Author: Marketforces Africa

South African Rand Rises as FX Reserves Hit Historical High South African rand rose against the US dollar as the nation’s foreign exchange reserves increased, according to latest update obtained from the authority. Gross foreign exchange reserves in South Africa rose to a new historical high of $70.420 billion in August 2025 from $69.161 billion in the previous month. The increase was mainly driven by higher gold reserves worth $13.757 billion, up from $13.332 billion in July, foreign currency reserves totalling $50.160 billion up from $49.395 billion) and SDR holdings ($6.499 billion vs $6.434 billion). Additionally, the forward position, representing…

British Pound Rises to $1.35 as Dollar Weakens The British pound rose above $1.35, lifted by broad dollar weakness after US jobs data pointed to further cooling in the labor market. The US dollar lost ground broadly during trading hours on Friday. The market anticipates a US Federal Reserve rates cut in September as labour market underperformed expectations. FX markets now pricing about 66 basis points of easing in 2025. The US economy added just 22K jobs in August, well short of the 75K forecast, while the unemployment rate rose to 4.3%, the highest since 2021 and in line with…

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…