Author: Marketforces Africa

GCR Upgrades Globus Bank Ratings with Stable Outlook GCR Ratings has upgraded Globus Bank Limited’s national scale long term rating to BBB(NG) from BBB-(NG) and affirmed the short-term rating at A3(NG). Concurrently, the outlook on the rating was affirmed at stable, the African markets-focused ratings agency said in its latest update on the bank. The rating upgrade reflects Globus Bank Limited’s improved competitive position and capitalisation assessment, underpinned by additional capital injection and stronger earnings capacity, GCR said. It stressed that the ratings also balance Globus Bank’s stable funding structure, adequate liquidity and sound asset quality metrics. In the financial…

London to Bridge Cross-border Transaction Gaps for Nigerian Tech Startups The Deputy Mayor of London, Howard Dawber, has identified the ease of opening accounts in London banks as a major hurdle for Nigerian businesses in facilitating seamless cross-border financial transactions. Dawber, who was part of the London trade mission delegation to Nigeria, disclosed this to newsmen during the delegation’s visit to Lagos. The deputy mayor acknowledged that while Nigerian tech startups were innovating and creating valuable solutions, this significant hurdle remained a challenge in facilitating seamless cross-border financial transactions. He underscored London’s commitment to fostering stronger economic partnership with Nigeria…

Investors Take Positions in FirstHoldco, Access, BUA Cement FirstHoldco, Access Holdings, BUA Cement, and other major market movers drove the Nigerian Exchange to a high pitch during the intraday trading session on Thursday. The stock market has continued to attract investors’ attention ahead of the second quarter earnings release, while investors are anticipating interim dividends from dividend aristocrats. Some stocks have witnessed sharp volume transactions. There were block trades in First Holdco amidst the decision of its previous board leaders selling down their interest to pave the way for peace. Other banking stocks have also seen increased rerating ahead of…

Euro Slides to $1.16 on EU Diplomatic Reaction to US Tariff The euro fell to $1.16, the lowest level in about a month, pressured by a modest rebound in the US dollar while the European Union seeks to close a trade deal with the United States. Today, the US dollar’s strength was supported by easing expectations of Fed rate cuts this year, following recent inflation. Boosting sentiment in the forex market, President Donald Trump has signaled he would not dismiss Fed Chair Jerome Powell for failing to cut fund rates despite threats. The market saw an increase in demand for…

British Pound Slides after Trump Refutes Fed Chair Removal The British pound traded around $1.339, near an eight-week low, mainly due to renewed strength in the US dollar as Washington allayed fear of Fed chair removal. The market saw an increase in demand for dollar while companies closed options previously hedged against the world dominant currency in the forex market. Dollar index (DXY) regained strength as investors’ sentiment fuel renewed interest in dollar positions. Hence, the dollar rose to a three-week high after former President Trump said he had no plans to fire Fed Chair Jerome Powell, despite criticizing the Fed for…

Burkina Faso Cashew Cultivation, Lever for Sustainable, Inclusive Development Launched in 2017 and completed in 2024, the Cashew Development Support Project in the Comoé Basin for REDD+ (PADA/REDD+) exemplified sustainable development. The project combined poverty reduction, ecological transition and the empowerment of women and young people, achieving a remarkable implementation rate of 95 percent. It has revitalised the cashew nut industry, Burkina Faso’s third largest agricultural export after cotton and sesame. The PADA/REDD+ project received support from the African Development Bank, which granted a loan of $4 million, and the African Development Fund, the Bank Group’s concessional funding window, with…

Oil Prices Jump Amidst Geopolitical Tensions, U.S Stockpile Falls Oil prices increased as US inventories rose amid escalating geopolitical tensions in the Middle East, bolstering concerns over potential supply disruptions and strong demand prospect. Price of international benchmark Brent crude rose by around 0.02%, trading at $68.05 per barrel, up slightly from $68.03 at the previous session’s close. Similarly, US benchmark West Texas Intermediate (WTI) crude increased by 0.09%, settling at $65.50 per barrel, compared to $65.44 in the prior session. The Counter-Terrorism Unit of the Kurdish Regional Government (KRG) announced Wednesday that 3 separate oil fields in the city…

Nigerian Exchange Hits New Highs as Investors Gain N1.44trn The Nigerian Exchange (NGX) market capitalisation soared on Wednesday as investors gained more than N1.44 trillion due to sustained bargain hunting across key indexes. All key indicators are trading at all-time highs as the domestic bourse resumed on a bullish note after the holiday. Data from the Exchange showed key market performance indicators advanced by 1.80% on Wednesday, and year-to-date return also advanced to 25.30%. The local bourse continued its bullish momentum from the previous sessions before the break, buoyed by increased buying interest in both mid and large cap stocks.…

Naira Drops Value Against Dollar as FX Demand Rises The naira value dropped against the US dollar at the foreign exchange market due to increased demand for US dollars at the official window. Data from the Central Bank of Nigeria (CBN) showed that spot fx rate was quoted at N1530.25 per greenback. Further details revealed that the transaction rate reached an intraday high of N1533 and briefly touched N1527 per dollar before it closed at N1531. The exchange rate depreciated amidst rising external reserves, which printed higher at $37.638 billion at the beginning of the week, according to CBN Update,…

MTN Nigeria Hits N400 Per Share in Equities Market MTN Nigeria Plc rallied in the equities market on Wednesday as the price surged to N400 per share for the first time since it became a publicly listed company. The telecommunication company’s share price had plunged sharply before the latest market recovery, boosted by anticipation of earnings growth. According to data from the Nigerian Exchange (NGX), the telecom company’s share price rose to N400, its fresh all-time high, after successively breaking out every line of resistance. The price surge on Wednesday followed a huge volume of the telco stock traded at…