Author: Marketforces Africa

Nigerian Exchange Rises to N93.5trn after Plan to Review Tax The Nigerian Exchange (NGX) grew to N93.5 trillion on Friday as market volatility stopped after clarification on capital gains tax.  The market size had fallen below N90 billion due to massive sell-offs that greeted the contested 30% capital gains tax on naira assets. The All-Share Index edged up 0.02% to settle at 147,013.59 points, while market capitalisation grew by ₦20 billion to ₦93.5 trillion, reflecting measured investor activity. Market breadth was balanced, with 31 gainers marginally surpassing 30 decliners, yielding a neutral 1.0x ratio. The fresh rally was buoyed as…

Inflation Pressure to Resurface, Firm Expects Annual Rate to Ease Nigeria’s inflation pressure is seen to resurface in October as against the record reading for September 2025 due to key developments in the economy over the month. On a year-on-year basis, Nigeria’s inflation rate is projected to decline further, with Coronation Merchant Bank Research unit projecting that the consumer price index will settle at 16.29%. Coronation anticipates the disinflationary trend to persist, albeit at a slower pace, with headline inflation projected to ease to 16.29% year on year from 18.02% year on year on yearin September. On a month-on-month basis,…

Risk-Off Sentiment: Nigeria’s US Dollar Bonds Yield Rises to 7.7% Foreign portfolio investors (FPIs) trimmed their Nigeria US dollar bond holdings at the international market on Thursday as risk-off sentiment greeted the US government reopening. Investors started to weigh their position as markets anticipate US authority will begin to release pending economic data in post-shutdown actions. Nigerian Eurobonds softened, with yields expanding 8bps to 7.71%, investment firm Cowry Asset Limited told investors in its market update. Market analysts said this upward movement signals heightened risk-off sentiment and potential capital repatriation, as investors recalibrate their exposures and re-evaluate Nigeria’s sovereign risk…

Oil Prices Increase as Demand, Supply Outlook Shifts Oil prices climbed on Friday amidst shifting demand and supply outlook across the global commodity market. New data from the International Energy Agency (IEA) pointed to a modest upward revision in global oil demand and a decline in supply projections. Meanwhile, Russia-Ukraine war continued to inject uncertainty into global energy markets. Brent crude was trading at $63.56 per barrel, up 1.4% from the previous close of $62.68. The US benchmark West Texas Intermediate (WTI) also increased by about 1.5% to $59.45, compared to $58.55 in the prior session. The IEA lifted its…

Naira Upswings as U.S Dollar Supply Covers FX Demand The Naira rebounded by 11 basis points, or ₦1.64, to close at ₦1,441.4445 per U.S. dollar, having traded within a range of ₦1,539.35/$ and ₦1,437.00/$ during the session. The spot FX rate decline was driven by unmet demand from the previous session as the US dollar supply remained thin.  Nigeria’s gross external reserves rose by more than $30 million day on day to close at $43.427 billion as of November 11, 2025.  The naira to remain at similar level amid robust external reserve despite crude oil price fluctuation in the global…

Kenyan Banks’ Impaired Loan Ratios to Remain Elevated in 2026 Kenyan banks’ impaired loan ratios will remain elevated in 2026 due to large outstanding public-sector arrears, Fitch Ratings says. However, the banking sector’s high pre-impairment operating profit is sufficient to comfortably absorb loan impairment charges while allowing for capital accretion and increased loan growth. According to Fitch, the rise in the Kenyan banking sector’s impaired loans ratio from 6.8% at end-2015 to a peak of 17.6% at end-1H25 has been heavily influenced by large public-sector arrears to contractors and service providers. From end-1H05 to end-1H22, these totalled KES664 billion or…

Senate Approves Informal Sector Employment Regulation Bill The Senate, on Wednesday, approved the Informal Sector Employment (Regulation) Bill, 2025. This was sequel to the consideration and adoption of the report of the Senate Committee on Employment, Labour and Productivity at plenary. Presenting the report, Chairman of the Committee, Sen. Diket Plang noted that the bill was sponsored by Sen. Sani Musa (APC-Niger). He said that the bill sought to provide for the documentation, protection, regulation of domestic workers, apprenticeships, interns and other informal sector employees in Nigeria. “This is to be enforced and implemented by the Federal Ministry of Labour…

UAE Bank Loan Growth Accelerates; Overseas Operations Strengthen UAE banks’ loan growth gathered pace in the third quarter of 2025 (3Q25), supported by a strong domestic operating environment, healthy liquidity conditions, and higher overseas lending by larger institutions, Fitch Ratings says. Fitch expects international operations at large UAE banks to continue expanding in 2026. This will be supported by strong demand from Saudi Arabian borrowers, due to tighter and more expensive liquidity locally as strong loan growth continues to outpace deposit growth. Aggregate loans rose by AED150 billion, or 6% in 3Q25. Non-annualised loan growth reached 15% (AED330 billion) in…

First Holdco Dips Below N1.3trn Amidst Huge Trading Volume The market value of First Holdco Plc’s 41.877 billion shares outstanding on the Nigerian Exchange (NGX) slid below N1.3 trillion on Tuesday amidst a block transaction. According to its trading data on the Nigerian Exchange, the financial services group share price closed at N30.90, about 2% below its opening price following a negotiated deal. First Holdco share price declined as more than 68.629 million units valued at over N2.113 billion were traded in the local bourse. Stockbrokers reported that First Bank’s parent company recorded a single transaction involving 38.24 million of…

Oando Lost Additional 10% as Selling Rallies Persist Oando Plc lost an additional 10% of its market value on Tuesday in the stock market as investors continue to trim their interest in the energy company. The energy company has become a casualty of sell-side investors’ actions that have reduced its market value significantly. In 2024, Oando was the top performer, with more than 500% in capital appreciation. Sustained investors’ weak sentiment has now mixed with business risks as the group halted petrol imports due to Dangote Refinery operations. According to data from the Nigerian Exchange, Oando share price declined to…