
Nigeria Startups Raise 635m As Access Drive Begins
Nigerian startups raised 635 million dollars in nine months as Magna Collective organised an investor connection drive pairing 26 founders with 16 funds.
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Nigerian startups raised 635 million dollars in nine months as Magna Collective organised an investor connection drive pairing 26 founders with 16 funds.

Investors head into the US midterm elections watching fiscal policy, Treasury issuance and sector leadership, with Democrats expected to win the House and a heavy earnings week ahead.

SpaceX shares rose more than 3 percent after a report it is in talks to buy Dish Network Boost Mobile or use its network, opening a path into the $235 billion US wireless market.

IDEXX Laboratories jumped 20 percent after third-quarter revenue of $1.21 billion beat estimates and the company raised 2026 revenue and earnings guidance.

Aradel Holdings grew nine-month revenue 633 percent to N3.95 trillion and averaged 144,700 boepd, up from 24,000 boepd, after consolidating newly acquired subsidiaries.

Oando produced 42,985 barrels of oil equivalent per day and grew nine-month revenue 9 percent, confirming its acquired Nigerian assets are operating at run-rate.

Presco grew nine-month revenue 12.7 percent to N222 billion as Nigeria tight edible-oils market and its integrated palm oil model sustained double-digit demand.

MTN Ghana grew nine-month service revenue 33.5 percent to GHS23.2 billion with EBITDA up 40.6 percent and the margin reaching 61.5 percent as data and fintech drove growth.

Egypt raised the equivalent of more than $650 million by floating shares in state-owned Banque du Caire, adding a major bank to the Egyptian Exchange privatisation drive.

Shareholders of PZ Cussons Nigeria approved a N9.926 billion final dividend for the 2026 financial year at the 78th Annual General Meeting held in Abuja.

Ecobank Group posted nine-month profit before tax of $737 million, up 12 percent, as net revenue climbed 12 percent to about $2.0 billion across its pan-African footprint.

A private China manufacturing index held at 52.0 for an eleventh month above 50 while the official gauge fell to 49.3, splitting the recovery between exporters and heavy industry.

The S&P Global Eurozone Manufacturing PMI eased slightly to 52.7 in October for a ninth straight month of growth as input costs hit a five-month high, keeping ECB rate pressure alive.

The UK Manufacturing PMI climbed to 52.8 in October with the strongest output growth in more than two years, just as fast-rising costs put a Bank of England rate rise back on the table.

Dangote Group and MRS Oil & Gas signed a fuel supply deal with Cameroon state refiner Sonara, extending Nigerian refinery exports across Central African markets.

The five Nigerian groups in a 22-bank African ranking posted the lowest loan-to-deposit ratios as recapitalisation and fresh bad-loan recognition kept credit growth behind deposits.

Stanbic Bank Botswana opened a P1.37 billion IPO selling 319.4 million existing shares at P4.30 to lift public ownership to 20 percent, with trading expected 7 December.

The IMF Global Markets Monitor warned markets may be underpricing a US inflation re-acceleration while widening Treasury funding gaps push issuance toward short-dated debt.

US stocks closed mixed as rotation out of technology ran on, Brent crude slid 7.6 percent on Middle East talks and Apple shares fell after weak guidance.

Japan's industrial production rose 2.2% in September to 104.1, the first rise in three months, led by motor vehicles as plants recovered from August disruptions.

FMC reported a $2.07 billion GAAP net loss and $106 million revenue after pricing-model resets and channel inventory actions, with full-year guidance cut sharply.

Xerox reported a $1.02 billion quarterly loss after a $959 million goodwill impairment tied partly to memory price increases, and suspended common and preferred dividends.

Nascon Allied Industries grew third-quarter revenue 9.5% to N39.19 billion but profit before tax slipped 2.8% to N13.40 billion as input costs pressed margins.

Canadian National Railway grew Q3 revenue 15% to C$4,771 million with adjusted EPS up 18%, upgraded grain-crop assumptions, and raised nine-month free cash flow 25%.