Author: Olu Anisere

Nigerian Treasury Bills Yield Drops to 17.72% The Nigerian Treasury bills yield dropped by three basis points to 17.72% in the secondary market as investors increased the naira asset ahead of the 2026 auction. The local treasury bills market has seen significant adjustment following the Apex Bank rates repricing across the short, belly, and long durations in its December auctions. The market had anticipated disinflation would cause spot rates to be priced lower, but surprisingly, the authority hiked discount rates against expectations. Fixed income market analysts are now expecting the trend to persist in Q1 2026, reflecting the decision to…

Bonds Yields Steady as Investors Anticipate Q1 Supply Trading activities on Nigerian government bonds closed on a softer note at the secondary market with mixed movements across the curve.  Investors’ appetite remained subdued in the post-monthly auction reaction and expectation of increased supply in Q1 2026. The market anticipates significant local debt capital borrowing in 2026 as the government budget deficit widens amidst tight fiscal performance. Traders have switched to cautious mode, weighing the recent spot rates repricing signals, disinflation and possible monetary easing in Q1. Trading activities on the short end, the 22-Jan-2026 bonds yield edged lower by 1bp…

South African Rand Strengthens to ZAR16.7 Per Dollar The South African rand (ZAR) strengthened to 16.7 per US dollar (USD) , the highest level since 2022, buoyed by surging prices of precious metals, particularly gold, amid hopes of further US interest rate cuts and escalating geopolitical tensions. The rand has strengthened by more than 10% against the US dollar so far this year, underpinned by elevated commodity prices and improving local fundamentals. Inflation rate dropped in November, boosting 2026 rate cut expectation amidst government moves to boost economic growth. The US dollar has been on the back foot in 2025…

GCR Downgrades Global Accelerex on Weaker Financial Profile GCR Ratings has downgraded Global Accelerex Limited’s national scale long and short-term issuer ratings to BB-(NG) and B(NG) from BBB-(NG) and A3(NG) respectively. In rating note, GCR said it has also downgraded Accelerex SPV Plc’s N2.275 billion Series 1 Senior Unsecured Bonds’ national scale long-term issue rating to BB-(NG). Outlooks on the ratings have been revised to Negative from Rating Watch Evolving, the rating agency said. GCR said Global Accelerex Limited, a wholly owned subsidiary of Accelerex Holdings, a non-operating holding company is based in Mauritius, with subsidiaries in Kenya, Rwanda, Tanzania,…

Cardano Sees 5.2% Upswing after Midnight Debut Cardano (ADAUSD) has jumped by about 5.2% in the last 24 hours as investors returned to take positions as selloff festivals began to fade. Trading data obtained from cryptocurrency exchanges showed that ADAUSD climbed by 5.21% on the day as trading volume printed at $560 million, up by about 39%. Hovering around $0.38, the altcoin is making further uptrend at the press time, showing strong buy side activities amidst broad-based cryptocurrencies rally on Monday. The move aligns with broader crypto market gains (+0.9% in 24h) but outperforms due to ecosystem-specific catalysts. The price…

First Holdco Delivers 62% YTD Return, Downgrades to Sell First Holdco Plc has become the best ticker to deliver an impressive year-to-date return on shareholders’ investment following a fast and furious re-rating in the local bourse last week.  This has triggered a sell recommendation from Afrinvest Securities Limited, as investment firm now spotted about 17% downside holding the financial stocks. Afrinvest Securities Limited advised investors to take profit quickly as equity analysts lowered First Holdco’s target price to N37.40, suggesting that the stock is overvalued at N44.95. The non-operating holding company of First Bank Limited spiked by about 43% week…

Block Trades in First Holdco, Geregu Stock Drive NGX Volume Trading activities in the Nigerian Exchange (NGX) were bolstered by block transactions in First Holdco and Geregu Power amidst year-end portfolio rebalancing. Investors are rotating positions as the market anticipates the release of the fourth-quarter earnings release to commence soon. Trading value declined by about 85%, according to stockbrokers, though equities market capitalisation climbed on the day. The Nigerian stock market closed the day on a positive note as the All-Share Index rose by 35 bps, pushing the year-to-date return to +46.09% amid gains in NESTLE, GUINNESS and 32 others.…

PFAs Recapitalisation Deadline Six Months Away – Regulator The National Pension Commission (PenCom) says the recapitalisation of Pension Fund Administrators (PFAs) remains firmly on course, with all operators expected to meet the new capital requirements by June 2027. Its Director-General, Ms Omolola Oloworaran, during the 2025 PenCom Media Conference on Thursday, in Lagos, dismissed claims that the recapitalisation exercise had been suspended. The theme of the conference is “Pension Revolution Summit: A 365-Day Scorecard”. The PenCom DG warned that any PFA that failed to meet the stipulated capital threshold by the deadline would have its licence revoked. “Recapitalisation has not…

FCMB Obtains Shareholders’ Approval to Raise Additional N400bn FCMB Group Plc shareholders have approved an increase in capital raised of up to N400 billion. The approval was given during an Extraordinary General Meeting (EGM) on Monday, December 8, 2025. The approval for the expanded capital raise reflects the group’s exceptional financial performance and shows shareholders’ unwavering confidence in its leadership and bold growth ambitions, the group said. Following the approval, FCMB Group will meet the minimum regulatory capital for banks with an international licence ahead of the March 2026 deadline. This achievement will allow FCMB to retain its international banking…

Otedola Acquires Additional First Holdco Shares with N14.8bn Chairman of First HoldCo Plc, Femi Otedola, has deepened his investment in the financial services group with the acquisition of additional shares valued at about N14.8 billion, lifting his ownership to more than 18 per cent. The transaction was disclosed in a regulatory filing submitted to the Nigerian Exchange Limited (NGX) and signed by the group company secretary, Abiola Baruwa, yesterday. The shares purchase triggered a market value adjustment in the local bourse, pushing the shares to a new high. At the close of the trading session on Thursday, First Holdco share…