Author: Marketforces Africa

Nigerian conglomerate John Holt has been attracting equities investors’ attention in the recent past weeks on the Nigerian Exchange. Demand for the stock has remained in an uptrend since the conglomerate returned to profitability.

Eunisell Soars by 46% Ahead of Shareholders Meeting An engineering and technology solution company, Eunisell Interlinked Plc, has surged further with more than 46% price appreciation over the last five trading session on the Nigerian Exchange. Transaction details revealed that the technology services company share price is becoming more expensive each day for new entry compared with investors who had taken an early positions. The increased demand for the company stock has caused market to rerate its valuation higher to N11.99 per share from N8.20 in the comparable week. This lifted the tech solution company’s market value to about N2.84…

N40m Diaspora Mortgage: FMBN Disclaims Partnering HXAfrica The Federal Mortgage Bank of Nigeria (FMBN) has denied reports circulated by Housing Exchange Africa (HXAfrica) on a purported N40 million mortgage pre-financing scheme, which referred to FMBN as a partner. Mrs Virginia Jang, Group Head, Corporate Communications, FMBN, said this in an official disclaimer by the mortgage bank on Saturday. Jang explained that, although HXAfrica applied for some engagement with the bank, it has not been granted any approvals, nor has the bank entered into any formal arrangement with it. She said: “Although, HXAfrica applied for some engagement with the bank, it…

The unending cryptocurrency market took a new turn as the price of Bitcoin has now crossed $91,400, trading data on.

Fitch Keeps Cameroon at ‘B’ with Negative Outlook Fitch Ratings has affirmed Cameroon’s long-term foreign currency issuer default rating (IDR) at ‘B’ with a negative outlook. In a note, Fitch revealed that the negative reflects political risks related to potential succession issues and structural weaknesses in public finance management (PFM). This is evidenced by weak liquidity management, late external debt payments, and accumulation of domestic arrears, according to the rating note. Cameroon’s ratings are supported by its resilient GDP growth, a manageable debt maturity schedule and expectations that moderate budget deficits and debt levels will be supported by non-oil revenue…

Nigeria Commits to Fair, Inclusive Multilateral Trading System The Permanent Secretary, Ministry of Industry, Trade and Investment, Amb. Nura Rimi, has reiterated Nigeria’s dedication to a fair, inclusive and equitable multilateral trading system. Rimi made this commitment on behalf of Nigeria’s delegation at the conclusion of the country’s 6th Trade Policy Review on Friday in Abuja. He commended the World Trade Organisation’s (WTO) members for their constructive review, particularly Amb. Athaliah Molokomme, for the excellent technical assessment and the WTO Secretariat team for their foundational work. Rimi highlighted the positive outcomes of President Bola Tinubu’s ambitious reforms, which aimed to…

The naira softened at the official market, traded at N1,652.25 per US dollar at the Nigerian autonomous foreign exchange market on Friday. According to information from the FMDQ Exchange’s official trading platform, the Naira fell N2.05.

The largest asset in the cryptocurrency market, Bitcoin, climbed to $89.800 while other assets are also gaining attention following the U.S. election victory. According to the most recent view on Friday, the market capitalization of all cryptocurrencies has slowed below $3 trillion.

Nigeria’s Inflation Rate Accelerates Faster to 33.88% Inflation rate accelerated faster in October to 33.88%, according to consumer price index data released today by the statistics office. According to National Bureau of Statistics (NBS), inflation rate rose by 118 basis points to 33.88% year on year in October from 32.70% year on year in Sept. The month on month increase in consumer price index was above analysts, investment firms projections for the month. Nigeria’s inflation print in the month was 48 basis points above Bloomberg median consensus, of 32.40% and 39 basis points higher than Cordros Capital projection of 33.49%…

Nigeria Eurobond Yields Steady ahead of External Borrowing The average yield on Nigeria’s Eurobond remained steady as foreign investors and local banks stayed action as the authority announced plan to raise funds from the external market. Nigeria approved a $2.2 billion financing program for external borrowing, including a potential Eurobond and Sukuk bond offer. Analysts noted that trading sentiment was mixed as investors anticipate higher borrowing costs as a result of uncertainties in the local economy. The market experienced mixed activities across the short, mid, and long ends of the yield curve, keeping the average yield steady at 9.54%, Cowry…