Author: Marketforces Africa

MarketForces Africa, a Financial News Media Platform for Strategic Opinions about Economic Policies, Strategy & Corporate Analysis from today's Leading Professionals, Equity Analysts, Research Experts, Industrialists and, Entrepreneurs on the Risk and Opportunities Surrounding Industry Shaping Businesses and Ideas.

FPIs Exit Short-Dated Holdings in FGN Eurobond

Markets

FPIs Exit Short-Dated Holdings in FGN Eurobond Benchmark interest rate hikes in the United States and Europe have triggered an increase in selloffs on the Federal Government of Nigeria (FGN) Eurobond in the international debt capital market. US Federal Reserve announced 25 basis points increase in fund rates to 5% -5.23% this week with a similar development from the European Central Bank (ECB) amidst inflation-fighting policy tightening.  Reacting to the development, foreign portfolio investors (FPIs) exited their short-dated holdings, thus pushing the Eurobond yield curve upward. In July, Nigeria will settle a $500 million Eurobond repayment and analysts hope to…

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Nigerian Exchange Gains as Traders Execute Buy Orders

News

Nigerian Exchange Gains as Traders Execute Buy Orders The equities market halted its downward trend Thursday as stockbrokers executed large buy orders. The positive share price movements on mid and heavyweight counters lifted performance indicators and year-to-date return improved. Data from the domestic bourse showed that the Nigerian Exchange  (NGX) All-share index inched upward by 82.98 basis points today, representing an increase of +0.16% to close at 52,290.75. Market activities were up, as the total volume and total value traded for today increased by +89.55% and +39.36% respectively. In a market brief, stockbrokers at Atlass Portfolios Limited said approximately 1,270.13…

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