Author: Marketforces Africa

Money market rates climbed strongly, trending at double digits highs, on the back of sustained liquidity squeeze in the banking system.  The market opened the week with more than N60 billion deficit in the absence of significant inflows to boost liqudity condition in the financial market.

The naira depreciated further against the dominant US dollar at the Nigerian autonomous foreign exchange (FX) market, settling near N1690 per greenback on Tuesday.

Cordros Upgrades Unilever Nigeria Target Price to N22.49 Equities analysts at Cordros Securities Limited have upgraded year-end target price for Unilever Nigeria Plc to N22.49, its report showed. The investment firm however maintain a hold recommendation on the consumer goods stock, noting that it’s already trading above year end price expectation. Unilever Nigeria, a consumer goods company, worth N120 billion in the equities market at a unit price of N24. In the equities report, Cordros Securities Limited stated that its year-end target price for Unilever Nigeria was derived from blend of sophisticated valuation models. In the third quarter of 2024,…

Bitcoin Hits $87,000, Crypto Market Cap Nears  $3 Trillion Bitcoin price has hit $87,000 Tuesday in a one of the biggest rally in the past weeks as Donald Trump win as U.S President boosted investors sentiment.  Trump is seen as much more supportive of bitcoin, and this sentiment has propel strong buying interest this week with market blazing above resistance. During the campaign, Trump pledged to make the U.S “the bitcoin and cryptocurrency capital of the world” with an extremely relaxed regulatory framework, unlike the Biden administration. The global crypto market cap reached $2.91 trillion, which is a 4.44% increase…

In the bonds market, trading activity remained muted, with the average yield holding steady at 19.41%.  The subdued yield on FGN bonds and tight liquidity in the financial system has keep trading activities in check.

The Senate Committee on Anti-corruption and Financial Crimes has expressed determination to increase budgetary allocation of the Economic and Financial Crimes Commission (EFCC)  to effectively carry out its anti-graft obligation.

The naira tumbled again across the currency markets due to increasing demand and lower US dollar supply at the Nigerian autonomous foreign exchange market.

The re-election of Donald Trump as US president, supported by likely Republican majorities in both houses of Congress,

Foreign Investors Flock Nigeria’s Eurobonds as US Rates Cut Foreign portfolio investors in the international markets increase bets on Nigeria’s sovereign Eurobonds as traders sentiment improved. Markets, portfolio investors’ sentiment were shaped by the outcome of the U.S. election and Federal Reserve’s recent decision to cut rates by 0.25% to a range of 4.50%-4.75%. Elevated yield on Nigeria’s US dollar bonds have been pointed out to be attracting hot monies. This reflects on increase demand for the foreign debt papers across tenors. The market confidence has been noted to improved due to reforms, and investors’ confidence on funds repatriation –…

The average yield on Federal Government of Nigeria (FGN) bonds settled at 19.41% in the secondary market after mixed trading sessions last week ahead of inflation data.