Author: Marketforces Africa

Eunisell Interlinked Plc skyrocketed by about 61% as investors kept taking positions in the technology services company. From N11.99 at the start of the week, the market price of Eunisell Interlinked shares increased to N19.27 on the Nigerian Exchange.

Anambra Secures $500m Funding Partnership Agreements—ANSIPPA The Anambra government has secured investment funding and a strategic partnership of over $500 million from the various agreements signed at the end of the second edition of its investment summit held on November 14. The summit had the theme “Changing Gears: Accelerating Anambra’s Economic Transformation” with development partners, financial institutions, captains of industries, and government officials in attendance to discuss investment opportunities in the State. Mr Mark Okoye, Managing Director of Anambra State Investment Promotion and Protection Agency (ANSIPPA) who gave the post summit summary on Sunday in Awka said the State was…

Equities investors in the Nigerian Exchange (NGX) saw about N77 billion gain in the just concluded week. Due to bargain hunting spread over the trading sessions, the All-Share Index (ASI) edged up by 0.11% week-on-week to close at 97,829.02 points.

GCR Revises Outlook on MyCredit to Stable, Affirms Rating MyCredit Investments Limited’s national scale long and short term issuer ratings of BBB (NG) and A3 (NG), respectively, have been confirmed by GCR Ratings. The outlook on the ratings has been revised from negative to stable, the rating agency said. The affirmation, according to GCR, reflects sustained entrenchment of its market position as a digital microlender in Nigeria, as well as its good cash flows and liquidity. The company, which trades as ‘Fairmoney’, is a wholly owned subsidiary of France-domiciled Predictus SAS – the parent company. The parent is a non-operating…

Crypto Market Cap Rises 1.73% to $3.4T on Bitcoin Rally The global crypto market cap has reached $3.35 trillion, translating to a 1.73% increase over the last day due to a sustained price surge in the world’s largest digital asset, Bitcoin (BTC-USD). The cryptocurrency has doubled down on gains over expectations of improved regulation under U.S. president elect Donald Trump, with buckets of promises to crypto communities. Latest data from CoinMarketCap.com showed that the total crypto market volume over the last 24 hours has moderated to $223.49 billion, translating to a 8.01% decrease over day. The total volume in DeFi…

71% of Nigerian Household Face Food Price Hikes Shock – NBS The National Bureau of Statistics (NBS) says the most prevalent shock affecting households across Nigeria is the price increases on major food items. The NBS said 71 per cent of households reported this shock. The NBS disclosed this in its General Household Survey- Panel (GHS-Panel) Wave 5 2023/2024 unveiled in Abuja. The report said urban households experienced the shock of food price increases at 75.5 per cent more than rural households at 68.9 per cent. It said the issue was most pronounced in the South-East and South-South zones at…

FG, World Bank to Provide Jobs for 10 Million Youths in 5 Years The Federal Government says it will collaborate with the World Bank to provide decent jobs directly or indirectly to no fewer than 10 million youths within the next five years. Mr. Ayodele Olawande, Minister of Youth Development, communicated this when he hosted the World Bank team led by Mr. Maheshwor Shrestha, World Bank economist, on Thursday in Abuja. Olawande said that forum would enable him to update the team on the various activities and engagements of the ministry in the past months. “The focus of the ministry…

Federal Transfers, Reforms Drive Nigerian States’ Financial Performance –Fitch Federal reforms are significantly affecting the financial landscape of Nigerian states, Fitch Ratings says in a new report. Oil-related transfers, which are a major component of monthly revenue distributed by the Federation Account Allocation Committee (FAAC), influence state’s revenue. Analysts noted that federal transfers are crucial for almost all states to cover their operating costs and to support investment. All Nigerian states rated by Fitch are on positive outlook, reflecting that of the sovereign and the Federal Government of Nigeria’s policies that affect states’ operating revenue, debt stock and debt service.…

A total of 2,116 venture capital (VC) funding deals worth $28.2 billion were announced in China during January-October 2024.

The short-term benchmark interest rates have continued to rise as the financial system’s liquidity balance collapsed due to an outflow associated with Treasury bill payments.