Author: Marketforces Africa

Following a moderate buying momentum in the secondary market, the average yield on Nigerian Treasury bills

The average yield on Federal Government of Nigeria (FGN) bonds slumped to 14%

The Nigerian Exchange (NGX) opened positive on Monday as buying interest in large, mid and small cap stocks

Dangote Refinery to Generate $21bn, Employs Youths Amid encomium from eminent personalities, which included President Mohammadu Buhari and five other African heads of state, President of the pan-African Conglomerate, Dangote Industries Limited (DIL), Aliko Dangote disclosed yesterday that the newly commissioned 650,000pbd refinery would employ over 100,000 Nigerians youths as well as generate over $21 billion, therefore saving the country huge forex, that would have been used for fuel importation. The company, according to him, now has over 33,000 employees. Much to the excitement of Nigerians, Dangote said the commissioning has marked the beginning of a new journey of self-sufficiency…

Bank of Ghana has kept the benchmark interest rate unchanged at 29.5%, Governor Ernest Addison

Inflation Fighting CBN to Hike Interest Rate 50bps -Analysts At double-digits, it is unlikely that the monetary policy committee of the Central Bank of Nigeria (CBN) will give up its inflation fighting mood too soon by keeping the policy rate on hold or reducing the benchmark interest rate. Analysts believe such a decision could attract backlash, though monetary policy tightening appears not to be effective in curbing the consumer price index from forming an uptrend. The monetary authority has been criticised for using wrong measures to fight inflation. Ahead of the policy committee meeting in the new week, the benchmark…

Tolu Osinibi, Chief Executive of FSDH Capital said there are still some credibility issues regarding whether foreign portfolio investors

Airtel Africa Falls to N4.4trn on Price Correction After hitting the rooftop earlier in the year, Airtel Africa Plc’s share price has been declining, losing 6% last week to close at N1,175 on Friday, trading data from the Nigerian Exchange (NGX) shows. Airtel Africa grows customers but the telecom company saw its profit reduced year on year, while management put up efforts to deleverage the balance sheet. In its financial scorecard, Airtel Africa’s customer base surged 9% to 140 million, while the mobile money customers base settled at 31.5 million, representing a 20.4% year-on-year growth. Its board of directors excite…

IBM Launches $100m Partnership with Global Universities to Develop Novel Technologies At the G7 Summit in Japan, IBM (NYSE: IBM) announced a 10-year, $100 million initiative with the University of Tokyo and the University of Chicago to develop a quantum-centric supercomputer powered by 100,000 qubits. Quantum-centric supercomputing is an entirely new, and as of now, unrealized, era of high-performance computing. A 100,000-qubit system would serve as a foundation to address some of the world’s most pressing problems that even the most advanced supercomputers of today may never be able to solve. For example, such a powerful quantum system could unlock…

The Infrastructure Concession Regulatory Commission, has said the concessioning of three ports