Author: Marketforces Africa

Top 25 Global Banks See 27% Increase in Market Cap in 2024 – GlobalData The aggregate market capitalisation (MCap) of the top 25 global banks increased by 27.1% year-on-year (YoY), reaching $4.6 trillion in the fourth quarter (Q4) ended December 31, 2024, compared to the same period ended December 31, 2023. Most of the stocks rose in Q4, benefiting from the US Federal Reserve’s interest rate cuts, while other regional markets came under pressure amid worries over trade tariffs, according to GlobalData, a leading data analytics and research company. Murthy Grandhi, Company Profiles Analyst at GlobalData, comments: “The Federal Reserve…

Transcorp Hotels Hits 52-Week High Ahead of Earnings Release Transcorp Hotels Plc has seen an additional price surge that lifted its market value to a 52-week high. The hospitality stock gained traction with about 10% price appreciation in the equities market and its popularity among value hunters and alpha seekers. According to data obtained from the Nigerian Exchange, the share price of Transcorp Hotels settled at N127.35 on Friday in a latest rally driven by equities investors’ anticipation of better Q4 earnings scorecard. The hospitality market value then inched higher by 9.8% week on week to N1.304 trillion after the…

Jaiz Bank Slumps by 10.8% after Private Placement Jaiz Bank Plc traded against the equities market trend in the just concluded, recording a price depreciation of about 10.8% while the Nigerian Exchange posted a N1.14 trillion increase in market capitalisation. The Islamic banking stock slumped as investors moods changed after private placement. In the local bourse, Jaiz Bank share price moved negative for four days, compared to a four days rally registered in the local bourse. Amidst recapitalisation in the banking sector, Jaiz Bank was the first lender in the non-interest banking category to meet its new capital base requirement. …

Honeywell Flour Mills share price rose by about 32% due to strong bargain hunting in the equities market

UK Stagflation Crisis Threatens Demands Action The UK economy is staring down the barrel of the stagflation gun; with stagnant growth and persistent inflation combining to create one of the most challenging financial environments in over a decade. This is the stark warning made available to MarketForces Africa from Nigel Green, CEO of deVere Group, as this week the 30-year gilt yield hit a staggering 5.25%—its highest point since the 2008 financial crisis—underscoring the scale of the issue. He says: “Stagflation’s grip on the UK has been exacerbated by weak domestic growth, which under normal circumstances would prompt the Bank…

Global Crypto Market Cap Dips as Bitcoin Retreats Global cryptocurrencies market capitalisation declined by 0.68% due to sell pressures in top digital assets due to bearish sentiment. Due to price declines in Bitcoin (BTC-USD), Ethereum (ETH-USD), and other major assets, the market value of all cryptos dropped to $3.3 trillion. The orange coin is trading around $94,000 while Ethereum is hovering below $3,300 at the last data look. Trading volume declined amidst a bearish market position. Trading data showed that total crypto market volume over the last 24 hours printed at $72.43 billion, which makes a 55.14% decrease. The total…

Oil prices increased sharply this week, with Brent closing near $80 per barrel in the latest sanctions against Russian crude by the United States.

Naira Drops as CBN Slows Down US Dollar ‘Pumping’ The naira depreciated by 0.12% to N1,543.03 per US dollar in the official market, a rate computed using data from Bloomberg BMatch. Data from the FMDQ platform confirmed the spot rate fell following mild foreign exchange market intervention by the Central Bank of Nigeria in the week. The Apex Bank sold about USD50 million to authorised dealer banks to stabilise exchange rate pressure by boosting the FX liquidity. The CBN’s aggressive US dollar sales to banks have reduced strongly, suggesting that the authority targeted a lower exchange rate for the year—for…

CITAD Launches Project to Empower Northern Women with Digital Skills The Centre for Information Technology and Development (CITAD) has launched the Women in the Digital Economy Fund (WiDEF) Project to equip women and girls with the necessary skills, knowledge, and opportunities to thrive in the digital economy. Ms Zainab Aminu, CITAD Project Manager, said that the project was to address the gender digital divide and create economic opportunities for women in Northern Nigeria. Aminu made the disclosure at a media briefing on Friday in Kano. The project manager said the project “Addressing Gender Digital Divide and Enhancing Business Opportunities for…

Nigeria Has Lowest Data Costs in West Africa —- ITU The International Telecommunications Union (ITU) says Nigeria stands out globally for its affordable mobile data costs. The ITU said this in its recent Global System for Mobile Communications Association (GSMA) Report titled, “The Role of Mobile Technology in Driving Digital Economy in Nigeria.”. ITU also said Nigeria offers cost-effective connectivity services to data users nationwide with an average data cost of $0.38 for a gigabyte. According to ITU, mobile data in Nigeria is the lowest in West Africa, one of the lowest in Africa and the world generally. “The cost in…