NGX reverses gains as investors lose N445bn –

The Nigerian Exchange reversed previous gains on Wednesday, April 16, as investors lost N445bn following a widespread decline in banking stocks, especially Guaranty Trust Holding Company and Zenith Bank. At the close of trading, the All-Share Index dropped by 708.14 points, representing a 0.68 per cent decline, to settle at 103,851.88 points. This downward movement also dragged the overall market capitalisation from N65.7 tn to N65.3 tn, reflecting a N445 bn loss in value. The decline in the market was primarily driven by sharp sell-offs in top-tier banks. Guaranty Trust Holding Company recorded the worst performance on the losers’ chart with an 11.94 per cent drop to close at N59.00 per share. Zenith Bank followed closely with an 11.65 per cent dip to close at N44.00 per share…..(Read More)

 N800/litre petrol in sight as oil prices tumble –

The drop in crude oil prices and the resumption of the naira-for-crude arrangement for local refiners may push the pump price of Premium Motor Spirit (petrol) further down to about N800 per litre in the coming weeks or months, oil marketers and industry analysts said on Wednesday. This comes as the Dangote Petroleum Refinery reduced its ex-depot price for PMS to N835 per litre, its second downward adjustment in less than seven days. The industry players, however, pointed out that the N800 per litre price could be achieved if crude drops further to $50 per barrel and marketers depend less on foreign exchange to buy products. Brent, the global benchmark for crude, was about $65 per barrel on Wednesday……..(Read More)

 Fitch projects Nigeria’s external debt service to hit $5.2bn in 2025 –

Fitch, a global rating agency, has projected that Nigeria’s external debt service bill will increase to $5.2 billion this year. According to the Debt Management Office (DMO), Nigeria’s external debt service was $1.07 billion as of December 2024. In its rating commentary on Nigeria, published on April 11, the credit rating firm said the service bill would rise further in 2025. “Government external debt service is moderate but expected to rise to USD5.2 billion in 2025 (with USD4.5 billion of amortisations, including a USD1.1 billion Eurobond repayment due in November 2025), from USD4.7 billion in 2024, and fall to USD3.5 billion in 2026,” Fitch said. Nigeria’s debt payments are growing much bigger this year…..(Read More)

Access Holdings posts N642.2bn profit –

Access Holdings Plc recorded a profit after tax of N642.2bn for the financial year ended December 31, 2024. This marked a four per cent increase from the N619.3bn reported in 2023. The group’s audited financial statement released on the Nigerian Exchange Limited on Wednesday showed that Access Holdings’ gross earnings jumped by 88 per cent to N4.88 tn in 2024, up from N2.59 tn in 2023. Additionally, profit before tax for the period stood at N867.0bn, representing a 19 per cent rise from N729.0bn in 2023. This was achieved despite an increase in operating expenses and impairment charges. Meanwhile, the group’s income tax expenses also rose sharply…..(Read More)

African private capital falls to $1.6bn as mega deals shrink — Report –

 Africa’s private capital market started 2025 on a quieter note, as the total disclosed deal value dropped significantly to $1.6 billion in the first quarter of the year, according to a new report. Data from Stears’s latest Private Capital in Africa Activity Report disclosed that this is a stark contrast to the $4.7 billion recorded in Q4 2024. “The drop in transaction value primarily reflects a shift in deal size composition, with investors moving away from mega transactions (valued above $75 million) towards more moderately sized large deals (ranging from $25 million to $75 million),” it said. Despite the value dip, deal activity remained strong, with 105 transactions tracked during the quarter broadly in line with the 106 transactions in the previous quarter and markedly higher than the 88 recorded in Q1 2024..…(Read More)

China calls US extortionate tariff hikes ‘numbers game’ –

Denouncing the use of tariffs as a “weapon” to “coerce and bully others,” Beijing on Thursday said the latest 245% levies on the Chinese imports by the US have become a “numbers game.” “You should probably ask the US side as to how they arrived at that figure,” the Chinese Foreign Ministry said in a statement in response to the White House’s latest tariffs hike on Chinese imports. “The US’ extortionate tariff hikes on China have become a numbers game, which economically does not make much actual difference anymore, except further demonstrating how the US weaponizes tariff to coerce and bully others,” the ministry said. The White House in a fact sheet Tuesday mentioned that Chinese imports face a maximum 245% tariffs….(Read More)