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Oil prices increased on Monday amid rising tensions in the Strait of Hormuz. The United States has indicated its support for commercial shipping in the area, while Iran has warned that it will target any American intervention.
The South African rand weakened against major crosses in the foreign exchange market as investors sought positions in safer global currencies amid geopolitical pressures.
Hopes for de-escalation in the Middle East set the tone for global markets, with Wall Street’s S&P 500 ending the week up 0.29% and the NASDAQ up 0.89%, First National Bank said in a morning brief on Monday.
The Kenyan shilling (KES) gained strength against major crosses in the foreign exchange market last week, reflecting the absence of significant pressure on the local currency amidst growing diaspora remittances.
Cement company Lafarge Africa Plc’s post-earnings stock market valuation surged about 19% to N5.64 trillion, according to data obtained from the Nigerian Exchange (NGX).
The top 7 members of the oil group, the Organisation of Petroleum Exporting Countries and allied (OPEC+), announced on Sunday a production adjustment of 188,000 barrels per day (bpd) starting from June.
MTN Nigeria Plc.’s market value topped N19 trillion on the Nigerian Exchange (NGX) as robust earnings performance triggered strong bargain hunting in the local bourse.
XRP price is locked at $1.40 after Ripple tightened supply following its monthly activities. The token has seen a significant price increase after failing to break the resistance level since last week.
Bitcoin (BTC) price topped $79k on Sunday as crypto investors continued to increase their positions amid the recent launch of Hyperliquid’s prediction market.
Nigeria will rake in N6.8 trillion in fiscal windfall from the global energy crisis, which has increased oil prices across grades, BMI, a Fitch Solutions Company, said in a monthly update obtained by MarketForces Africa.