President Donald Trump imposes fresh tariff on Canada
Global Macro Highlights
President Donald Trump imposes fresh tariff on Canada
U.S. President Donald Trump has announced a 35% tariff on Canadian goods, citing a “financial retaliation” to earlier duties. The new tariffs are set to take effect on August 1, 2025, alongside additional blanket tariffs of 15–20% on other trade partners. Adding to the turbulence, the US confirmed a 50% import duty on copper, aligning it with existing levies on steel and aluminum, and hinted at a possible 200% tariff on pharmaceuticals in the near term.
UK Economy Slips Again as GDP Contracts for Second Consecutive Month
The UK economy posted another mild contraction in its May 2025 GDP growth, shrinking by 0.10% after a 0.30% dip in April, according to data from the Office of National Statistics (ONS). Despite earlier hopes for a rebound, buoyed by easing energy prices, the momentum remained weak, as gains in their services sector were not sufficient to offset declines in industrial production and construction.
South Africa’s Manufacturing sector expands by 0.5%
South Africa’s manufacturing sector growth showed signs of recovery in May 2025, posting a growth of 0.50% YoY marking a significant reversal from the sharp 6.40% decline recorded in April. The strongest support came from the basic iron and steel, non-ferrous metals, metal products, and machinery segment, (+4.30% vs -6.50% in April) – contributing 0.9pts to overall output. Other key contributors to the recovery included the glass and non-metallic mineral products sector (+4.20% vs 2.00%), wood, paper, and publishing (+3.10% vs -0.60%), and textiles, clothing, and leather (+1.70% vs -4.30%).
Global Equities Market
Weekly Performance of Major Global Indices
Domestic Events
CBN Tightens Oversight as Banks Face New Capital Restoration Mandate
The Central Bank of Nigeria (CBN), this week, directed banks under regulatory forbearance to submit a comprehensive Capital Restoration Plan. The plan is expected to outline a clear path toward meeting capital adequacy requirements, focusing on cost optimisation, reduction of risk-weighted assets, and realignment of affected bank’s business models. In addition, banks are now required to submit quarterly disclosures on key performance and compliance metrics to the Apex bank to enhance transparency and regulatory oversight. This move signals increased regulatory scrutiny aimed at strengthening the financial system. In the near term, banks may adopt more conservative lending practices, tighten risk management frameworks, and intensify cost efficiency efforts.
GTCO Expands Market Presence with NGX Share Listing and Dual LSE Debut
Guaranty Trust Holding Company Plc (GTCO) has successfully listed an additional 2.29 bn ordinary shares on the Nigerian Exchange (NGX) at NGN70.00 per share. This comes on the heels of its dual listing on the London Stock Exchange (LSE) on July 9, 2025, marking a major milestone in its public offer. This raises GTCO’s total issued and fully paid shares to 36.43 bn, up from 34.14 bn prior to the additional listing. The company has also set ambitious post-listing targets, including a minimum dividend yield of 15% and a return on equity (ROE) of at least 25%, signaling confidence in its earnings strength and growth trajectory. Following these developments, the ticker rallied by +14.06% WoW on the NGX.
U.S. Tightens Visa Rules for Nigerians with New Single-Entry, 3-Month Limit
In a significant shift, the US Department of State has revised its visa policy for Nigerian nationals, now limiting most non-immigrant, non-diplomatic visas to single-entry permits valid for just three months. The new policy, effective immediately, is part of the US government’s broader efforts to standardize global visa issuance in line with security and immigration protocols. This development is likely to have far-reaching implications for Nigerians who frequently travel to the US for business, education, or tourism. It could also potentially affect remittance flows from short-term Nigerian migrants in the U.S.
Equities Market – Sectorial Performance
Weekly Performance of Sectorial Indices
Stocks Top Picks for the Week
Fixed Income Opportunities for the week
