Author: Marketforces Africa

FG Launches Passport Front Office for Senior Public Officials The Federal Government (FG) on Tuesday in Abuja launched a new passport front office specifically for senior public officials. Speaking at the ceremony, the Minister of Interior, Dr Olubunmi Tunji-Ojo said that the office has a specialised facility designated to facilitate a timely and seamless passport process. He stated that the facility was established in response to the persistent challenges faced by senior government officials in accessing passports. “Before now, many top-level public servants had to abandon their official duties and endure long queues at standard passport offices. “It will became…

Stanbic IBTC Raises N148.7 Billion for Recapitalisation  Stanbic IBTC Holdings Plc has successfully concluded its rights issue to existing shareholders, raising N148.7 billion—exceeding the Central Bank of Nigeria’s (CBN) recapitalisation requirement. In a statement issued on Tuesday, the bank said the offer recorded an impressive oversubscription rate of 21.9 per cent, underscoring strong investor confidence and shareholder support. The capital raise, described as a strategic move, positions the group to meet the CBN’s stringent recapitalisation mandate while laying a solid financial foundation for sustained growth and innovation. According to the statement, the successful outcome of the rights issue demonstrates the…

Nigerian Stock Market Soars as Investors Gain N226bn The Nigerian stock market experienced a significant surge, with investors’ portfolio value increasing by over N226 billion by the end of Tuesday’s trading session, according to data from the local bourse. The Lagos exchange closed in positive territory today, extending its bullish run from the previous sessions, as key market performance indicators appreciated by 0.30% on the day. Stockbrokers said the upward trajectory was fueled by sustained buying interest in medium- and large-scale stocks, particularly NGXGROUP, NEIMETH, CADBURY, DANGSUGAR, and 53 others, reflecting continued investor confidence in the bourse’s momentum. The Nigerian…

UBA, Dangote Sugar Drive Intraday Rally on NGX Buying interest in UBA, Dangote Sugar Refinery Plc among others are currently driving the Nigerian Exchange All share index north during intraday trading session. Stockbrokers said the gain may not be sustained as investors sentiment appears to be fluctuating on Tuesday after a positive close at the beginning of the week. The number of trade executed showed that the market temperature could be colder, and any surprise exit trade among the Nigerian Exchange heavyweight could plunged market capitalisation lower, Broadstreet analysts told MarketForces Africa in a phone call. At mid-day, the NGX…

Nigerian Eurobond Yield Rises to 8.54% as FPIs Trim Holdings The average yield on Nigerian Eurobond yield rose slightly in the international market as foreign portfolio investors (FPIs) trimmed their portfolio holdings amidst renewed US tariff threats. Trading activities in the market closed on a bearish note, driven by broad-based sell-offs across the short-, medium-, and long-term tenors, with the SEP-2028 bond witnessing the most significant pressure. Consequently, average yields rose, resulting in 3 basis points increase to 8.54% as investors started to weigh the negative impacts of renewed tariff threats in the global markets. Analysts reported that foreign investors…

AfCFTA Credit Fund Closes $10m investment in Telecel The Credit Fund of the AfCFTA Adjustment Fund has successfully closed its first investment, committing US$10 million to Telecel Global Services Ltd, through a senior secured amortising loan. The transaction marks a significant milestone in the operationalisation of the Fund. The Credit Fund is one of three Funds under the AfCFTA Adjustment Fund, established by the AfCFTA Secretariat and African Export-Import Bank (Afreximbank) to provide targeted transitional support to AfCFTA State Parties and private sector entities as they adjust to the requirements and opportunities presented by the AfCFTA Agreement. Telecel Global Services,…

Brazilian President Slams Trump for Meddling in Internal Affairs Brazilian President Luiz Inacio Lula da Silva has condemned foreign interference in Brazil’s domestic affairs. Lula da Silva made the condemnation after U.S. President Donald Trump urged Brazilian authorities to end prosecution of ex-president Jair Bolsonaro, who is on trial for attempting a coup. “Defending Brazil’s democracy is an issue that concerns Brazilians. We are a sovereign country; we do not accept interference or guardianship from anyone. “We have solid and independent institutions. No one is above the law, especially those who threaten freedom and the rule of law,” Lula said.…

Bitcoin Falls to $108k over Retail Cryptocurrency Selloffs The world’s oldest and largest cryptocurrency, Bitcoin, slipped to around $108,000 level in the cryptocurrency market on Monday as retails investors’ trade exit on top leading digital assets amidst US tariff uncertainties The market value of all cryptocurrency is down by about 0.8%, suggesting mild selloffs are coming from retail traders. BTCUSD floated near $109,000 early Monday, creeping within just 3% of its all-time record, but retreated a few hours later. But the price action holds a big undercurrent as whales dumped coins at scale. Traders said approximately 500,000 BTC—worth more than…

Euro Declines against USD as EU Plans Tariff Response The euro declined against the US dollar on Monday, trading toward $1.17 as investors ’awaited further clarity on upcoming US tariff measures. The global market paused for breath again as investors and forex traders reacted to new tariffs pushed by the US administration with mixed sentiment. Forex options buyers queue behind the greenback after a better-than-expected job report and the expectation that a rate cut will be much easier as Donald Trump plans a shadow Fed chair. The European Union said it is making progress toward a trade agreement with the…

Market Index Climbs as PZ Cussons, GTCO See Intraday Rally The market index or Nigerian Exchange (NGX) all-share index (ASI) is gaining traction during the intraday trading session on Monday as PZ Cussons, GTCO, and other early risers gained investor attention. The local bourse has gained 14 basis points already amidst positive sentiment and downward-sloping yields in the fixed income market. Stockbrokers said the market may likely close in green at the beginning of the trading week, reflecting renewed bargain hunting in some selected stocks with upside potentials. At mid-day, the NGX All Share Index posted a gain of 0.14%,…