. Intraday FX data showed that the naira touched an intraday high of N1536.50, compared with an intraday high of N1543 on the previous day. The market witnessed a…

South Africa to Offer US New Deal to Avoid 30% Tariff South Africa will offer a “generous” new trade deal to the United States on Tuesday to avoid 30-percent tariffs, government ministers said. Washington on Friday slapped the huge tariff on some South African exports, the highest in sub-Saharan Africa, despite efforts by Pretoria to negotiate a better arrangement to avoid massive job losses. The ministers did not release details of the new offer but said previously discussed measures to increase imports of US poultry, blueberries and pork had been finalised. “When the document is eventually made public, I think…

Return on Nigerian Stocks Rises to 41.91%, Investors Gain N110bn The Nigerian stock market return rose to 41.91% from the beginning of the year to date as bargain hunting in financial, consumer goods, and industrial stocks lifted equity portfolio value higher by N110 billion on Tuesday.  The Nigerian Exchange (NGX) All Share Index edged up by 0.12% to close at 146,055.89 points. The modest gain was driven by renewed investor interest in some mid- to high-capitalized stocks. The bargain hunting nudged year-to-date return higher as a result of gains in FCMB, VFD Group, UBA, Ecobank, United Capital, AIICO Insurance, AXA…

European Support for Ukraine Steady as U.S. Aid Fades, Data Shows Europe continues to offer Ukraine a high level of support, while recent data showed that assistance from the United States vanished in May and June. A German economic institute reported on Tuesday. The report said the Ukraine Support Tracker from the Kiel Institute for the World Economy (IfW) showed that European aid amounted to 12.6 billion euros (14.6 billion dollars ) in the two-month period, while no support came from the U.S. The European aid is lower than in the preceding months of March and April, the IfW noted,…

OPEC Increases Crude Oil production by 263,000 Bpd Crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) rose by 263,000 barrels per day (bpd) in July compared to the previous month, reaching 27.54 million bpd, according to the group’s latest Monthly Oil Market Report. The report showed that the largest output increase came from Saudi Arabia, while Iraq recorded the biggest decline. Saudi Arabia, the group’s top producer, increased its output by 170,000 bpd to 9.53 million bpd. Iraq’s production, meanwhile, declined by 51,000 bpd to 3.90 million bpd. As a result, total OPEC crude output stood…

Airtel, pawaPay Partner to Boost Cross-Border Remittances Airtel Money, the mobile money arm of Airtel Africa, has extended its partnership with pawaPay, a mobile money payment service provider, to enhance cross-border remittances in seven African markets. Airtel Money Africa’s Chief Executive Officer, Ian Ferrao, made this known in a statement on Monday. Ferrao said the partnership would enable seamless inbound payments for licensed International Money Transfer Operators (IMTOs) into Uganda, Rwanda, Zambia, Malawi, Gabon, Congo Brazzaville and Tanzania. He said the arrangement would allow IMTOs to deliver funds directly to over 161 million Airtel Money wallets, leveraging pawaPay’s payment infrastructure…

Nigerian Missions in U.S. Hold Townhall, Tackle Diaspora Concerns Nigerian missions in the U.S. on Sunday held a virtual townhall meeting with Nigerians across the U.S. to tackle diaspora concerns and correct online mischief. The three missions are the Embassy of Nigeria in Washington D.C., the Consulate General of Nigeria in New York and the Consulate General of Nigeria in Atlanta From 7pm until 11:15pm, as against the initial 9pm (New York time), hundreds of Nigerians tuned in, speaking directly to their diplomats. The participants raised pressing issues and received candid answers on matters ranging from passports and visas to…

Zenith Bank Reached N3.065trn Ahead of Earnings, Dividends The market value of Zenith Bank Plc closed at N3.065 trillion on Friday due to price fluctuation as the financial services company bucked the rally in the local bourse. The banking stock matched up its price movement energy with the monster rally in the local bourse. The financial institution maintains its position as the second largest by stock market valuation and as one of the major market movers driving the banking index on the Nigerian Exchange trading platform. The bank share price traded at N74.65 at the Nigerian Exchange (NGX) platform as…

AIICO Insurance Hits 52-Week High, Share Price Rises by 60% AIICO Insurance Plc has reached a new 52-week high in the equity market, supported by an all-week rally that lifted its market value by about 60%. The strong uptick was fuelled by investors’ positive sentiment about anticipated recapitalisation following a slide in its earnings performance. According to data obtained from the Nigerian Exchange (NGX), AIICO Insurance share price surged to N3.50 on Friday when 178.524 million units valued at N618.066 million were traded in the local bourse. Investors increased bets on local insurance company following the signing of new insurance…