Author: Marketforces Africa

USSD Debt: NCC, Telcos Rule Out Deadline Extension for Banks The Nigerian Communications Commission, NCC, and telecommunications companies have ruled out a deadline extension after Nigerian banks’ disconnection notice from Unstructured Supplementary Service Data over unpaid debts elapsed on Monday. The Chairman of the Association of Licensed Telecommunications Operators of Nigeria, Gbenga Adebayo, made this known in a statement. This decision leaves defaulting lenders scrambling to meet the deadline by the close of business on Monday. Recall that in a notice, on January 15, 2025, NCC warned nine Nigerian banks to clear their debts by January 27, 2025, or risk…

Oando Dips as Board Sets to Discuss Bonus, Dividend Oando Plc.’s market value declined by about 6.4% in the equities market due to sell side actors activities as board has been schedule to meet Thursday to distributes shares or pay dividend to shareholders. The company stock market price fell to N67.4 in the Nigerian Exchange as more than 6 million shares exchanged hands on Monday amidst a rock-solid rally that pushed equities market capitalisation above N64 trillion on Monday. The market now priced Oando’s 12.431 billion shares outstanding for about N838 billion ahead of the board meeting scheduled for January…

The funding rates dipped further in the money market due to robust liquidity balance in the financial system.

Nigeria Priced Local Bonds at Higher Rates, Raised N606 billion Nigeria priced local bonds at higher rates across 5-year, 7-year and 10-year maturities at the monthly primary market auction conducted in an efforts to closed 2025 budget funding gap amidst inflation concerns. The consumer price index peaked at 34.80% in December, and the authority’s inflation fighting has lifted benchmark interest rate to 27.50%. With expectation that inflation rate will increase further in the short-term until base effects set in, Broadstreet expects the Central Bank of Nigeria (CBN) to continue monetary policy tightening in 2025 amidst plan to rebase. Spot rates…

Zenith Bank Rises to N1.6Trn after Capital Boost Investors reacted positively to Zenith Bank Plc.’s recapitalisation achievement in the stock market as its valuation spiked on the day. Today, Zenith Bank Plc has clicked a record high on the Nigerian Exchange due to a surge in demand that lifted its market value to N1.601 trillion. Share price and market value increased as the bank’s stock became attractive ahead of the 2024 earnings release. Some stockbrokers hinted that some foreign portfolio investors are parking funds into top banking names, and this has triggered a strong market value re-rating. In a notice…

Nigerian Exchange Rises by N795bn as Banking, Consumer Stock Rally The Nigerian Exchange, NGX, market capitalisation expanded by about N795 billion on Monday due to significant investors’ interest in banking and consumer goods stocks. The local market commenced the week’s trading on a positive note, with key performance indicators showing notable gains. The NGX All-Share index advanced by 0.79%, while the market capitalisation grew by 1.25%. The disparity between the performance indicators is attributed to the listing of GTCO Plc’s public offer of 9,000,000,000 ordinary shares of 50 kobo each at ₦44.50 per share on the exchange today. Stockbrokers said…

Ghana Keeps Interest Rate at 27% to Boost Economic Growth Bank of Ghana has kept its main interest rate at 27.00% in a decision announced on Monday by the monetary policy committee. The country seeks to boost economic growth amidst a tight consumption price index. In an official statement, the Bank of Ghana monetary policy committee chaired by Governor Dr Ernest Addison highlighted improved macroeconomic conditions in the domestic economy. At the global level, the hawkish stance has begun to decline as preference has been given to economic growth amidst uncertainties. Accra maintained its benchmark monetary policy rate steady at…

The global market value of all cryptocurrencies fell sharply as bitcoin (BTC-USD), Ethereum, and other major prices retreated on Monday.

GTCO, Zenith, Access See Early Rally in Equities Market Earnings Expectations, Healthy Fundamentals Boost Interest in Banking Stocks Equities investors in the Nigerian Exchange, NGX, are showing strong interest in banking names. Speaking on rising demand, stockbrokers told MarketForces Africa that banks stocks are liquid, easily convertible for investors who seek to exit positions, and they have strong fundamentals as key economic drivers. According to information from the local bourse, the market began trading activities on a positive note, with banking names driving the uptrend. GTCO, Zenith Bank, Access Holdings, and others have seen early price upticks. Access Holdings is…

Fitch Ratings has downgraded Gabon’s Long-Term Foreign-Currency (LT FC) Issuer Default Rating (IDR) to ‘CCC’ from ‘CCC+, reflecting the country’s heightened liquidity strain, tight local debt market while arrears constrained its official external financing muscle.,