Author: Marketforces Africa

Tinubu Hails $1.1bn Financing for Lagos–Calabar Coastal Highway President Bola Tinubu has praised the Federal Ministry of Finance for successfully closing a $1.126 billion financing package for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway. This is contained in a statement issued by Presidential spokesperson, Mr Bayo Onanuga, on Friday in Lagos. Tinubu also commended the Ministries of Finance and Works, alongside the Debt Management Office, for their collaboration in concluding the landmark transaction. “This is a major achievement, and closing this transaction means the Lagos–Calabar Coastal Highway will continue unimpeded. “Our administration will continue to explore available funding…

Nigerian Stock Market Transactions Reduces by 379% Investors in the Nigerian stock market traded a total turnover of 2.876 billion shares worth N63.832 billion in 80,229 transactions on the floor of the Exchange this week. The Nigerian Exchange Ltd.(NGX) weekly report made available in Lagos, said this was in contrast with 9.849 billion shares valued at N305.843 billion that exchanged hands last week in 126,584 deals. As a result, the value of transactions traded by investors on the Exchange declined by 379.1 per cent. Meanwhile, the market opened for three trading days this week as the Federal Government declared Thursday…

Digitalisation: Nigeria Unveils ECM to Transform Oil Sector The Federal Government of Nigeria (FGN) has inaugurated the Enterprise Content Management (ECM) System at the Ministry of Petroleum Resources. The ECM system “Go-Live” programme was unveiled on Wednesday in Abuja by Mrs Didi Walson-Jack, Head of the Civil Service of the Federation (HCSF), alongside Sen. Heineken Lokpobiri, Minister of State Petroleum Resources (Oil). Also in attendance were Mrs Patience Oyekunle, Permanent Secretary, Ministry of Petroleum Resources, top management officials of the ministry, HCSF, and the Galaxy Backbone Limited, the custodian of the 1Government Cloud platform. Speaking, Walson-Jack said the initiative placed…

Oil Prices Increase over Heightened US-Venezuela Tensions Prices of crude oil rose slightly in the global commodity market on Wednesday amid supply concerns stemming from heightened tensions between the US and Venezuela, as well as stronger-than-expected US economic growth data. Brent crude was trading at $61.97 per barrel, up 0.01% from the previous close of $61.96. US benchmark West Texas Intermediate (WTI) also increased by 0.01% to $58.40, compared to $58.39 in the prior session. Venezuelan President Nicolas Maduro said his country has received “overwhelming support” at the UN Security Council following US seizures of Venezuelan oil tankers. US President…

NGX All Share Index Jumps as CHAMS Lists Shares The Nigerian Exchange (NGX) All-Share Index (ALSI) closed on a positive note due to sustained buying interest, up by 0.59% to close at 153,354.13 points.  The stock market key performance indicators reached a new height, with market capitalisation getting close to its peak at N98 trillion. This happened due to new shares listing and the Santa Claus rally. The bullish outturn was buoyed by price upticks in some consumer goods counters, such as BUAFOODS (+1.88%) and INTBREW (+5.60%), alongside demands in FIRSTHOLDCO (+9.35%) and WAPCO (+1.50%). The equities market sentiment was…

Fitch Upgrades Ukraine to ‘CCC’ Fitch Ratings has upgraded Ukraine’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘CCC’ from ‘Restricted Default’. The upgrade of the long-term foreign-currency IDR reflects Fitch’s assessment that Ukraine has normalised relations with a substantial majority of its external commercial creditors. On 18 December, it was announced that 99% of investors supported the exchange of Ukraine’s outstanding GDP warrants, thereby clearing the 75% threshold for a complete exchange. Combined with the successful completion of the sovereign and state-guaranteed debt bond restructuring in August 2024, Ukraine has now restructured 94% of its commercial external state and…

Euro Climbs to $1.764 after U.S. Fed, ECB Diverge on Rates The euro rallied against the US dollar, hovering around $1.1764 on Monday after the European Central Bank (ECB) and the US Federal Reserve diverged on their positions on interest rates. The single currency inched close to its strongest level since late September as policy outlooks between the ECB and the Federal Reserve continued to diverge. The ECB left interest rates unchanged for a fourth straight meeting and signalled that rates are likely to remain at current levels for some time, noting that the eurozone has weathered US tariffs better…

Equities Investors Gain N256bn as Nigerian Stocks Rally Nigerian stocks rally on Monday due to sustained bargain hunting ahead of fourth-quarter earnings season. Equities investors trading highs and lows in the Nigerian Exchange (NGX) gained more than N256 billion as sentiment improved. The local sustained its upward trajectory on Monday, commencing the week with the All-Share Index climbing 0.26% to 152,459.07 points. Stockbrokers reported that market capitalisation grew by N256 billion to N97.19 trillion, driven by investors realigning their portfolios in anticipation of the New Year. The gain in today’s session was driven by renewed positive sentiment in BUACEMENT (+2.35%),…

Naira Depreciates Despite CBN’s $150m FX Sales to Banks The naira depreciated at the official window in spite of the fact that the Central Bank of Nigeria (CBN) was in the market to intervene, selling $150 million across auction. Despite persistent intervention by the CBN and Foreign Portfolio Investors (FPIs) inflow, demand pressure continued to push the Nigerian Naira lower against the US dollar. The official spot FX rare during the week weakened by N10.09 per dollar. Notably, the Naira traded within a range of N1,450.00 to N1,469.90 per US dollar within the week. FX traders said the outlook in…

U.S. Signs $5.1bn Bilateral Healthcare Cooperation with Nigeria The United States Government says it has signed a 5.1 billion dollar five-year bilateral healthcare Memorandum of Understanding (MoU) with Nigeria. A statement issued on Sunday by the U.S. Mission in Nigeria on its official X handle, explained that the agreement aimed at advancing the U.S. government’s “America First Global Health Strategy.” It added that a key component of the MOU is the U.S. government’s commitment of 200 million dollars to fund 900 Christian healthcare centres across the country. According to the statement, Christian health facilities in Nigeria’s healthcare sector, particularly in…