Author: Marketforces Africa

Nigeria Launches First LCNG Plant in North-East UPDATED: Nigeria has inaugurated the first-ever liquefied to compressed natural gas (LCNG) hub in the northeast of Nigeria, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has revealed. Ekpo stated that development is a testament to the potential of public-private collaboration in advancing the federal government’s ‘Decade of Gas’ agenda. The minister mentioned that the country was setting a new benchmark for energy accessibility and sustainability through the project by Greenville LNG. “The strategic location of this facility in the North-East also carries deep significance. For far too long, this region…

Moody’s Upgrades Seplat’s Corporate Family Ratings Moody’s Ratings has upgraded Seplat Energy Plc’s long-term corporate family rating (CFR) to B2 from Caa1 and probability of default rating (PDR) to B2-PD from Caa1-PD. The rating note also highlighted that the company’s rating outlook has changed to stable from positive. The rating agency said the Seplat rating is reviewed to align with its latest upgrade on Nigeria’s government bond rating to B3 from Caa1 while changing the outlook to stable from positive Moody’s said its rating action on Seplat is a direct consequence of the Nigeria sovereign rating action and in particular…

Bitcoin Climbs after Crypto Market Sell Pressures Trading on the recovery line at the crypto exchange, the market price of Bitcoin has increased by 1.4% in 24 hours after crypto market sell pressures at the beginning of the week. Retail investors’ profit-taking activities had impacted the top 10 cryptocurrency price movement negatively. The bearish outing dragged the market value of cryptos downward amidst global economic uncertainties. According to data from CoinMarketCap.com, the largest digital crypto asset has increased to $105,400. Also, Ethereum, the second largest digital asset, is doing well with more than a 4% price surge in the last…

Dollar Rises Against Euro, Pound as Traders Eye Major US Data The US dollar rose against its major trading partners early Tuesday ahead of a busy day of economic data releases, starting with weekly Redbook same-store sales. Factory orders and job openings data for April are due, followed by consumer sentiment data for June. Chicago Federal Reserve President Austan Goolsbee is due to speak, followed by Fed Governor Lisa Cook and Dallas Fed President Lorie Logan. ISM manufacturing, jobless claims, and Friday’s big-ticket item: non-farm payrolls. All could send the dollar flying or flailing. A quick summary of foreign exchange…

Oil Prices Ease on Elevated Demand Concerns In the global commodity market, prices of crude oil eased on Tuesday amidst elevated demand concerns amidst OPEC+ production ramp up decision. Oil prices are sliding amidst growing concerns that US President Donald Trump’s protectionist trade policies could stoke inflation and dampen oil demand in the world’s largest consumer. International benchmark Brent crude decreased by around 0.45%, trading at $64.64 per barrel, down from $64.93 at the previous session’s close. Similarly, US benchmark West Texas Intermediate (WTI) fell by about 0.45%, settling at $62.21 per barrel, compared to $62.49 in the prior session.…

FX Inflow Plunges by 76% to $1.04bn in Currency Market Inflow into Nigeria’s foreign exchange (fx) market plunged sharply, down by approximately 76.5% week on week to $1.04 billion, as data showed a drain in other US dollar sources. Despite the slowdown in US dollar volume, which had printed at $4.42 billion in the previous week, the naira remained relatively strong while external reserves reduced on the back of pressure from FX interventions. To fill the gap, the Central Bank of Nigeria (CBN) stepped up its FX market intervention sales, where it offered $170 million to banks to keep the…

Nigeria Seeks $25 billion Gas Pipeline Investment Vice-President Kashim Shettima says Nigeria is pursuing a $25 billion undersea gas pipeline project aimed at supplying natural gas to Europe through the West African coastline. Shettima disclosed this on Monday during a meeting with Vitol Group, the world’s largest independent commodity trader, at the Presidential Villa in Abuja. The Nigeria-Morocco Gas Pipeline will deliver gas from Nigeria to Morocco, then onward to Europe. Shettima said President Bola Tinubu’s leadership marks a unique opportunity for international investors, especially with major reforms reshaping Nigeria’s economy. He noted Tinubu’s bold reforms have positioned Nigeria as…

Access Holdings: Analysts See Upside Potential, Cite Earnings Catalysts Equities analysts have projected strong upside potential for investors with interest in Access Holdings Plc, citing key earnings catalysts like its investment in IT infrastructure, new financial products, its latest trade finance launch, and dividend payments record. Though estimated upside expectations differ, analysts’ consensus remained that the financial holdings service is currently under priced in the equities market relative to its peers in the Tier-1 class. Traded as N22, the market valued the financial services holdings company with a strong cross-border footprint at about N1.2 trillion, trading details from the Nigerian…

NGX Index Jumps Intraday as Investors Hunt for Banking Stock The Nigerian Exchange (NGX) All-Share Index (ASI) swings positively during the intraday trading session as investors queue for banking stocks. Value-hunting equities investors are entering positions in banking names, supported by some bargain hunting in industrial stocks. Dangote Sugar Refinery is gaining traction, while positive price appreciation has lifted the market value of Sterling Financial Holdings Plc amidst delayed audited results and first half earnings scorecard. First Holdco is also courting investors’ attention during the trading session, leading the Tier-1 banking top intraday gainers. At midday, the NGX All-Share Index…

Nigeria’s Private Sector Growth Drops to 4-Month Low—PMI Despite improved business activity, private sector growth eased to a four-month low, according to the latest purchasing manager index (PMI) released by S&P Global on behalf of Stanbic IBTC. The report noted that although the Nigerian private sector remained in growth territory midway through the second quarter of the year, there were signs of a slowdown in the latest survey period as inflationary pressures remained elevated. Rates of expansion in output and new orders eased in May, while employment dipped for the first time in six months. The headline PMI registered 52.7…