Author: Marketforces Africa

Oil prices slid on Tuesday with investor profit-taking after reaching three-month highs over new US sanctions on…

Okonjo-Iweala Urges Africa to Harness AI for Development The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala has urged Nigeria and other African nations to fully harness the potential of Artificial Intelligence (AI) through strategic investments. She made this call at the 10th Convocation Ceremony of the African University of Science and Technology (AUST) Class of 2024 in Abuja on Tuesday. Okonjo-Iweala spoke on ‘Artificial Intelligence (AI) and Frontier Technologies: Harnessing Opportunities and Tackling Challenges to Drive Africa’s Development’. She emphasised the need for investments in infrastructure, regulatory frameworks, and digital literacy to empower the youth. “We need…

U.S. Seeks to Cut TurkStream Gas Pipeline, Russia Alleges Russian Foreign Minister Sergei Lavrov on Tuesday accused the United States of attempting to disrupt the TurkStream gas pipeline to Europe with the aid of attacks by Ukrainian drones. Lavrov said this in Moscow on Tuesday. The U.S. was pushing its “Ukrainian clients’’ to put TurkStream out of action following what he saw it as sabotage of the Nord Stream pipelines under the Baltic Sea in September 2022.” TurkStream runs from Russia’s Krasnodar region east of Crimea under the Black Sea to Kıyıköy to the west of Istanbul. “I’m of the…

Stanbic IBTC Pension Managers Re-Introduces Self-Service Channels Stanbic IBTC Pension Managers, a leading pension fund administration firm in Nigeria and a subsidiary of Stanbic IBTC Holdings PLC, has reaffirmed its commitment to enhancing customer experience by providing innovative solutions through the self-service channels. This is to ensure that customers get the support they need quickly. These self-service options aim to streamline processes and provide easy access to pension management services, reflecting Stanbic IBTC Pension Manager’s dedication to customer satisfaction and convenience; putting them in control of their financial future. One of such channels is MyPension Portal, accessible via the company’s…

Short-term Interest Rates Rise Sharply on Liquidity Deficit The short-term interest rates benchmark rose sharply in the money market due to a liquidity squeeze in the financial system. A series of outflows relating to the Central Bank of Nigeria’s (CBN) activities drain funding profiles and drag money market rates higher by about 500 basis points. Swap arrangements and banks’ cash reserve maintenance triggered a shortfall, reversing the financial system liquidity surplus. Hence, banks with funding demand pitched tents at the CBN’s borrowing window and accessed cash at a double-digit rate. In a note, TrustBanc Financial Group Limited told investors that…

Naira Mixed as Market Anticipates FX Boost from Exporters Inflow The naira exchange rates mixed across foreign exchange (FX) markets amidst expectation of improved inflows from exporters. According to data obtained from the FMDQ platform, the naira depreciated by 0.4% to N1, 548.89 per US dollar at the Nigerian Autonomous Foreign Exchange Market. Traders said transactions were consummated within the N1,543 to N1,550.00 range today, higher than the previous level seen in the currency market. The exchange rate is crawling back in the official window after the December rally, analysts said, attributing the retracement to tight liquidity in the currency…

DMO Lists 2 FGN Savings Bonds in First Offer for 2025 The Debt Management Office (DMO), on Monday, announced an offer for subscription of two Federal Government of Nigeria (FGN) savings bonds in its first offer for 2025. According to a statement by the office, the first offer is a two-year FGN savings bond due on Jan. 22, 2027 at an interest rate of 17.235 per cent per annum. The second offer is a three-year FGN savings bond due on Jan. 22, 2028 at an interest rate of 18.235 per cent per annum. Opening date for the offer is Jan.…

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. …