Author: Marketforces Africa

Nigeria Plain Vanilla Bonds Trade Soft Ahead of Auction Nigeria’s plain vanilla bonds traded soft in the secondary market ahead of Debt Management Office, DMO, monthly auction next week. The bond market recorded limited activity, with some interest around the mid-tenors. Offers were noted on the April 2029s, February 2031s, and May 2033s, but few trades were executed due to wide bid-ask spreads, according to AIICO Capital Limited.  Selloffs were observed at the mid (+6bps) segment of the curve, specifically JUN-33 (+29bps) and FEB-34 (+35bps). Fixed income market investors treaded cautiously amid the prevailing bearish sentiment. Faced with liquidity constraints,…

Seplat Energy Raises $567m from Debt Notes Seplat Energy Plc has announced successful completion of its tender offer for a total sum $567,462,000 or 87.3% from its $650 million it planned to raise from debt notes.   The company revealed the results of its previously announced tender offer for cash of any and all of its outstanding 7.750% Senior Notes due 2026. The pricing of the debt notes is targeted at refinancing an exiting obligations, according to document the company released. It said as of the expiration deadline, $567,462,000 in aggregate principal amount of the 2026 Notes, representing approximately 87.3%…

GlobalData Country Risk Index Drops Slightly in Q4 2024 The global economy stands at a crossroads, balancing trade policy uncertainty and geopolitical tensions against easing price pressures. The latter is supporting a revival in domestic demand and providing central banks with room for potential rate cuts. Against this backdrop, GlobalData, a leading data and analytics company, reports a slight drop in the GlobalData Country Risk Index (GCRI) from 55.6 in Q3 2024 to 55.0 in Q4 2024. Global Risk Report Quarterly Update – Q4 2024 highlights that the Americas and the Middle East and Africa (MEA) face high risk scores…

Oil Prices Rise as Tensions in Middle East Raise Supply Risk Oil prices increased as rising tensions in the Middle East raised supply risk concerns in the global commodities market.  Brent crude, rose by around 0.5% trading at $70.89 per barrel, up from $70.54 at the previous session’s close. The US benchmark, West Texas Intermediate (WTI) increased by 0.5%, reaching 67.33 per barrel, compared to its prior session close of $67. Geopolitical tensions in the Middle East, including Israel’s ground operations in Gaza and U.S. airstrikes on Houthi targets in Yemen, could drive the market to the upside. Yemen’s Houthi…

CBN Hikes Rates on Nigerian Treasury Bills as Demand Tightens The Central Bank of Nigeria (CBN) has raised the interest rate on Nigerian Treasury bills across standard maturities. The spot rates jerked up across three tenors offered as demand or total subscription tightened. At the just concluded primary market auction conducted on Wednesday by the monetary authority, the spot rates were adjusted on 91-day, 182-day, and 364-day Nigerian Treasury bills as aggregate subscription levels declined sharply week on week. A total of N800 billion in Nigerian Treasury bills were offered to market participants, including local deposit money banks and asset…

Oando Plc fell in the latest round of sell activities on the energy stock, a scary development that has reduced its market value by about 51% from its 52-high in the equities segment of the Nigerian Exchange.

Equities Investors Lose N289bn as Transcorp, Oando Dip Equities investors lost about N289 billion on the Nigerian Exchange, NGX, as sell pressure drag Transcorp, Oando, MRS Oil and other notable listed stocks in small and mid-cap downward on Wednesday. The Nigerian domestic market closed today’s trading session on a bearish note, reflecting a sustained negative sentiment across indexes. Year to date return moderated as the Nigerian Exchange key market performance indicators declined by 0.44%. Over the past 4-trading sessions, persistent sell-offs have led to a cumulative decline of ₦729 billion in investors’ wealth, Atlass Portfolios Limited told investors in a…

Dangote Refinery Stops Selling Petrol in Naira Dangote Refinery has halted selling petroleum products in naira; the company disclosed this in an official statement. The 650,000 barrels per day refinery said the decision to halt the deal was necessary to avoid a mismatch between its sales proceeds and crude purchase obligations. With a series of partnerships with marketers, the refinery has been crashing its petroleum products as global oil market prices have continued to decline. “We wish to inform you that, Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira. This decision is necessary to avoid…

Nigerian Breweries Acquires Minority Interest in Distell Wines Nigerian Breweries Plc has announced acquisition of minority shares in Distell Wines and Spirits Nigeria Limited for an undisclosed amount. In a regulatory filing, the brewer told the Nigerian Exchange Limited its shareholders, and the investing public that it has acquired the remaining 20% shareholding in Distell Wines and Spirits Nigeria Limited. Nigerian Breweries said the full acquisition follows the execution of a sale and purchase agreement with the DWSN minority shareholders, Ekulo International Limited and Next International Nigeria Limited, which each held a 10% stake in the company. The company expressed…

Oil Prices Fall as Ceasefire Agreement Boosts Hope In the global commodities market, crude oil prices slightly decreased on Wednesday after a US-Russia agreement on a 30-day ceasefire regarding Ukraine’s energy infrastructure. The feat could allow more Russian oil into global markets already wary of a potential supply surplus, according to analysts note. The international benchmark, Brent crude, fell by around 0.07% trading at $70.01 per barrel, down from $70.06 at the previous session’s close. The US benchmark, West Texas Intermediate (WTI) declined by 0.03%, settling at $66.52 per barrel, compared to its prior session close of $66.54. The US…