Author: Marketforces Africa

Amidst a plan to raise additional capital, Nigerian local lender, Wema Bank Plc, experienced a moderate price decline over the last five trading sessions in the equities segment of the Nigerian Exchange (NGX).

Moody’s Upgrades Kenya’s Rating Outlook to Positive Moody’s Ratings has changed the Government of Kenya’s outlook to positive from negative and affirmed the local and foreign-currency long-term issuer ratings and foreign-currency senior unsecured debt ratings at Caa1. The change in outlook to positive is driven by the increasing likelihood of Kenya’s liquidity risks easing and debt affordability improving over time, Moody’s said. The country’s domestic financing costs have started to decline amid monetary easing and could continue to do so if the government sustains its more effective management of social demand and fiscal consolidation. Moody’s analysts said such a track…

Oil Prices Decline over U.S Energy Emergency Policies Oil prices ended the week in a bearish position amidst uncertainties and negative impacts of U.S. energy policies in the global commodities market. Analysts noted that US President Donald Trump’s new energy policies, which include increasing fossil fuel production and lifting offshore drilling bans, would affect price movement. Also, the Middle East ceasefire agreement between Israel and Hamas calmed down supply-side risks Brent crude traded at $77.97 per barrel on Friday, while West Texas Intermediate (WTI), the American benchmark, traded at $74.89 a barrel. Oil prices have generally declined throughout the week…

Moniepoint Refutes Claims of Hacker Intrusion on Its Platform Moniepoint Microfinance Bank has denied its payment system was hacked, claiming there was no dark web operation anywhere in its digital platforms, its officer told MarketForces Africa. In an official statement, the microlender countered the position that its payment system was hacked with more than N1 billion stolen by Sunday Ozimede who invaded the vault via a dark web operation. “Our attention has been drawn to recent false, malicious, and misleading reports in the media and on social platforms alleging that Moniepoint Microfinance Bank has been hacked or is facing operational…

Reps Investigate Sterling Bank for Money Laundering The House of Representatives Committee has received a money laundering petition against Sterling Bank, the Central Bank of Nigeria (CBN), and Shell Petroleum in Abuja. The petition was submitted to the House Committee on Public Petitions during a hearing in Abuja. The petition was filed by Maiden Systems Ltd. Voice of Nigeria reported that the Nigerian police initiated an investigation into Sterling Bank, focusing on allegations of money laundering, unauthorised deductions, and other financial irregularities involving some of its staff. Maiden System Ltd. had petitioned the committee on alleged mismanagement, fraudulent debit, and…

US 10-Year Yield Dips to 4.63% as Trump Urges Rates Cut The yield on the 10-year US Treasury note dropped to around 4.63%, reversing a two-day surge after President Donald Trump urged the Federal Reserve to lower interest rates. The markets expect the Federal Reserve to keep rates unchanged at next week’s policy meeting, with markets anticipating a rate cut in July and possibly another reduction later in the year. Trump also said that he will discuss with Federal Reserve Chair Jerome Powell his view on rates “at the right time,” which probably suggests the government’s pressure shouldn’t be felt…

Guinness Nigeria Plc net loss moderated by more than 94% in the first half of its financial year 2025, according to an unaudited report posted on t

Oil Prices Fall after U.S President Trump’s Davos Speech Oil prices came under pressure after President Donald Trump’s virtual address at the World Economic Forum at Davos, where he called for lower oil prices. Brent crude fell to $77 per barrel at the last look. The US benchmark West Texas Intermediate (WTI) decreased to $75 per barrel range. The U.S president said he would ask Saudi Arabia and the Organisation of Petroleum Exporting Countries (OPEC) members to bring prices down by increasing output. Trump said that lower oil prices could be used as a way to pressure Russia and help…

GTCO Inches Near N1.8Trn after Equity Capital Raise Tranche GTCO Plc market value has surged near N1.8 trillion following a successful first tranche equities capital raise on the Nigerian Exchange for recapitalisation of its banking arm. Investors have been taking positions in the financial services warehouse over stronger earnings expectations. According to data from the Nigerian Exchange, GTCO reached N61 per share in the market in a steady daily capital appreciation that started after it told the exchange about its first tranche of equities capital raise was successful, with N209 billion raised already. The positive price movement lifted its market…

Nigerian Bonds Face Sell Pressure Ahead of N450bn Auction Benchmark yield on Nigerian government bonds rose to 20.80% due to sell pressures in the secondary market ahead of first supply in 2025. The market anticipates the launch of the first monthly bond auction sales by the Debt Management Office on Monday. The Debt Office released the January 2025 FGN Bond Offer Circular, announcing a total offer of ₦450 billion across three bond issues. This includes ₦100 billion for the reopened April 2029 bond, N150 billion for the reopened February 2031 bond, and N200 billion for the new January 2035 bond.…