Author: Marketforces Africa

Market cap of all cryptos increased to about $3.5 trillion during early house on Tuesday due to buying interest in lightweights.

Oil Prices Climb Ahead of U.S. Fed Rates Cut Oil prices climbed in the global commodities market on Tuesday amidst expectation that U.S. Federal Reserves would lower rates. The demand expectation in China is boosting hope of a price surge while tensions continue to escalate in the Middle East. In breach of the ceasefire agreement with Lebanon, Israel has continued assault in the Middle East, thus reinforcing supply concerns in the region. On Tuesday, Brent rose to $72.22 per barrel while the US benchmark West Texas Intermediate climbed to $68.38 per barrel. Crude oil prices have been fluctuating ahead of…

The average yield on Nigerian Treasury bills declined by five or 5 basis points (bps) in the secondary market to 25.2%, traders said in separate notes.

Ghana Gets Access to $360m IMF Loan after Review Ghana has obtained access to an additional $360 million loan from the International Monetary Fund (IMF) following the completion of the third review of the country’s 36-month Extended Credit Facility Arrangement. IMF completed the third review of the US$3 billion, 36-month Extended Credit Facility (ECF) Arrangement, which was approved by the Board in May 2023. Completion of the third ECF review allows for an immediate disbursement of SDR 269.1 million, or about US$360 million, bringing Ghana’s total disbursements under the arrangement to about US$1.9 billion, the IMF said. According to IMF,…

The naira traded steady against the US dollar on the first trading session using the Bloomberg BMatch system due to sufficient FX liquidity to fill orders.

Lafarge Africa Hits 52-Week High on Holcim, Xuaxin $1bn Deal Equities investors rushed to acquire more of Lafarge Africa’s (Ticker: WAPCO) shares following notice of the acquisition of the entire Holcim’s interest in the company. Trading now at a 52-week high in the equities market, the cement company share price rose by 10% to N63.80 at the beginning of the trading week from N58 on Friday. The sudden demand for the cement company shares was triggered by the expectation of a mandatory offer to minority shareholders. Lafarge Africa Plc market has rose sharply to N1.027 trillion for the first time…

DMO Offers 2 Savings Bonds in December The Debt Management Office (DMO), has offered two Federal Government of Nigeria (FGN) savings bonds for subscription in December. The DMO said on Monday that the first offer was a two-year FGN savings bond due in Dec. 11, 2026, at interest rate of 17.483 per cent per annum. The second offer was a three-year FGN savings bond due in Dec. 11, 2027 at interest rate of 18.483 per cent per annum. “Opening date is Dec. 2, closing date is Dec. 6, settlement date is Dec. 11, and coupon payment dates are March 11,…

The Nigerian Exchange (NGX) market capitalisation rose by about N138 billion on Monday as Lafarge Africa, VFD Group rallied among others.

Sell pressure on Bitcoin, Ethereum, and others has plunged cryptocurrencies market value downward as investors mood changed. The trading pattern in the last one to two hours revealed a negative mood in the cryptomarket.

December Presents Ongoing Opportunities for Investors -CEO December is likely to provide compelling opportunities for investors to continue putting new money into the market, says the CEO of one of the world’s largest independent financial advisory and asset management organizations. deVere Group’s Nigel Green’s bullish analysis is driven by recent stock market momentum, historical trends, and the economic direction under President-elect Donald Trump. He says: “With equities already delivering an exceptional year, and a typically strong December ahead, the stage is set for further gains. “Wall Street has been on a remarkable run, pushing to 54 new highs throughout 2024,…