Author: Marketforces Africa

China Seeks Sustainable Diplomatic Ties with Canada Chinese Foreign Minister Wang Yi on Tuesday called on China and Canada to properly address each other’s legitimate concerns to promote healthy, stable and sustainable development of China-Canada relations. Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the appeal in a phone conversation with Canadian Foreign Minister Anita Anand. The request took place at the Canadian side. Wang said that not long ago, President Xi Jinping and Prime Minister Mark Carney held a pivotal meeting in Gyeongju, South Korea. The two sides reached an…

Bitcoin, Ethereum Trade in Red as Crypto Hunting Slows Bitcoin, Ethereum, and other top crypto assets are trading in red as investors’ sentiment weakened again, albeit with mild swings. The market anticipates a plan to reopen the US government to fuel the next rally. The U.S. Senate on Monday passed a spending package that could end the shutdown, boosting stocks and Bitcoin. Recall that the top largest digital assets rebounded early this week with positive price upticks that lifted their respective market value. The rebound followed massive sell-offs in the past week. The euphoria of the US government reopening expectations…

Interbank Rates Mixed as Banks Boost SDF Placements Interbank rates closed on a mixed note as liquidity in the financial system remains positive despite auction outflows. Excess funds peaked at N5 trillion last week and remained strong despite liquidity mop-up efforts from the monetary authority. The Central Bank of Nigeria (CBN) stepped into the ring to mop up excess funds in the system with two open market operations and treasury bill offers. Despite these primary actions, the market closed with N3.91 trillion in surplus balances, representing a 58.3% week-on-week surge from N2.47 trillion the previous week. The funding environment has…

MTN Nigeria Lost 8.3% Ahead of Interim Dividend, Potential Offer MTN Nigeria Plc (Ticker: MTNN) lost 8.3% of its market value as investors trimmed shares held in the telecom company ahead of the interim dividend qualification date. Sell pressures on the telecommunication company stock reduced its market value to N10.014 trillion, according to data obtained from the Nigerian Exchange. MarketForces Africa reported that its majority shareholders control 73.4% of MTN Nigeria shareholdings as of the end of the third quarter of 2025, with a plan to sell down interest. The telecom company opened the trading session last week at N520.1…

Foreign Currency Inflow into Nigeria Soars 62% to $5.15 bln Nigeria has continued to attract hard currency into the economy with record high inflows of $5.15 billion in October 2025, according to data from the FMDQ platform. The FX inflow record for last month was up by 62.2% above September’s record, reflecting foreign portfolio investors’ (FPIs’) participation at six open market operations (OMO) conducted by the Apex Bank. MarketForces Africa reported that the Central Bank of Nigeria (CBN) floated six OMO bills auctions where more than N7 trillion was raised from local deposit money banks (DMBs) and foreign investors –…

Ghana’s Private Sector Output Rises First Time in 4-Month Ghana’s private sector has started to recover with a surge in output growth, resulting in a solid increase in employment, as the manufacturing sector reported growth in new orders. According to S&P Global purchasing manager index, (PMI), the start of the final quarter of the year saw a renewed improvement in business conditions, reversing the deterioration seen in September. The report added that stronger business conditions reflected a return to growth of output and a faster expansion of new orders, as well as sustained increases in employment and inventories. The S&P…

Oando Sinks Below N500bn Amidst Petrol Business Threat Oando Plc is in a tailspin after more than a 500% gain in 2024. Market value of Oando Plc’s 12.431 billion shares outstanding fell to N497.256 billion at the close of the trading session on Friday amidst threatened business fundamentals. The oil company’s share price fell to N40, a sharp price depreciation from its highest valuation in 52-weeks. With the growing business risks, investors in oil-linked stocks exited their positions. The massive sell-offs plunged Oando shares, with market value settling below N500 billion, for a company that had surpassed N1 trillion. Trading…

CBN Allots N1.7trn to FPIs, Banks Across two OMO Bills Auctions The Central Bank of Nigeria (CBN) allotted OMO bills totalling N1.7 trillion to foreign portfolio investors (FPIs) and deposit money banks (DMBs) that participated at this week’s auctions. The Apex Bank conducted open market operations twice in the week as the liquidity level in the financial system hovered at an average of N3 trillion net surplus. The excess funding was bolstered by significant inflows from OMO bills that expired during the week, resulting in an inflow of N1.5 trillion, an investment firm update revealed. The CBN opened first OMO…

Fitch Affirms Cross River State at ‘B’; Outlook Stable Fitch Ratings has affirmed Cross River State’s Long-Term Issuer Default Rating (IDR) at ‘B’ with a stable outlook.  In the rating note, Fitch said the affirmation considers improvements in Cross River’s financial profile, which are reflected in an upward revision of its Standalone Credit Profile (SCP). “We also removed the asymmetric risk to reflect improvements of interest payment disclosure in 2024 financial statements, while intergovernmental loans, which we consider to be junior to market and multilateral debt, is neutral to its ratings”. Fitch explained that Cross River’s Long-Term IDRs are aligned…

Renaissance Energy Upgrades Rivers Technical College with $3m– GM Renaissance Africa Energy Company has invested over 3 million US dollars in the ongoing upgrade of facilities at the Government Technical College (GTC), Okujagu, Port Harcourt. Mr Olanrewaju Olawuyi, General Manager, Nigerian Content Development at Renaissance, disclosed this during a stakeholder meeting on the project in Port Harcourt on Friday. Olawuyi said the initiative reflected the company’s strong commitment to advancing human capacity development and promoting technical education in Nigeria. According to him, upon completion, the college would rank among the best technical institutions in Africa and compete favourably with its…