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Stocks Drop, Bonds Gain, Euro Falls on ECB Minutes

Stocks Drop, Bonds Gain, Euro Falls on ECB Minutes

The euro fell against all its major peers and European stocks dropped as minutes from the region’s last central bank meeting revealed concern among officials that the currency could overheat. All major U.S. equity gauges were down in early trading. The Stoxx Europe 600 Index briefly reversed its decline before sliding again as weakness in […]

Labour Data Lifts The Sterling Against Euro

Labour Data Lifts The Sterling Against Euro

The British pound sterling recovered on Wednesday, from its lowest levels against the euro in 10 months after data showed wages rising faster than expected in the three months to June, and the unemployment rate falling further. Analysts had called for earnings to rise by as much as 1.8 percent and the 2.1 percent jump, […]

Morgan Stanley Predicts Euro Parity With Sterling For 2018

Morgan Stanley Predicts Euro Parity With Sterling For 2018

U.S. investment bank Morgan Stanley raised its currency forecasts for the euro on Friday, predicting it would hit $1.25 early next year and be one-for-one versus the Britain’s pound sterling, for the first time in its 18-year history. Morgan Stanley also cut its forecast for the Mexican peso to 20 per dollar MXN= in the third quarter […]

China’s Yuan Rebounds Vs Dollar,, Set To Snap 4-day Losing Streak

China’s Yuan Rebounds Vs Dollar,, Set To Snap 4-day Losing Streak

Poised to break a four-day losing streak, China’s yuan rebounded against the U.S. dollar by midday on Thursday, as the greenback weakened on growing uncertainty over the pace of U.S. interest rate rises. The dollar fell overnight after the release of minutes from the Federal Reserve’s July meeting that showed policymakers appeared increasingly wary about […]

CBN Inter-Bank Forex Market To The Tune of $364m

CBN Inter-Bank Forex Market To The Tune of $364m

The Central Bank of Nigeria (CBN) on Tuesday, August 15, intervened in the Inter-Bank Foreign Exchange Market to the tune of $364million in a bid to sustain liquidity in the market. A breakdown of Tuesday’s forex intervention indicates that the Retail Secondary Market Intervention Sales (SMIS) received the largest allocation of $264,192,252.95. The CBN also […]

FG To Make N30.5tn Revenue From Non-oil Export

FG To Make N30.5tn Revenue From Non-oil Export

These products are palm oil, cashew, cocoa, soya beans, rubber, rice, petrochemical, leather, ginger, etc. The Federal Government of Nigeria is targeting annual non-oil export revenue of $100bn (about N30.5tn, at N305 per dollar exchange rate) through the implementation of the Zero Oil Plan. The projection is contained in a document prepared by the Nigerian […]

NNPC, IOCs Lift Oil Worth N11trn In 12 months

NNPC, IOCs Lift Oil Worth N11trn In 12 months

The Nigerian National Petroleum Corporation (NNPC) and International Oil Companies (IOCs) operating in the country including independent oil companies lifted crude oil and condensate worth over $36.023 billion between March 2016 and March this year, according to NNPC April statistical report. This translates to N11.005 trillion at an exchange rate of N304.5 to a US […]

Factors To Watch On African Markets – Aug 14

Factors To Watch On African Markets – Aug 14

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday. *GHANA – Ghana’s Finance Minister holds news conference on the state of the economy. GLOBAL MARKETS Asian stocks bounced on Monday after three losing sessions, tracking a firmer Wall Street, while the dollar was […]

NSE: Market Capitalisation Increases By N33bn As Trading Reverses

NSE: Market Capitalisation Increases By N33bn As Trading Reverses

Activities on the Nigerian Stock Exchange (NSE) on Friday returned back on a positive territory with the market capitalisation increasing by N33 billion. The News Agency of Nigeria (NAN) reports that the market capitalisation which opened at N13.133 trillion inched N33 billion or 0.25 per cent to close at N13.166 trillion. Also, the All-Share Index […]

Ethereum Hits About 50% High In 2 Weeks

What’s behind the rise? While bitcoin’s bitter infighting and subsequent price rise has taken center stage, rival cryptocurrency ethereum has been quietly pushing higher in the background. On Wednesday, ethereum hit $314.75, the highest level in over a month since it reached $322.28 on June 29, according to CryptoCompare, a platform monitoring live prices of major cryptocurrencies. The price […]

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