Author: Marketforces Africa

UK Manufacturing PMI Edges into Expansion Territory UK manufacturing output rose for the second successive month in November, as the recent downturn in new business intakes halted, S&P Global said in its purchasing manager index released on Monday. Survey data indicated that UK manufacturers benefited from improved domestic demand and a softer contraction in new export work. The seasonally adjusted S&P Global UK Manufacturing Purchasing Managers’ Index™ (PMI®) rose to a 14-month high of 50.2 in November, up from 49.7 in October. This was the first reading above the PMI’s neutral 50.0 mark since September 2024, according to S&P, from…

Global Equities Rally as AI Valuation Bubble Fears Ease The global equities rallied as fears concerning Artificial Intelligence (AI)-linked stock valuation, which had earlier triggered a market rout, began to fade, lifting investors’ sentiment amidst huge capital expenditure. The market successfully reversed last week’s broad-based losses, posting strong gains this week after key major players’ earnings performance provided a clear signal and reset sentiment. Stock analysts at Anchoria Securities Limited said this rebound was largely driven by a sharp rally in U.S. markets following some financial and economic data releases. The US Nasdaq surged +4.92%, outperforming all major indices, while…

Fitch Upgrades Zambia to B- from Restricted Default Fitch Ratings has upgraded Zambia’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘B-‘ from ‘Restricted Default’ (RD) with rating outlook accorded as stable. The upgrade of Zambia’s credit rating reflects Fitch’s assessment that the country has normalised relations with a significant majority of its external commercial creditors. Zambia restructured its USD3.8 billion Eurobonds in June 2024 and has subsequently either restructured or reached an agreement on restructuring terms on USD272 million of non-bond external commercial debt. According to Fitch, approximately USD44 million of non-bond commercial debt, representing 1% of total external…

Cadbury Nigeria Names Folake Ogundipe Acting Managing Director Cadbury Nigeria Plc ,has named Folake Ogundipe, its finance director, as interim managing director following the retirement of Oyeyimika Adeboye, who will leave the company on November 30, 2025, after reaching mandatory retirement age. The development was disclosed in a regulatory filing by the consumer goods company, marking the second leadership transition at Cadbury Nigeria in five years. Adeboye, who joined the Cadbury Board in 2008 as finance and strategy director for West Africa, was appointed managing director in April 2019. Her appointment made her the first woman to lead the company…

Fitch Revises Outlook on IHS Holding to Positive Fitch Ratings has revised the Outlook on IHS Holding Limited’s (IHS) Long-Term Issuer Default Rating (IDR) to Positive from Stable and affirmed the IDR at ‘B+’. According to the rating note, the positive outlook on IHS reflects Fitch’s expectation that cash flow from the company’s operations-capex/debt (excluding pre-contracted capex) could sufficiently improve over the next two to three years to above the 5% threshold for the rating. The improvement, according to Fitch, is likely to be driven by organic earnings before interest tax depreciation and amortisation (EBITDA) growth, lower interest and capital…

Ecobank Nigeria Announces Tender Offer for Outstanding Eurobond Ecobank Nigeria Limited has announced the launch of a tender offer for its outstanding US$300,000,000 7.125% Senior Note Participation Notes due. As at the date of this announcement, US$150,000,000 of the Notes remain outstanding. The Proposed Offer commenced on Friday, 28 November 2025, and is expected to settle on or before 31 December 2025. Holders whose Notes are validly tendered and accepted for purchase will receive a cash consideration of U.S.$1,000 per U.S.$1,000 in principal amount of the Notes, along with accrued and unpaid interest up to, but excluding, the settlement date.…

Naira Falls at Official, Informal Foreign Exchange Markets The Nigerian naira pulled back against the US dollar across foreign exchange markets, thanks to increased demand for the greenback for international payments. The currency market experienced significant negative fluctuation in exchange rate stability at the official window over successive declines in forex market liquidity.  The official spot rate worsened despite FX intervention sales to authorised dealers and banks. On Friday, the naira lost ground in both segments, slipping 0.20% to ₦1,446.74/$ at the official window and edging down 0.03% to ₦1,476/$ in the parallel market, signalling renewed downward pressure and waning…

Nigerians Consume 56.74m Litres of Petrol Daily in Oct – NMDPRA The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says daily domestic consumption of Premium Motor Spirit (PMS) in the country averaged 56.74 million litres in October 2025. The figure reflects nationwide demand recorded across fuel distribution channels during the period, according to the authority. According to a Fact Sheet released on Friday by the NMDPRA, 27.6 million litres of the consumption were imported while 17.08million litres were produced by local refineries. It also disclosed that an average of 661.5 million litres of PMS was consumed in the one…

Asset Swap: TotalEnergies Deepwater Focus Earnings Positive TotalEnergies EP Nigeria Limited has entered into definitive agreements with Conoil Producing Limited to execute a strategic asset realignment involving two offshore Nigerian assets. The deal sees TotalEnergies acquiring a 50% operated interest in OPL 257, while Conoil takes over TotalEnergies’ 40% participating interest in OML 136, a gas-rich block. Post-transaction, TotalEnergies will hold 90% of OPL 257, with Conoil retaining 10%. OPL 257 is an offshore exploration block with a 2005 discovery, the PP261 structure, which holds significant upside. TotalEnergies plans to drill an appraisal well in 2026, leveraging its proximity to…

OML 136 Acquisition Deal Boosts Conoil Earnings Outlook Conoil acquisition deal has bolstered the company’s earnings outlook, and reposition its operational strength in the upstream segment. In a fresh deal, the company made a significant move in its upstream expansion strategy by executing an agreement to acquire TotalEnergies EP Nigeria’s 40% participating interest in Oil Mining Lease (OML) 136, a promising offshore asset with substantial long-term gas development potential. This transaction is part of a broader asset realignment between the two long-standing partners, allowing Conoil to strengthen its portfolio as TotalEnergies consolidates its interests elsewhere. OML 136 is an offshore…