Author: Marketforces Africa

Sell Pressure Shrinks Nigerian Exchange, Investors Lose N34bn The equities segment of the Nigerian Exchange (NGX) sell pressure extended on Wednesday, with investors recording a N34 billion decline in portfolio value due to negative sentiment. Declines in CHAMS, Halldane McCall, UACN, Sunu Assurances and 20 other stocks pushed the market into negative territory. Specifically, investors lost N34 billion as the market capitalisation, which opened at N93.658 trillion, recorded a slight change to close at N93.624 trillion. The All-Share Index (ASI) also declined by 0.05 per cent or 78.28 per cent, settling at 146,862.01 when compared to 146,940.29 recorded previously. Consequently,…

Naira Depreciates over Rising Foreign Payments The naira is not getting better at the official and parallel markets despite $100 million FX sales to banks at the beginning of the week, a move that shrank Bureaux de change operators to 82. The market continues to suffer from imbalanced demand for international payments via the official window, and FX inflows across key sources include foreign portfolio investors, exporters, non-bank corporates (especially international oil companies), individuals and others. With a significant increase in year-end FX requisitions to settle import payments, total inflows have continue to track below $900 million as per the…

Islamic Banks’ Outlook in EMEA Remains Neutral for 2026 – Fitch Fitch Ratings has a ‘neutral’ 2026 sector outlook for Europe, the Middle East and Africa (EMEA) Islamic banks, which reflects continued solid economic conditions. In non-rating commentary note, Fitch expects Islamic banks to maintain solid liquidity, adequate capital buffers, and stable asset quality. It noted that strong credit growth in core Islamic banks will likely remain strong despite moderating from 2025 levels. Fitch said two-third of its rated Islamic banks in EMEA have investment-grade Issuer Default Ratings (IDRs), the majority of which are driven by potential sovereign support (59%).…

Lagos Moves to Offer Trucking Industry Cheap Loans The Lagos State Government says it has initiated a programme that will support truck owners to acquire brand-new vehicles through affordable and well-structured credit facilities. The Lagos State Governor, Babajide Sanwo-Olu, said this at the states’ Ministry of Transportation stakeholders’ engagement with maritime and logistics practitioners. The stakeholders’ engagement has the theme “Charting the Future of Maritime Logistics: Safety, Sustainability, and Stakeholder Partnership”. Sanwo-Olu was represented at the event by the Special Adviser on Transportation, Mr Sola Giwa. He said the state government was working with financial institutions and development partners to…

NNPC/Heirs Energies JV Seals Flare-Gas Deals With 5 Firms The NNPC/Heirs Energies OML 17 Joint Venture has signed flare-gas commercialisation agreements with five firms to cut flaring and expand domestic gas supply. Heirs Energies’ Chief Executive, Mr Osa Igiehon, said in Lagos on Tuesday that the signing “advances Nigeria’s gas commercialisation and environmental stewardship agenda.” He said the deals were concluded under the Nigerian Gas Flare Commercialisation Programme and approved non-NGFCP frameworks. The agreements involve AUT Gas, Twems Energies, Gas and Power Infrastructure Development Ltd., PCCD, and Africa Gas and Transport Company Ltd. Officials said the initiative aims to end…

Helios to Acquire Frigoglass’ Nigerian Glass Assets for €100m Helios Investment Partners will buy the Nigerian glass operations of the Frigoglass Group in a deal valued at up to €100 million. Frigoglass will sell its full stake in Frigoinvest Nigeria Holdings BV, which owns Beta Glass Plc and Frigoglass Industries Nigeria Ltd., to Helios. The Nigerian Exchange Ltd. confirmed the planned acquisition in a disclosure issued on Tuesday. Frigoglass said, “The Group has agreed to sell all its shares in Frigoinvest Nigeria Holdings BV, the holding company of its Nigerian glass business. “The assets include Beta Glass and Frigoglass Industries…

Nigerian Exchange Sheds N311bn as Investors Sentiment Drops The Nigerian Exchange (NGX) market capitalisation fell by about N311 billion on Tuesday as investors sentiment weakened again. The stock market closed trading activities on a negative note, halting the five days’ rallies. Hence, key market performance indicators declined by -0.33%, and year-to-date return moderated. The bearish session was primarily driven by profit-taking in some recently appreciated medium- and large-cap stocks such as OKOMUOIL, UACN, TRANSCOHOT, WAPCO, CUSTODIAN and others, across major market sectors. Consequently, the All-Share Index decreased by 486.66 basis points to close at 146,940.29, while the market capitalization lost…

Greater China Sovereigns Outlook ‘Deteriorating’ for 2026 Greater China sovereigns outlook for 2026 looks deteriorating, according to a non-rating action commentary note released by Fitch Ratings on Monday.  Fitch Ratings’ ‘deteriorating’ sector outlook reflects the view that gross domestic product (GDP) growth in mainland China will slow to 4.1% in 2026 from 4.8%, as the economy contends with subdued domestic demand and deflationary pressures. Modest consumption and deteriorating fixed investment amid ongoing property-sector declines will weigh on growth and add to the risks of deflation becoming more entrenched. Calibrating fiscal and monetary policies to boost domestic demand and reverse deflationary…

African Eurobonds Face Sell Pressure Ahead of Fed Rate Action With yields surging across top issuers, African Eurobonds came under selling pressures at the international market ahead of the US Federal Reserve decision on rates. The African Eurobond market traded bearishly as investors began profit-taking from the recent bullish trend and ahead of the Fed rate decision on Wednesday. Oil-linked issuers’ notes were priced down amidst uncertainties in the global commodity market with significant moves toward Gold, and other precious assets. Global oil prices slipped 2% on Monday after Iraq restored production at one of its oilfields, which accounts for…

Insurance, Banking Stocks Boost NGX All-Share Index Insurance and banking stocks were top active securities that drove the Nigerian Exchange All Share Index higher at the beginning of the week. Investing activities picked up further on Monday with significant interest in financial stocks ahead of Q4 earnings announcements. The NGX All-Share Index rose by 26 basis points, supported by equities investors’ positive sentiment, which continues to improve even after N2.43 trillion gain posted last week. Details from the NGX showed that market index advanced by 0.26% to settle at 147,427.95 points, and market capitalization rose by ₦247.21 billion to ₦93.97…