Author: Marketforces Africa

Oil Prices Jump on Positive Demand Outlook in China Oil prices edged higher in the global commodities market on Monday over a positive demand outlook in China, one of the world’s second-largest oil consumers. Brent crude futures climbed 8 cents, or 0.1%, to $71.92 a barrel, while U.S. West Texas Intermediate crude was at $68.09 a barrel, up 9 cents, or 0.1%. The price surge was also supported by renewed tensions in the Middle East as Israel and Lebanon trade blame on violations of agreement in ceasfire deal. Reports revealed that Israel resumed attacks on Lebanon, stoking tensions in the…

Employment is down for the first time in seven months as Nigeria’s inflation rate hampered private sector growth

Trading activities on the Nigerian government bonds tempered in the secondary market as investors anticipated huge bonds supply in 2025.

Naira Plunges Ahead of Banks Transition to BMatch FX Platform Deposit Money Banks would be moved to conduct FX trading on Bloomberg BMatch system December 2, 2024 after the naira lost 84% in 11 month, from N907.10 in January to N1672.69 at the end of November, 2024. Last week, the naira plunged by N20 at the Nigerian autonomous foreign exchange market week on week despite the Central Bank of Nigeria (CBN) FX intervention. Spot data from the FMDQ platform showed that the naira lost N20.07 to close at N1, 672.69 per US dollar in the official market even with $102…

Liquidity: Banks Borrow N3.6Trn from CBN at Higher SLF Rate Deposit money banks (DMBs) raised N3.6 trillion to fund their operations from the Central Bank of Nigeria’s (CBN) Standing Lending Facility (SLF) window as negative liquidity balances persisted in the financial system. The banking system had a N237 billion deficit at the close of the week, according to data gathered from investment firms, a moderate decline from the opening negative liquidity balance of N269.7 billion. Tight liquidity caused banks to increase borrowing from the CBN’s Standing Lending Facility (SLF) to meet their short-term funding requirements following moves to boost investment…

Foreign Investors’ Appetite for Nigeria’s OMO Bills Increase Due to better rate, foreign portfolio investors (FPIs) brought significant amount of hard currency to Nigeria’s OMO auction in November, amidst plan to boost their return. The appetite for the naira assets has increased amidst reforms, economic growth despite discoloration from other key market indices. The race to safe haven has begun with major central bankers cutting rates simultaneously and successively as inflation worries eased. The Central Bank of Nigeria (CBN) claimed that foreign currency inflows lifted the US dollar liquidity level, reflecting foreign investors assessment of Nigerian market ahead of $.2.2…

Unilever Nigeria Sheds 10% as Investors Sell Down Consumer Stock Fast moving consumer goods company, Unilever Nigeria Plc, lost 10% of its market value due to selloffs, details from trading activities revealed. The consumer goods company had seen successive price uptick that lifted its market value in the local bourse following solid earnings performance. On Friday, its share price settled at N26.65 on the Nigerian Exchange trading platform, down from N29.60 at the beginning of the week. The negative sentiment dragged Unilever Nigeria Plc market value lower to N153.104 billion on Friday. In nine months of financial year 2024, the…

Haldane McCall Sees 22% Increase in Valuation Haldane McCall Plc (Ticker: HMCALL) saw a price uptick of 21.6% in the equities market despite bearish outing on the Nigerian Exchange platform. The real estate stock was among the top gainers in the market in the just concluded week. According to information on the Nigerian bourse, the real estate and hospitality market price surged to N6.20 on Friday, from N5.10 at the beginning of the week. McCall has been one of the volume drivers in the market latterly as investors continue take positions. Since it started trading on the NGX main board…

Sunu Assurances Tops Performers, Gains 23% Sunu Assurances Nigeria Plc topped performers on the Nigerian Exchange (NGX) as investors sentiment improved. The Assurances company bucked trend in the equities market, gained more than 23% week on week. According to data from the domestic bourse, Sunu Assurances price increased by 23.4% to N3.90 on Friday, from opening price of N3.16. The positive price movement nudged its market value to N22.662 billion. According to information from the Nigerian bourse, Sunu Assurances has 5.8 billion shares outstanding, now priced at N3.90 each. The stock is trading at 13.10% discount to its 52-week high,…

Nigerian Exchange Loses N185bn as Investors Take Profits The Nigerian Exchange (NGX) equities market capitalisation declined by N185 billion as sell-side traders took profit on stocks. The market closed bearish in 3 out of 5 trading sessions, causing the All Share Index to decline by 0.33%, settling at 97.506.87 points. The local stock exchange lost 0.15% in November as investors grappled with a mix of profit-taking, sector rotation, and subdued optimism, stockbrokers at Cowry Asset Limited said in a note. The benchmark NGX All-Share Index declined by 0.33% week-on-week, settling at 97,506.87 points, underscoring bearish sentiment. Investor sentiment remained cautious…