Author: Marketforces Africa

Equities Investors Gain N186bn as Oando, Transcorp Rally Equities investors gained about N186 billion on the Nigerian Exchange (NGX) trading platform on Tuesday as Oando, Transcorp, and Nigerian Breweries Plc rallied. The local bourse rebounded from the previous day’s loss amidst improved trading activities and investor sentiment that boosted key performance indicators. The bargain hunting was primarily driven by renewed buying interest in previously depreciated medium- and large-cap stocks, particularly within the consumer goods sector. Top gainers included OANDO, TRANSCORP, NB, and others, which collectively contributed to a rise of approximately ₦186 billion in investors’ wealth. The NGX All-Share Index…

Bonds Yield Steady as DMO Opens Sukuk Offer Nigerian government bond yields steadied in the secondary market as the Debt Management Office (DMO) opened 7-year Sukuk worth N300 billion for subscription at 19.75%. The local bond market opened the week with subdued activity, though limited trading emerged in select tenors—particularly the Feb 2031s, May 2033s, and Jun 2053s. Across the benchmark curve, the average yield contracted at the short (-1bp) end, driven by buying interest in the JAN-2026 (-9 bps) bond, but closed flat at the mid and long segments. Despite the quiet session, the benchmark mid-yield closed steady at…

Nigerian Treasury Bills Yield Falls to 21% Ahead of Inflation The average yield on Nigerian Treasury bills fell to 21% in the secondary market due to continued positioning on the naira assets ahead of inflation data. Disinflation, which has reduced real return on investment, is unable to deter investors’ appetite for the Nigerian bills, with mixed expectations over the next monetary policy action on the benchmark interest rate. Traders were active in the market on Monday, resulting in demand for bills across the belly and long end of the curve. Preference for short duration appeared to have reduced on expectations…

FCMB Exposure to Legal Issues Rises by 350% in 1-Year FCMB Plc’s exposures to legal claims or lawsuits from third parties arising from various business issues increased by about 350% year-on-year to N152.98 billion from N34 billion in 2023, according to the group’s audited financial statement for 2024. This happened despite a moderate increase in the number of fresh lawsuits against the financial services company within 12 months – with the potential to trigger material financial obligations. In a disclosure, FCMB said the group in its ordinary course of business is presently involved in 499 cases as a defendant, up…

Oil Prices Drop over Demand, Supply Imbalance Oil prices fell due to a demand and supply imbalance in the global commodity market. Prices of crude oil declined amidst growing optimism over a temporary pause in the US-China trade war and mounting concerns about a global supply glut. International benchmark Brent crude decreased by around 0.1%, trading at $64.69 per barrel. The US benchmark West Texas Intermediate decreased by about 0.09%, settling at $61.57 per barrel, compared to its prior session close of $61.63. The shift follows a breakthrough in trade talks held over the weekend in Switzerland, where Washington and…

Short-term Benchmark Interest Rates Rise over FX Settlement Key money market indicators, the short-term benchmark interest rates, increased as Central Bank of Nigeria (CBN) foreign exchange market interventions settlement dragged liquidity level in the banking system. The market was debited for the naira equivalent of FX intervention sales to deposit money market as part of an effort to strengthen forex market liquidity. Although system liquidity remained robust, interbank rates inched up to 27% levels, driven by outflows from CBN and FX settlement activities conducted at the beginning of the week. Banks are still maintaining distance from the CBN standing lending…

Mauritania Unlocks Access to Additional IMF Loans Mauritania has unlocked access to a $28.7 million loan from the International Monetary Fund (IMF) following the completion of its credit review. The Mauritanian authorities and IMF staff reached a staff-level agreement on the Fourth Review of Mauritania’s economic program under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF), and the Third Review of the Resilience and Sustainability Facility (RSF). In an official note, IMF said economic activity was stronger than expected in 2024 and is projected to decelerate slightly in 2025, reflecting a contraction in the extractive sector. The Fund…

Unity Bank Deepens Commitment to Financial Literacy with Youth Outreach In demonstration of its commitment to financial empowerment targeting youths, Unity Bank Plc has again championed the cause of financial literacy by facilitating training in 13 secondary schools across Nigeria to commemorate the 2025 Global Money Week. Held under the theme “Think before you follow, wise money tomorrow,” this year’s engagement focused on helping young people develop discernment and critical thinking in making financial decisions, particularly in an era shaped by social media influence and digital distractions. Unity Bank’s Managing Director/Chief Executive Officer, Mr. Ebenezer Kolawole, supported the initiative as…

Gabon’s Debt Swap Constitutes Distressed Exchange—Moody’s Gabon’s recent debt swap improved liquidity, but Moody’s Ratings agency said the exchange constituted a distressed exchange, which could impact the country’s credit ratings. On April 28, Gabon announced a voluntary debt swap with creditors to extend maturities of outstanding government securities issued on the regional Central African Economic and Monetary Community (CEMAC) market. “The exchange will alleviate immediate debt repayment risks”, Moody’s said in a note. However, the ratings analysts said they consider the operation, which imposes a financial loss to investors and comes amid persistent funding constraints, a distressed exchange and therefore…

Dollar Rallies Amidst US-China Temporary Trade War Pause The US dollar rose against its major trading partners early Monday as the focus turned to inflation and retail sales data for April as well as an appearance by Federal Reserve Chairman Jerome Powell. Supporting the dollar long position was the U.S. and China agreement to step back from some of their tariffs on each other for a period of 90 days.  The U.S. will temporarily drop its tariffs to 30% from 145%, and China will reduce its duties to 10% from 125%. The agreement has reduced trade war fears and repercussions…