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Nigerian Oil Sells Cheaper as Unsold Cargoes Increase Amidst global economic uncertainties, Nigerian crude oil differentials slipped again as sales in key markets in Europe and India have slowed. Numbers of cargoes that have remained unsold increase as demand from major buyers drop. This could have a run on fiscal performance, according to analysts, noting […]

Inflation Eases to 4.5% in France As world power contends with a spike in the consumer price index, France’s annual inflation rate slowed to 4.5% in June from 5.1% in May, thanks to a downturn in energy prices, preliminary data from the National Institute of Statistics and Economic Studies showed Friday. Ahead of data release, […]

Nigerians Switch to Survival Mode as Naira Loses Allure With very steep currency inflation, the middle class economy is fast collapsing, and Nigerians at the near end of the poverty index are on the rise as the naira loses its allure – big time, no joke, analysts told MarketForces Africa at a meeting. The race […]

IMF Approves US$73.6m Loan for Cameroon to Support Reform Resulting in an immediate disbursement of $73.6 million, the Executive Board of the International Monetary Fund (IMF) completed today the Fourth Reviews of Cameroon’s Fund-supported program. According to a statement, the three-year blended arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) […]

CardinalStone Sees Strong Upside in GTCO, Soft on Zenith Bank Multi-asset investment management firm, CardinalStone Partner Limited, has released estimates on Nigeria’s big banks after strong stock market re-rating that pushed their combined valuation above N3.5 trillium. In an update, equities analysts at CardinalStone Securities see a strong upside in GTCO Plc than Zenith Bank […]

South Africa Consumer Confidence Slumps IN Q2 Consumer confidence in South Africa fell to -25 points in the second quarter from -23 points in the prior three-month period, the Bureau for Economic Research said Thursday. The latest reading reflects the significant deterioration of sentiment among high-income households, painting a bleak picture for the retail industry, […]

FX: ‘There’s Need to Recapitalise Nigerian Banks’ A stronger banking industry will emerge following the apex bank’s decision to relax its fist on managed foreign exchange management policy, according to Ada Ufomadu, GCR Ratings sector, financial institutions. Ufomadu explained that with the large devaluation of the naira, said there is a need to recapitalise banks, […]

Zambia’s Debt Deal Accelerates Next Stage of Restructuring The official creditor committee (OCC) and Zambian authorities’ agreement on restructuring USD6.3 billion in bilateral debt should allow the country to complete the first review of its IMF Extended Credit Facility arrangement, says Fitch Ratings. This would pave the way for the release of around USD188 million […]

NDPC Investigates 3 Banks, Varsity Over Alleged Data Breach The Nigeria Data Protection Commission (NDPC) says it is investigating three banks, a university and other suspects over an alleged data breach. The commission listed Zenith, Fidelity, Guarantee Trust Banks, Babcock University and Leadway Insurance, among others for the interaction. Dr. Vincent Olatunji, the National Commissioner […]

Banks, Oil & Gas Stocks: Buy, Hold or Sell Several equities analysts have been adjusting their estimates as order books continue to be filled. Guess what, Nigerian investors are building wealth in the stock market now, Nigerian Exchange remains on top of the list of best-performing bourses globally. For us, two things have been driving […]

Investment Headwinds, Tailwinds for Second Half of 2023: Navigating Uncertainty Inflation, a slowing global economy, and high stock valuations present the three major challenges for investors in the second half of 2023. They must be prepared to navigate through ‘significant headwinds’ while capitalising on the tailwinds that offer promising prospects. This is the analysis of […]

France’s highest administrative court has ruled that the country’s football federation is entitled to ban hijab (headscarves) in competitions even though the measure can limit freedom of expression. The Council of State issued its ruling on Thursday after a group of headscarf-wearing football players called “Les Hijabeuses” campaigned against the ban and launched legal action, […]