Author: Marketforces Africa

US Dollar Falls Ahead of Election, Fed Rates The US dollar fell against its major trading partners early Monday as markets digested Friday’s weaker-than-expected October employment report. Investors are also looking toward two major events of this week — US Election Day on Tuesday and the Federal Open Market Committee’s rate announcement Thursday following its two-day policy setting meeting. With the results of the presidential election unlikely to be known until later in the week, the focus earlier Tuesday will be on weekly Redbook same-store sales, followed by services conditions readings from S&P Global and the Institute for Supply Management.…

Telecommunications company MTN Nigeria Plc. has announced a plan to raise up to N50 billion from commercial paper sales in the local debt capital market.

US dollar inflows into the Nigerian autonomous foreign exchange (FX) market hit 5-month high in October, investment firms said quoting data from the FMDQ

Nigerian Treasury, OMO Bills Yields Rise Ahead of Auction The average yield on Nigerian Treasury and OMO bills increased in the secondary market on the back of latest selloffs by some banks and other asset managers. Traders noted that previous demand pressures eased on the last trading day, undermining the four consecutive days of bullish sentiments posted during the week. As a result, the treasury bills market closed bearish week-on-week, the average yield across all instruments increased by 9 basis points to 25.9%, Cordros Capital Limited said in a note. The investment firm’s analysts added that across the market segments,…

The struggling naira weakened by N67 per the US dollar week on week amidst a new measure to drag out foreign currency

EUNISELL Hits 52-Week High after 61% Price Surge Eunisell Interlinked Plc climbed all the way to the moon on the Nigerian Exchange (NGX), gaining about 61% week on week due to investors increased demand for service stock. Strong price movement made Eunisell the most popular stock on the Nigerian Exchange last week, in contrast to overall performance of the equities index. Price per share increased to N5.62 on the trading platform from N3.50 at the beginning of the week. This translates to N501.80 million valuation surge in the period. At the current market price, Eunisell valuation has climbed to N1.33…

John Holts Climbs by 20% after Earnings Beat Equities investors have repriced John Holts Plc higher by 20% to N1.28 billion after the company released an impressive earnings performance. The company gained traction as its share price increased to N3.30 on Friday on the Nigerian Exchange from N2.75 after a two-day rally. John Holt Plc returned to profitability at the end of fourth quarter of financial year 2023/24, details from the conglomerate company’s unaudited financial statement revealed. Its profit after tax settled at N2.39 billion, reversing N1 billion net loss the company reported at the end of fourth quarter of…

CBN Sells US Dollars to Banks at N1630 With a single focus to keep exchange rate volatility in check, the Central Bank of Nigeria (CBN) conducted weekly FX intervention sales to deposit money banks at N1630 per US dollar as the market appears to have discovered the true value of the local currency. The exchange rate at the official window crossed a new red line in the just concluded. This attracted fresh intervention in the currency market, and yet, spot rates ended negative week on week. Details from the FX sales revealed that the Apex Bank is reducing the amount…

The Federal Government has set Jan. 28, 2025, as the deadline for the operationalisation of the five billion dollars Africa Energy Bank (AEB). The bank would be domiciled in Abuja, Nigeria’s capital city.

The supreme leader of Iran, Ayatollah Ali Khamenei, issued renewed threats to Iranian arch-enemies Israel and the United States