Author: Olu Anisere

Lagos N200 Billion Bond Oversubscribed By 55% Recording 55% oversubscription, Lagos State has made history with the conclusion of the book building for its landmark bond issuance that has recorded an overwhelming reception from the investment community. The state offered a ₦200 billion conventional bond and a ₦14.8 billion green bond, both of which were significantly oversubscribed, Commissioner for Finance Yomi Oluyomi said. The Conventional Bond, which is the largest ever issued by a non-corporate subnational in Nigeria’s history, attracted subscriptions totalling ₦308 billion, representing a 54% oversubscription above the initial offer. Lagos State is the first subnational government to…

Nigerian Bonds Yield Falls to 15.46% as Inflation Crashes Trailing the headline inflation rate, the benchmark yield on Nigerian government bonds fell to 15.46% as investors maintained positive sentiment over improving macroeconomic indicators. Nigeria’s headline inflation has declined successively, settling at 16.05% in October, according to a consumer price index report released by the statistics office, from 18.02% in the previous month. The disinflation spurred bargain hunting in the fixed income market as investors rushed to lock in yields on expectation of further rate cut by the Central Bank of Nigeria (CBN) monetary policy committee. Investors have begun to price…

Nigerian Treasury Bills Yield Surpasses Inflation Ahead of Auction The average yield on Nigerian Treasury bills fell below 17% as increasing demand for the naira asset extended in the secondary market. The current yield surpassed the inflation rate, widening the real interest rate in the market. Spot rates are expected to be reduced across the debt market as Nigeria’s disinflation position signals monetary policy easing ahead of the final meeting of the monetary policy authority later in the month. Investors were seen taking positions ahead of primary market auction where N700 billion worth of Nigerian Treasury bills will be opened…

Euro Drops to $1.1593 Ahead of Economic Data The euro dollar (EURUSD) pair dropped to $1.1593 on Monday with investors awaiting European Central Bank (ECB) speeches and key US economic data for guidance on Federal Reserve policy. The single currency had gained as global risk appetite improved, and the safe-haven USD softened, providing a mechanical lift to the euro through its strong inverse correlation with the dollar. The European single currency has gained about 12% against the US dollar since the beginning of 2025 amidst a weak dollar index. There has been little new economic data to guide markets. Eurozone…

Dangote Cement Plunges as Investors Trim Shareholding The market value of Dangote Cement Plc’s 16.873 billion outstanding shares in the Nigerian stock market plunged by 10% as investors exited positions on Monday. This translates to N1.002 trillion reduction in the company’s market value due to investors’ decision to rotate out their positions in the absence of fresh catalysts to fuel a rally. The stock market lost N1.17 trillion, which suggests that price depreciation in Dangote Cement was the key driver of reduced market capitalisation. Trading data obtained from the Nigerian Exchange showed that the cement company share price fell to…

UK-Eurozone Inflation Gap to Narrow in 2026 – Fitch Fitch Ratings expects UK headline inflation to converge towards eurozone levels, ending the unusual divergence that has prevailed between the two this year. The divergence between UK and eurozone headline inflation rates in 2025 helps to explain the differing monetary policy stances of the Bank of England (BOE) and ECB, Fitch said. But Fitch Ratings forecasts UK headline inflation will fall in the coming months towards eurozone levels and also the BOE’s target, paving the way for further UK interest rate cuts The return of headline and core inflation towards target…

Oil Prices Decline as US, Russia Mull Diplomatic Talks Oil prices declined in the global commodity market on Monday as US sanctions drew out Russia to possible peace talks over war in Ukraine.  The market anticipate diplomatic contacts between the US and Russia over a potential resolution to the Ukraine crisis Last week, Brent settled almost 1.2% higher as the Ukrainian attack on the Russian port of Novorossiysk stoked supply pressures.  This led to a temporary suspension of oil exports from the port, which handles approximately 2.2 million barrels of oil per day, including Kazakhstan crude from the Caspian Pipeline…

Short-Term External Liabilities: Nigeria’s Usable FX Reserves Grow Nigeria’s usable external reserves increased as the nation’s gross balance climbed to $43.535 billion, as per the Central Bank (CBN)’s latest update. The amount is the highest on record in six years, supported by accretion from foreign inflows, remittances and FX receipts from hydrocarbon sales. In its latest rating note, S&P data highlighted that Nigeria’s usable external reserves surged, and it now covers the country’s current account payment (CAP) for about five months, up from 3.4 months in 2024. This suggests the nation can sufficiently cover its short-term external liabilities without recourse…

Dangote, BUA Drag Total Value of Cement Stocks Down by N1.47trn Due to price depreciations posted by Dangote and BUA Cement, trading data from the Nigerian Exchange (NGX) indicated that the total market value of cement firms in the local bourse declined by over N1.47 trillion week on week, primarily as a result of selling pressures on the industrial index. The two leading cement companies recorded a significant valuation slump totalling N1.520 trillion week on week on the Nigerian Exchange, dwarfing the gain seen from Lafarge Africa’s positive price movement. Last week, the stock fluctuated as Nigeria’s new capital gains…

Champion Breweries Rises by 11.5% Amidst Free Float Concern With 83% of Champion Breweries’ outstanding shares owned by two shareholders on the Nigerian Exchange, the market value of the company surged by 11.5% week on week, spurred by a fresh rally. The brewer’s share price closed at N14.5 as investors took positions after its third quarter of 2025 bumper earnings harvest.  Its trading data from the Nigerian Exchange platform showed that the company share price, which opened at N13 ended the week at N14.5, up by 11.5%. Transaction volumes were relatively strong. Champion Breweries’ share price settled at N14.50 on…