- Pre-Election Spending to Keep Inflation, Interest Rates Elevated – Analysts
- NCDMB to Launch Oil and Gas Trainers Certification
- Naira Depreciates, Touches N1392 on FX Liquidity Shortfall
- ACCI Seeks Reforms to Boost FCT Free Zones for Economic Growth
- $125bn in Vessel, Cargo Value Await Passage from Persian Gulf – Allianz
- Dangote, BUA Cement Drag NGX Index, Investors Lose N3.64trn
- XRP Price Crashes as Lending Platform Strobe Finance Shut Down
- South African Rand Softens, Stronger Dollar Weighs on EM Currencies
Author: Marketforces Africa
MarketForces Africa, a Financial News Media Platform for Strategic Opinions about Economic Policies, Strategy & Corporate Analysis from today's Leading Professionals, Equity Analysts, Research Experts, Industrialists and, Entrepreneurs on the Risk and Opportunities Surrounding Industry Shaping Businesses and Ideas.
Brent price crossed $84 per barrel on Wednesday as crude oil rallied amid growing expectations that the world’s largest oil producers will continue to cut supplies at a time when global demand is set to rise with increased travel during the summer.
President Bola Tinubu on Wednesday said that the 2025 appropriation bill would be ready before the National Assembly soon. The president disclosed this in Abuja, when he appeared at the joint sitting of the national assembly to celebrate the nation’s 25 years of unbroken democracy.
Sterling Financial Holdings Plc grew its annual profit by 11.85% to N21.584 billion in 2023 from N19.298 billion in the comparable year in 2022, its audited report released to the Nigerian Exchange today shows.
With price appreciation in Zenith, GTCO, and UBA, Nigerian banks are making further uptrends on the Nigerian Exchange (NGX) during intraday trading sessions. This has lifted banking index higher from previous close.
GCR Ratings (GCR) has affirmed Stanbic IBTC Bank Limited’s national scale long and short-term issuer ratings of AAA (NG) and A1+ (NG) respectively, with a stable outlook
The naira appreciate by 12.35% to N1,173.88 at the official market at the close of business on Tuesday but FMDQ left fx spot rate data at N1339 instead, creating confusion for majority of news platforms. However, the platform has corrected after flood of wrong FX spot were reported.
Nigeria’s sovereign Eurobonds experienced positive trading activity in the international market, which caused yield to decline by 7 basis points. Foreign investors logged fresh demand for Nigeria’s US dollar, causing the average yield to decline by 0.07% to 9.91%, according to Cowry Asset Management Limited.
Dangote Refinery’s senior executive has disclosed the company’s intention to pursue a dual public listing on the Nigerian Exchanges (NGX) and the London Stock Exchange (LSE).
In the bond market, there was slight trading activity for FGN Bonds in the secondary space. However, the average yield stayed muted at 18.69%, sustaining negative interest yield on naira asset.
Treasury bills that were purchased in the fixed interest securities market saw a rise following high bids and allotments at the Central Bank of Nigeria’s (CBN) primary market auction (PMA) last week.