The Editorial Team |

Egypt’s CIB eyeing Citigroup’s retail operations

CAIRO (Reuters) – Egypt’s Commercial International Bank (CIB) said on Wednesday Citigroup had opened its books for a due diligence process that could lead to the purchase of its retail portfolio.Citigroup said it is pulling out of consumer banking in 11 markets, including Japan and Egypt, as the U.S. bank with the biggest international business looks to cut persistently high costs.The third-largest U.S. bank, built with a series of acquisitions spanning back to the 1980s,…

African Market Watch: Tuesday, 10th March 2015

Posted on by The Editorial Team

Egypt: The Egyptian Exchange (EGX) slid on Tuesday, losing around EGP 1.3 billion of its capitalization as traders booked gains from most leading stocks. The benchmark index EGX30 shut slightly lower by 0.04% at 9709.5 points, while small and mid-cap index EGX70 lost 0.52% to 566.38 points. The broader index EGX100 ended 0.34% lower at 1132.29 points. Today’s turnover amounted to nearly EGP 2 billion, while traded volume reached 153.2 million shares and number of…

African Market Watch: Monday, 9th March 2015

Posted on by The Editorial Team

Egypt: The Egyptian Stock Exchange (EGX) indices ended on a mixed note on Monday as the benchmark index EGX30 added 0.78% to 9,713.61 points, while market capitalisation gained EGP 1.4 billion. The EGX70, which measures small and mid-cap stocks, inched down 0.28% to 566.38 points, while the broader index EGX100 gained 0.03% to 1,139.14 points. Today’s turnover amounted to EGP 667.5 million, while traded volume reached around 166.4 million shares sealed through 19,700 transactions. The…

African Market Watch: Friday, 6th March 2015

Posted on by The Editorial Team

Kenya: The NSE 20 Index dropped 37.83pts to close at 5,373.22pts. The NASI Index gained 0.23pts to close at 172.51pts with total market capitalization at KES 2,408mn. Market activities measured by volume and value traded were recorded at 36,466,000 shares and KES 1,062.271mn. The market sentiment was positive today, as the market breadth (advancer/decliners ratio) berthed at 1.7x with 25 advancers and 15 decliners. On the one hand, topping the price gainers list were Crown…

Nigeria’s banking share index up 7.4 percent

Posted on by The Editorial Team

The Nigeria’s Top-10 banking index surged 7.4 percent at the end of Friday’s trading day, as a result of the two top lenders reported higher profits, Guaranty Trust Bank (GTB) and Zenith Bank recorded an impressive growth of 14.8% year-on-year in gross earnings to N403.3bn from N351.5bn in FY:2013. Likewise, GTB gross earnings advanced 14.8% from N242.7bn in 2013 financial year to N278.5bn in 2014 financial year, 4.3%. Their shares rose by 10.2 percent. The benchmark index –…

Zenith Bank Gross Earnings up 14.8%

Posted on by The Editorial Team

Zenith Bank (“Zenith” or “the Bank”) yesterday released its audited FY:2014 result on the floor of the Nigerian Stock Exchange (NSE), outperforming our expectations. We present the highlights of the result and our FY:2015 estimates. Gross Earnings up 14.8% Y-o-Y; PAT up 4.3% Y-o-Y The wave of the release of banks’ FY:2014 results intensified yesterday, building investors’ momentum as Zenith recorded positive growth in both top and bottom line notwithstanding Central Bank of Nigeria’s (CBN)…

Blackstone eyes opportunities in African power shortages

Posted on by The Editorial Team

DAKAR (Reuters) – Private equity will play a key role in developing Africa given the massive needs for capital on the continent, says Blackstone Group, which is focusing on infrastructure projects involving power generation and transmission. CEO Steve Schwarzman said he would continue to seek partners like Aliko Dangote — Africa’s richest man, with whom Blackstone has a $5 billion joint venture — to ensure that Blackstone’s experience and deep pockets are matched by local…

« 1 … 123 124 125 126 127 … 141 »