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S&P Global has upgraded its long-term ratings on Nigeria to ‘B’ from ‘B-‘, citing higher oil production and prices, the large increase in domestic refining capacity, and the 2023 decision to liberalise the exchange rate.

The Nigerian Exchange (NGX) year-to-date return climbs to 62.27% on Wednesday as funds continue to rotate into risky assets, though stockbrokers spotted a slowdown in momentum.

The Nigerian Exchange (NGX) All-Share Index (ASI) declined by 58 basis points, or 0.58%, on Tuesday amid sell pressure across key sectors. Investors took profits in stocks that recently recorded significant uptrends.

Global markets remained under pressure as oil prices surged on escalating Middle East tensions and persistent inflation concerns. Wall Street ended mixed, with the S&P 500 marginally down 0.04%, the Dow Jones closing 0.57% lower.

The Debt Management Office (DMO) increased rates on Nigerian government bonds across reopened 5- and 7-year papers, amid softer subscription levels.

Interest in Undervalued Stock to Fuel Rally in Nigerian Market Buying interest in undervalued stocks is expected to fuel a…

Offshore Investors Increase Position in Nigeria Eurobonds The Nigerian sovereign Eurobonds rallied in the international market as offshore investors increased…

Nigeria’s Eurobonds Yield Rises to 11.7% over Sell Pressure Nigeria’s foreign costs of borrowing spiked as benchmark yield on the…

African Countries Keep Cool as China, EU Respond to U.S Tariffs China and the U.S. bicker in a show of…

Short-term Interest Rates Rise as Banking Deficit Soars The short-term benchmark interest rates soared in the money market as banking…