Author: Marketforces Africa

Oil Prices Increase Ahead of OPEC+ Output Boost Oil prices increased in the global commodity market on Thursday ahead of an output surge from the Organisation of Petroleum Exporting Countries and allied members (OPEC+) seeking to accelerate crude supply starting from May. Several OPEC+ members want the group to approve another accelerated oil output increase for June at a meeting, according to Reuters sources. Brent crude futures rose 8 cents, or 0.12%, to $66.20 a barrel, while US West Texas Intermediate crude rose 9 cents, or 0.14%, to $62.36 a barrel. Prices fell 2% during the previous trading session after…

Nigeria’s US Dollar Bond Yield Dips by 46bps The average yield on Nigerian US dollar bonds declined by 46 basis points (bps) on the back of an improved sentiment in the international market amidst global market uncertainties. Foreign portfolio investors’ interest in Nigeria’s sovereign Eurobond increased, with buying interest across the curve, thus reducing the country external borrowing costs. Investment experts said African Eurobonds rallied decisively after President Trump’s dual reassurances – first declaring he had ‘no intention’ of dismissing Fed Chair Powell, then signalling potential tariff reductions on Chinese imports. These comments alleviated concerns about central bank independence and…

US Dollar Rises Ahead of S&P Flash PMI The US dollar rose against its major trading partners—the British pound, euro, loonie, and Japanese yen—early Wednesday ahead of another busy day of economic data releases and Federal Reserve speeches. The S&P Global flash manufacturing and services purchasing managers’ index estimates for April are due to be released. A quick summary of foreign exchange activity showed that USDEUR fell to 1.1402 from 1.1421 at the Tuesday US close and 1.1494 at the same time Tuesday morning.  The Eurozone’s manufacturing PMI rose slightly in April, while services PMI declined below the breakeven point,…

Nigerian Exchange Index Rises as Equities Investors Gain N321bn The Nigerian Exchange (NGX) All-Share Index advanced by 49 basis points on Tuesday as equities investors saw N321 billion gain from the latest rally. The equities market resumed trading in positive territory after the public holiday, as key performance indicators climbed by 0.49%. The local bourse picked up from where it left off before the break, driven by bargain hunting in recently depreciated medium- and large-cap stocks, such as INTBREW, JAPAULGOLD, UCAP, UBA, among others. The Nigerian Exchange All-Share Index added 511.17 basis points, reflecting a 0.49% increase to close at…

IMF Cuts Global Economic Growth Forecast to 2.8% The International Monetary Fund (IMF) has slashed its global economic growth forecast for 2025 by 0.5% to 2.8% warning the outlook could deteriorate further as US President Donald Trump’s tariffs spark a global trade war. The IMF released an update to its World Economic Outlook compiled in just 10 days after U.S. President Donald Trump announced universal tariffs on nearly all trading partners and higher rates – currently suspended – on many countries. It cut its forecast for global growth by 0.5 percentage point to 2.8% for 2025, and by 0.3 percentage…

Oil Rallies as Trump Moves to Influence Rates Cut The oil market rallied on Tuesday as U.S. President Donald Trump moved to influence the Federal Reserve’s rates cut decision in a fast and furious manner, with analysts saying this could cast doubt on the independence of the monetary policy. Prices of crude oil was also supported by mounting concerns over potential trade disruptions triggered by ongoing US airstrikes in Yemen in addition to intensified criticism by Trump toward Federal Reserve (Fed) Chairman Jerome Powell. Oil prices climbed in early trade on Tuesday as investors took advantage of the previous day’s…

Federal Govt. Revenue Falls by 31% to N1.94trn – CBN Report Federal Government of Nigeria (FGN) revenue underperformed expectations, down by more than 31% to settle at N1.94 trillion at the end of January 2025, according to a Central Bank (CBN) report. The provisional data released by the Apex Bank showed that fiscal operations of the federal government of Nigeria (FGN) resulted in an expansion of fiscal deficit in January compared with the level in the preceding month. Federally collected revenue declined by 31.35 per cent, relative to the level in December 2024 on the back of weak income generated…

Ecobank Rallies Ahead of First Quarter Earnings Release Ecobank Transnational Incorporation (Ticker: ETI) rallied in the stock market ahead of the group’s first quarter of 2025 earnings release.  Reflecting investors improved sentiment, there was a spike in demand for Ecobank shares in the equities market ahead of Q1 earnings release. The Pan Africa Financial Services Group share price rose to N29.25 in the equities market last week from N26.85 at the beginning of the week. The positive price movement boosted Ecobank’s market value to N536.72 billion, as trading records showed that 584,139 units valued at N16 million exchange hands in…

Nigerian Breweries Soars as Investors React to Q1 Earnings Nigerian Breweries Plc gained 13.1% in the equities market as equities investors reacted positively to the company’s improved earnings performance for the first quarter. The company’s unaudited earnings results showed the brewer bucked negative performance and delivered N44.53 billion in net profit in Q1. The rally pushed Nigerian Breweries share price to N36.2 in the stock market as 15.418 million units valued at N555.571 million exchanged hands in the Nigerian Exchange trading platform. The market value of Nigerian Breweries edged higher to N1.121 trillion, trading slightly behind its 52-week high. The…

Oil prices declined in the global commodity market on Monday following Russia and Ukraine’s brief Easter ceasefire ….