Author: Marketforces Africa

Bitcoin Ignores Microsoft Shareholders Rejection, Crosses $98K The market price of Bitcoin (BTC-USD) has again crossed the $98,000 level after Microsoft shareholders rejected the orange coin in the company’s balance sheet. However, Bitcoin’s market dominance has slipped to 55.40%, which was a decrease of 0.53% over the day. Microsoft investors rejected a proposal asking the board to conduct an assessment to determine if including Bitcoin in the company’s balance sheet is in the best long-term interests of shareholders, Bloomberg reported Tuesday, citing a webcast of the shareholder meeting. According to data from the CoinMarketCap.com, Bitcoin has gained 1.31% over the…

Positive price movements in Conoil. Lafarge Africa (WAPCO) and other banking stocks have nudged equities market index higher during early trading session.

Nigerian Treasury Bills Yield Dips to 25.6% Before Auction The average yield on Nigerian Treasury bills dipped to 25.6 in the secondary market ahead of midweek auction. Traders said the Treasury bills market experienced moderate interest in the 04 December 2025 paper and some long-dated OMO papers. However, market participants remained cautious in anticipation of tomorrow’s the central bank primary market auction. As a results of demand, yields moderated across the curve, with the 10-Apr (-75bps) paper recording the biggest decline in yield. A slew of analysts anticipated a cautious trading session on Wednesday as investors would focus on the…

Riskoff Sentiment Provokes Nigeria’s Eurobonds Yields Surge Riskoff sentiment provoked a spike in Nigeria’s Eurobonds yield ahead of U.S consumer price index data release. The latest selloffs in the market reversed previous trend just after Nigeria issued U.S dollar bonds worth $2.2 billion. Unmet bids from the oversubscribed, high priced sovereign Eurobonds across 6.5-Year and 10-Year notes had filtered into the secondary market. Fixed income market analysts told MarketForces Africa that foreign portfolio investors’ appetite for Nigeria’s US dollar bonds has been strong. The market expects demand for sovereign assets to increase after the U.S Fed slash fed funds rate…

IMF Disburses $10m Loan to Somalia for Economic Reforms The International Monetary Fund (IMF) has approved the disbursement of 10 million dollars to Somalia to boost the country’s economic reforms. IMF in a statement said that the latest funding “brings Somalia’s total disbursement under the current programme, originally approved in Dec. 2023, to 60 million dollars.’’ Bo Li, the IMF’s Deputy Managing Director, said the Somali authorities’ reform momentum has been sustained, and performance under the IMF-supported ECF (extended credit facility) arrangement has been strong despite difficult domestic and regional conditions. “Key fiscal targets were met, with steady progress on…

Goldman Sachs, IFC Partner African Banks to Empower Women Entrepreneurs IFC and Goldman Sachs today announced a new partnership with African banks to support the Goldman Sachs 10,000 Women initiative, a joint program launched in 2008 to provide access to capital and training for women entrepreneurs globally. Under the partnership, nine financial institutions from across Africa have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the program provides to create more opportunities for women entrepreneurs across the continent by providing access to business education. The nine institutions are Stanbic Bank Kenya, Ecobank…

In the equities market of the Nigerian Exchange (NGX), the insurance index led the sectoral performance as investors shifted attention to key players ahead of the fourth quarter earnings season.

AIICO Insurance Targets N2.4bn as Profit in Q1-2025 AIICO Insurance Plc planned to rake in N2.419 billion as profit after tax from continue operations in the first quarter of 2025, according to its regulatory filling. A review of the earnings forecast report showed that the company’s net operating cash flows was significantly higher at N9.495 billion in the same period. Further details showed that the Insurance Company expects its gross written premium (GWP) to settle at N50.543 billion in the first three months in 2025. The Insure said its 2025 gross written premium projections is made based on seasonal trends…

Interbank Rates Climb as Liquidity Deficit Expands Interbank rates climbed further in the money market, reflecting a tight liquidity level in the financial system. The short-term benchmark interest rates have been making uptrend successively as banks seek to meet their daily funding requirement. This week, liquidity in the banking system has been under pressure, forcing local lenders to access credit from the Central Bank of Nigeria (CBN) borrowing window at a relatively high interest rate. To reflect the latest market dynamics, the standing lending facility rate has been adjusted further to above 32%. This has continued to impact banks with…

The naira appreciated at the Nigerian autonomous foreign exchange market (NAFEM) as demand pressures