Author: Marketforces Africa

FIRST E&P Targets 250,000 bpd Crude Oil Production Nigerian independent oil and gas company FIRST Exploration and Petroleum Development Company (FIRST E&P) announced a target of 250,000 barrels of oil equivalent per day in equity production by 2030. Segun Owalabi, General Manager-Exploration and Development, FIRST E&P said during the Unlocking Value in the Shallow Water: From Exploration Success to Cluster-Based Development in Nigeria’s Shallow Waters session – sponsored by FIRST E&P – during a pre-conference event at Angola Oil & Gas 2025 in Luanda. “We have consistently delivered transformational milestones, driving growth through safety, speed, efficiency and responsibility,” stated Owalabi.…

Euro Climbs to $1.17 on Broader Dollar Weakness The euro climbed above $1.17, its strongest level since late July, as broad US dollar weakness followed the latest report on jobs data that signalled further cooling in the labor market. The report reinforced expectations of a Fed rate cut later this month, with markets now pricing around 66bps of easing in 2025. Following a week of poor labour market data, the market now faced an inevitable rate cut on 17 September, and analysts expressed that the only debate is whether it will be 25bp or 50bp. Inflation will be the last…

Investment Firms See Upside in Holding Ecobank Shares Ecobank Transnational Incorporation attracted buying recommendation from investment firms as analysts see significant upside potential amidst plan to redeem promissory notes. Data from the Nigerian Exchange showed that market value of the Pan African group’s 18.349 billion shares outstanding declined to N660.583 billion at the close Equity analysts at Apel Asset Limited estimated 185.09% upside potential for investors holding shares in Ecobank Transnational Incorporated at reference price of N36.55. Trading data showed Ecobank has boosted shareholders wealth by 30.54% from the beginning of the year to date. This reflects investors’ positive sentiment,…

Fitch Assigns Saudi Arabia’s New Sovereign Sukuk Programme ‘A+’ Rating Fitch Ratings has assigned Saudi Arabia’s trust certificates issuance programme, issued through KSA Ijarah Sukuk Limited, a rating of ‘A+’. In a rating note, Fitch stated that the rating is in line with Saudi Arabia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘A+’/Stable. KSA Ijarah Sukuk Limited is incorporated in the Cayman Islands as a limited liability company for the purpose of participating in the transactions contemplated by the transaction documents. It is wholly owned by Saudi Arabia and is the issuer, trustee, purchaser, and lessor. Saudi Arabia, acting through…

First Holdco Slides, Investors Return Underperforms Benchmark With 15.86% year to date return on investment in First Holdco Plc, the group has underperformed the Nigerian Exchange (NGX), suggesting the financial group has been more volatile than the broader market. Investors are not holding First Holdco shares for long term before they sell down, and the volatility caused return on investment to keep trailing its rival’s performances. Investors who bet N1 million naira on First Holdco in January would have a total of N1,158,600. If the same amount is put in Zenith Bank, investors would have N1,450,500 and GTCO would give…

Oil Prices Decline on Weak U.S. Demand Expectations Oil prices slipped on Friday after US crude inventories rose unexpectedly and ahead of an OPEC+ meeting where producers are expected to raise supply targets. Brent Crude was trading at $66.61 per barrel, down 0.06% from the previous close of $66.65. US benchmark West Texas Intermediate (WTI) fell 0.5% to $62.69 from $63.03 in the prior session. The US Energy Information Administration (EIA) said commercial crude oil inventories unexpectedly rose by 2.4 million barrels last week to 420.7 million barrels. Market forecasts had pointed to a decline of about 2 million barrels.…

Federal Govt. Eyes 10bn SCF Gas Production by 2030 The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has reaffirmed the country’s commitment to producing ten billion Standard Cubic Feet (SCF) gas per day by 2030. This is contained in a statement by the Director, Information and Public Relations in the Ministry of Finance, Mr Mohammed Manga, in Abuja on Thursday. Edun, while receiving the management of Nigeria Liquidifer Natural Gas Limited (NLNG), discuss critical issues aimed at shaping the future of Nigeria’s gas industry, including production targets, investment climate, and ongoing reforms. He said the…

MTN Nigeria Trades Flat at N9.133trn as Momentum Paused MTN Nigeria Plc has paused the momentum, with telecom company share trading flattish at N435 in the equity segment of the Nigerian Exchange (NGX). The stock market price of the telecommunication company is more than 12% below its highest value in 52-week, as per trading record in the local bourse. Data from the Nigerian bourse revealed that MTN Nigeria share price flat lined over the past seven trading sessions in the absence of significant activities that could shake its value. The telecom share price had surged to N495 in the local…

Gold Hits Record High as Investors pile into Safe Haven Gold has stormed to fresh record highs, breaking through $3,575 an ounce, as global investors accelerate their flight to safety amid mounting geopolitical and economic turmoil. The precious metal is trading at its strongest levels in history, lifted by expectations of imminent US interest rate cuts, a weakening dollar, and unprecedented central bank demand. In a commentary note made available to MarketForces Africa, Nigel Green, CEO of global financial advisory giant deVere Group, says: “Gold’s surge into record territory underscores the scale of unease among investors. “Currently, we predict the…

Transcorp Climbs as Investors Re-Enter Positions Transnational Corporation Plc surged as investors started making fresh entries into the conglomerate stocks on the Nigerian Exchange trading platform on Thursday. With focus on portfolio that spans power, resources and hospitality, Transcorp has been less volatile in the local bourse after interim dividend announcement. But then, the upside was constraint when compared with monster rally experienced in the Nigerian stock market. Huge trading volume of more than 1.263 million units valued at N59.594 million lifted the company’s share price upward by 8.04% on Thursday. With additional information that reflect changes in its…