Author: Marketforces Africa

‘ReArm Europe’ Plan Would Lower EU’s ‘AAA’ Rating Headroom –Fitch The European Union’s (EU) proposed ‘ReArm Europe’ plan would lower the EU’s rating headroom, mainly because of additional debt at the EU level, but would not, in itself, lead to a rating downgrade, according to Fitch Ratings. “While greater national defence expenditure could affect the ratings of ‘AAA’ rated member states over the medium-term, ReArm Europe would also reconfirm the EU’s policy importance, which is a key rating factor. Fitch said the plan, presented by European Commission President Ursula von der Leyen, includes EUR150 billion of EU defence loans to…

IWD: Unity Bank Commits to Accelerating Action Towards Gender Equality Unity Bank Plc has reaffirmed its commitment to women’s empowerment with a series of high-impact initiatives designed to inspire action toward gender equality and sustainable development. The Bank hosted a webinar with the theme: “Unleashing Women’s Potential,” pivoted by the Unity Bank Women Network as it was marking this year’s International Women’s Day, Being one of the Bank’s thought leadership on self-reliance, opportunity and equity, the webinar featured influential female leaders, including Gbemi Olateru-Olagbegi, a Nigerian entrepreneur and media personality, and Oluwabusayo Adegoke, a certified life coach and Strategy Consultant,…

Bitcoin Rises to $83 as Sell Pressures Ease Global cryptocurrency market capitalisation inched higher slightly as Bitcoin hovered around $83,000 on Friday amidst uncertainties. The crypto market has seen increased pressure from sell-side actors taking quick profit on major digital assets. Bitcoin has seen huge sell pressure, just like Ethereum, Cardano, Dogecoin, and Solana, among others.  BTC-USD has plunged by about 7% in the last seven days, while ETH-USD has lost more than 12% at the same time. CAD-USD has lost 16% of its market cap in seven days, DOGE-USD has lost 15.8%, and SOL-USD is down by more than…

Gold Hits All-Time High over Rising Demand for Safe Haven Gold hit an all-time high in the commodity market as demand for safe haven persisted due to economic concern in the U.S and uncertainty around trade war. On Friday, Gold topped $3,000 per ounce for the first time ever. Tariff concerns that risk higher inflation and slower economic growth are spurring demand for safe-haven assets like gold. ING commodities strategist Ewa Manthey says in a Friday note. Yesterday, US President Donald Trump threatened to impose a 200% tariff on wine, champagne and other alcoholic beverages from France and elsewhere in…

Guinea Insurance Spikes after Earnings Forecast Guinea Insurance Plc gains investors’ attention during early trading session in the equities, up by 8% as about 1.2 million valued at N783,269 exchange hands. The positive reaction followed its latest earnings forecast where the company said it anticipated second quarter of financial year 2025 to print N1.088 billion on gross written premium of N3.5 billion. As investors re-entered position in Guinea Insurance Plc on Friday, its price surged to 68 kobo, a reflecting a strong discount to the company’s 52-week on the Nigerian Exchange. Guinea Insurance is among early gainers driving momentum in…

Sterling Pulls Back as US Dollar Picks Up Against FX Majors Sterling pulled back from uptrend as US dollar picked up against its major trading pairs in the forex markets on Friday. The dollar index, DXY, is back above 104 again as European currencies soften over reduced optimism. The latest reports suggest a US government shutdown this weekend has been averted as the Democrats in the Senate prepare to pass the House bill agreed earlier this week. At the same time, Sterling dipped to $1.29 after fresh data revealed that the UK economy unexpectedly contracted by 0.1% in January, missing…

SA Major Banks to Expand Loss-Absorbing Capacity from 2026 –Fitch South Africa’s domestic systemically important banks (D-SIBs) are set to increase their loss-absorbing capacity by issuing new loss-absorbing debt (FLAC) from 2026, Fitch Ratings says in a new report. Recall that the South African Reserve Bank (SARB) recently finalised the prudential standard on a new loss absorbing debt class (FLAC), which is being implemented as part of the resolution framework for financial institutions, adopted in 2023. FLAC is designated for loss absorption and conversion to regulatory capital during bank resolution. It ranks senior to shareholders’ equity and other regulatory capital…

Yield Slides on Post Auction Demand for Nigerian Treasury Bills The average yield on Nigerian Treasury Bills has fallen further due to latest round of sharp buying in the secondary market. Trading activities opened on a bullish note as unmet bids from the Central Bank of Nigeria (CBN) primary market auction on Wednesday filtered into the secondary market. Investors take their bets to the secondary market after their bids failed at the main auction, driving the yield on naira asset lower on the day. However, activity levels warned midway through the session following the release of a revised auction calendar,…

Money Market Rates Steady Amidst Widening Banking Deficit Money market rates closed steadied amidst widening deficit in the banking system. The liquidity levels in the money market deteriorated further, plunging deeper into negative territory on Thursday. This happened after the settlement of ₦516.59 billion for Nigerian Treasury bills auction sold to investors, and inflows from matured bills at the same time. The Nigerian Interbank Offered Rate (NIBOR) rose across all tenors, indicating tight liquidity conditions in the banking system. Data from the FMDQ platform confirmed that interbank rates remained high, with the Overnight Policy Rate (OPR) and Overnight Rate (O/N)…

Naira Mixed as CBN Pumps US Dollars into FX Market The Nigerian local currency, the naira, traded mixed against the US dollar in the official window and parallel market following a fresh foreign currency injection by the supply side actors. The exchange rate closed at N1538.68 per US dollar, unchanged from the previous trading session as the Central Bank of Nigeria (CBN) stemmed the negative tide against the local currency with FX sales to authorised dealer banks. However, the spot FX rate at the parallel market worsened to N1,590 in the parallel on the back of tight weekly supply of…