Author: Olu Anisere

Linkage Assurance Bags B+ stable Outlook Global Rating Linkage Assurance Plc, a non-life insurance company, has been assigned a long-term Issuer Credit Rating (ICR) of “B+” by AM Best, a global credit rating agency. The outlook for both the credit rating and the issuer credit profile is stable. Dr Imo Imo, Chief Strategy and Product Officer, Linkage Assurance Plc, disclosed this in a statement on Tuesday in Lagos. Imo said AM Best’s rating reflects Linkage Assurance’s strong balance sheet strength, in addition to its adequate operating performance, favourable business profile, and effective enterprise risk management framework. He explained that this…

Oil Prices Edge Lower Over Demand, Supply Imbalance Oil prices edged lower in the global commodity market on Monday, pressured by concerns about oversupply following renewed talks of a potential nuclear deal between Washington and Tehran. International benchmark Brent crude fell by around 0.53%, trading at $64.18 per barrel, down from $65.41 at the previous session’s close on Friday. Similarly, US benchmark West Texas Intermediate (WTI) crude was $61.64 per barrel at the same period. The price fluctuation is influenced by uncertainties surrounding the U.S. Federal Reserve’s monetary policy strategies, peace negotiations between Russia and Ukraine, and reports suggesting an…

Ecobank Priced $125 million Eurobond at 10.125% Pan-African lender Ecobank Transnational Incorporated (ETI) has successfully completed the issuance of $125 million in senior notes due 2029, an event that marked a significant step forward for both the bank and the broader African Eurobond market. Moody’s said in a note that this tap is in addition to ETI’s existing $400 million senior unsecured notes due October 2029. The notes, bearing a coupon of 10.125 per cent, were issued on Friday, May 15, 2025, and will be consolidated with ETI’s existing $400 million 10.125 per cent Senior Notes, originally issued on October…

Nigeria Joins European Bank for Reconstruction and Development to Boost Economy The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has confirmed Nigeria’s admission into the European Bank for Reconstruction and Development (EBRD). This development aims to support Nigeria’s ongoing economic reform efforts. This is contained in a statement on Thursday by Mr Mohammed Manga, Director of Information and Public Relations in the ministry. Edun led Nigeria’s delegation to the EBRD 2025 Annual Meetings in London, where the country’s accession was formalised. “This is a proud day for Nigeria. Our accession to the EBRD marks a…

Equities Investors See N186bn Gain in Nigerian Stock Exchange The Nigerian Exchange (NGX) expanded as equities investors gained about N186 billion. Key market performance indicators advanced by 0.27% as investors increased bets on stocks with growth potential. Sustaining the prior session’s upward momentum, the market witnessed broad-based buying interest, with all major sectors posting gains. The consumer goods sector led the rally, recording a daily gain of 1.25%. This marks the second consecutive session of gains, propelling the NGX-ASI above the 109,000 mark and pushing the equities market capitalization closer to ₦69 trillion threshold. The Nigerian Exchange All-Share Index increased…

OPEC Maintains Global Oil Demand Forecasts for 2025 The Organisation of the Petroleum Exporting Countries (OPEC) announced on Wednesday that it will maintain its previous forecasts for global oil demand growth in 2025 and 2026. In its monthly oil market report, OPEC projected a year-on-year increase of 1.3 million barrels per day (bpd) in both 2025 and 2026, unchanged from last month’s estimates. “Total world oil demand is anticipated to average 105 million bpd in 2025, bolstered by strong air travel demand, robust road mobility, and continued activity in the industrial, construction, and agricultural sectors,” the report stated. OPEC also…

OANDO, UBA, ZENITH Drive Intraday Gain on NGX Oando and some top banking stocks including UBA, Zenith Bank are currently driving the Nigerian Exchange (NGX) key performance indicators upward in the local bourse. Trading data obtained from the Nigerian stock market showed bargain hunting activities on mid and heavyweight listed companies – with more trading action in banking names. Oando Plc started recalibrating after strong year to date price decline and Stanbic IBTC just pick up momentum as the tier-2 lender caught investors’ attention. Access Holdings is making intraday uptrend which appears to be soft, and Zenith Bank has just…

Sterling Holdings Slumps amidst Missed Regulatory Filing Sterling Financial Holdings Company Plc lost about 6% of its market value in the equities market on Monday amidst huge trading volume and missed regulatory filing. According to data obtained from the Nigerian Exchange, NGX, the financial services company’s share price fell to N5.7 as 14.430 million units valued at N84.063 million were traded in the local bourse. The negative price movement reduced the market value of Sterling Plc’s 45.457 billion outstanding shares on NGX to N259.105 billion, according to trading details. Sterling Plc is trading at more than 11% discount to its…

Nigeria Eurobonds Yield Rises Amidst Rates Decisions Nigeria’s US dollar bond yield rose to 10.36% in the international market as foreign portfolio investors and asset managers scaled down holdings in reaction to rate decisions in the United States and the United Kingdom. The Eurobond yield increased as the market downplayed Nigeria’s recent settlement of 2020 COVID-19 $3.4 billion funding support from the International Monetary Fund (IMF). According to some analysts, trading activities reflect the general mood across African bonds ahead of inflation, with mixed expectations about interest rate direction amidst unsettled macro uncertainties. In its note, Cowry Asset Limited said…

Money Market Rates Mixed, Liquidity Closed Strong Despite Outflows In the money market, the absence of significant funding pressures kept the short-term benchmark interest rates movements in check as liquidity balance remained sufficient even with record outflows. Banks’ borrowing eased while some cash-rich lenders continued to deposit unneeded funds with the Central Bank of Nigeria. Generally, the rate on free funds remained at the floor, tracking below the monetary policy benchmark rate to discourage banks from parking funds in the CBN window. Despite outflows, the liquidity balance in the financial system closed positive ahead of the flood of inflows that…