Author: Marketforces Africa

Aiteo Shuts Production at OML 29 Over Oil Leak Nigerian energy firm Aiteo has shut down all production at oil mining lease (OML) 29 after it detected an oil leak at its Nembe swamp facility, it said. Aiteo Eastern Exploration and Production Company (AEEPCO), operator of the NNPC / Aiteo Joint Venture on OML 29, Wednesday confirmed it had detected an oil leak at its Nembe swamp facility in OML 29, Nembe Kingdom, Bayelsa State. The leak, it said in a statement, was reported on Monday, June 17, 2024, during routine operations. AEEPCO said noted that its Oil Spill and…

Bitcoin Slides below $65K, Crypto Market Cap Rises to $2.36T Bitcoin left behind as cryptocurrency market spiked to $2.36 trillion on Wednesday. The largest crypto asset by market valuation has faced strong pressure from sell side, causing the digital currency to decline in successive days. At the press time, the global crypto market cap has reached $2.36 trillion, which was a 1.41% increase over the last day, according to data from CoinMarketCap.com. According to data from the crypto exchange, volume over the last 24 hours has decline by 26.76% to $73.95 billion. The total market value of the cryptocurrency had…

Naira Crosswinds: Exports, Foreign Loans Positive for FX Market– Analysts 12 months after the Nigerian local currency, the naira, was devalued and subsequent repricing on FMDQ platform to align with the country’s overall ambition, nothing has been achieved, and everything has been lost. The previous administration had maintained no devaluation stance for 8 years amidst claims that ex-Central Bank of Nigeria (CBN) governor, Godwin Emefiele spent $1.5 billion each month to defend the local currency from free falling. Based on his political stance, supposed pro-people mandate, former President, Muhammadu Buhari would not approve the devaluation of the naira for any…

Namibia Keeps Interest Rate at 7.75% Namibia’s central bank has announced its monetary policy committee’s decision to keep its key lending rate steady at 7.75% on Wednesday. The decision is expected to leave borrowing costs in the country at the highest level since April 2019 for the sixth consecutive meeting. According to the policy maker, Namibia central bank decision was intended to safeguard the peg between the Namibian Dollar and the South African Rand, while also supporting the domestic economy. The annual inflation rate in Namibia climbed for the second month to 4.9% in May 2024, up slightly from 4.8%…

Transcorp, GTCO Drive Intraday Gain on NGX The equities market climbed during the intraday trading session on Wednesday following strong buying interest in some companies, led by Transcorp Plc whose share surged by more than 3%. Alpha Morgan Capital Limited reported that at mid-day, the Nigerian Exchange (NGX) All Share Index trended positively, reflecting a gain of 0.19%. Stockbrokers said the upward trajectory is majorly attributed buying interest in some high capitalized banking and non-banking stocks, including TRANSCORP 3.20%, GTCO 1.90%, ACCESSCORP 1.88%, ZENITHBANK 0.56%, UBA 0.22%, and others. During the intraday session, the NGX Banking Index has gained 0.65%…

Fund Raising: HillCrest Industries Opens Commercial Paper for Subscription at 27.81% HillCrest Industries Limited has opened its commercial papers for subscription at 27.8128% coupon rate to investors in the local debt capital market. HillCrest, an agro-processor company owns and operates a state-of the-art rice processing mill located in Offa, Kwara State, Nigeria. Comercio Partners Capital Limited told investors in an email that the company is raising up to ₦3.5billion series 5 commercial paper issuance which is scheduled to close on 25 June 2024. HillCrest Agro-Allied Industries Limited registered a ₦5 billion commercial paper Issuance programme with FMDQ Exchange in Q2…

UK’s Inflation Rate Declines to 2% in May Britain’s annual inflation rate declined to 2% in May from 2.3% in April, according to data from the Office for National Statistics published Wednesday. The latest reading is consistent with the consensus estimate, and appears to be the lowest since Russia-Ukraine war started, pushing energy prices higher with negative impacts on consumer inflation. On a monthly basis, consumer prices grew 0.3%, according to statistics office, though stable when compared with the previous month and lower than the consensus estimate of a 0.4% increase. UK’s annual core inflation rate fell to 3.5% from…

Oil Prices Fall over Surprise Build in US Inventories Oil prices fell over surprise build in US inventories as per the American Petroleum Institute, API data released. The report showed that US crude oil inventories increased by 2.26 million barrels over the last week, as opposed to expectations for stocks to fall by roughly 2.8m barrels. Increased crude oil stock in US is bearish for the market, a negative sign about demand in the top oil consumer. The market also expect weak demand from the second largest oil consumer, China, after industrial production slumped. Brent crude and WTI are edging…

UBA Trades at 34% to 52-Week High  Pan African lender, UBA Plc, total market worth hit N764 billion on the Nigerian Exchange at the close of trading sessions on Friday. The financial services group registered a moderate price surge, which closed the week at N22.35 per share from N21. With 34.199 billion shares outstanding, its market valuation climbed to N764 billion over the last five trading sessions. At the current price, UBA is trading at a more than 34% discount to its 52 week high on the Nigerian Exchange.  UBA had hit the bottom at N11 per share during a…

Access Holdings Trades at 39% Discount to 52-Week High Access Holdings PLC rallied to about N663 billion on the Nigerian Exchange. The largest lender by total assets is the least valued in the Tier 1 category in terms of valuation. Access share price rose by 8.43% week on week to close at N18.65 kobo per share, from N17.20. In profitability, Access PLC ranked low compared with its peers on the Nigerian Exchange. Investors’ sentiment on the bank has increased following its ability to choose a successor much easier after its erstwhile GMD demise. The stock is trading at a more…