Weekly Market Review: December 2024, Edition 2

Prologue Last week, Nigeria conducted a successful Eurobond auction, the first issuance since 2022, and it was a revelation of overwhelming investor confidence in the country’s macroeconomic policies. The auction received a total subscription above $9 billion, significantly exceeding the $2.2 billion issued. Analysts believe this strong demand reflected support from a broad array of […]

Mid-Week Market Review: December 2024, Edition 1

Commodities Oil prices witnessed a slight decline on Friday, peaking at a weekly loss of 4.55% for WTI Crude Oil and 2.26% for Brent. This downward pressure was driven by a reduction in concerns about supply disruptions due to the Israel-Hezbollah conflict and growing expectations of increased global oil supply in 2025. These factors outweighed […]

Weekly Market Review: December 2024, Edition 1

Prologue On Tuesday, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) made its latest policy decision, announcing a 25 basis points hike in the Monetary Policy Rate (MPR)—from 27.25% to 27.50%. This brings the MPR increases to a total of 875 basis points since Governor Olayemi Cardoso took office. The recent […]

Mid-Week Market Review: November 2024, Edition 4

Commodities Crude oil prices saw an increase on Friday, rising more than 3% compared to the previous trading session. Over the week, both Brent and WTI crude benchmarks experienced notable gains, with Brent rising by around 6.20% and WTI up by 6.30%. The surge in oil prices came in response to escalating tensions in Ukraine. […]

Weekly Market Review: November 2024, Edition 4

Prologue Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, recently clarified that the current Finance Act will be rendered ‘null and void’ once the proposed Tax Reform Bills are passed into law by the legislative and executive branches of the government. This statement was made during a stakeholder session […]

Mid-Week Market Review: November 2024, Edition 3

Commodities Crude oil prices saw a modest increase on Wednesday as tensions in the Ukraine conflict intensified, alongside signs of rising crude imports by China. As of 10:06 AM, Brent Crude rose 0.66%, reaching $73.794 per barrel, while West Texas Intermediate (WTI) crude increased by 0.81% to $69.802 per barrel. The escalation of the war […]

Weekly Market Review: November 2024, Edition 3

Prologue The recent increase in Nigeria’s foreign reserves, which have risen above $40 billion as of November 13, 2024, signifies a positive shift in the country’s economic outlook. This growth from approximately $33 billion at the beginning of the year and around $38 billion just a month ago reflects improved financial stability and resilience against […]

Mid-Week Market Review: November 2024, Edition 2

Commodities In the oil market, traders are keenly awaiting a series of crucial US economic indicators this week, with the October Consumer Price Index (CPI) due for release later today. Comments from Federal Reserve Chair, Jerome Powell, along with remarks from other key officials, are also expected to shape market sentiment. Oil prices remained near […]

Weekly Market Review: November 2024, Edition 2

Prologue Fitch Ratings has issued a rather unsettling forecast for Nigeria’s banking sector, predicting an uptick in non-performing loans (NPLs) for 2024, as a consequence of the country’s aggressive high interest rates and inflation that seems to have an endless appetite. In its latest credit rating update, Fitch confirmed Nigeria’s Long-Term Foreign-Currency Issuer Default Rating […]

Mid-Week Market Review: November 2024, Edition 1

Commodities Last week, oil prices saw a slight uptick on Friday due to reports indicating that Iran was preparing a retaliatory strike against Israel from Iraq. Despite this, Brent crude recorded a weekly decline of approximately 3.35%, while WTI fell by about 3.19%. The market’s focus shifted back to the U.S. presidential election and ongoing […]