The Editorial Team |

Lagos regulator points way to market success in Africa

LAGOS, Nigeria, Capital Markets in Africa — A strong regulatory system that helps the industry to thrive is the key to success for gambling in Africa, according to the head of one of the continent’s leading gaming authorities. Lanre Gbajabiamila, the chief executive of the Lagos State Lottery Board (LSLB), will discuss the achievements of his organisation when he delivers one of the keynote speeches at World Regulatory Briefing Africa (WrB Africa), which will take place in…

Nigerian Equity Markets | 09 Mar 2016: Market Upturns Yesterday’s Bearish Performance…NSE ASI Gain 0.5%

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Lagos, Nigeria, Capital Markets in Africa — The Nigerian equities market reversed yesterday’s bearish performance as the All Share Index appreciated 0.5% to close at 25,885.31 points. Market capitalization, in turn, increased N46.8bn to close at N8.9tn lessening YTD loss to 9.6%. Today’s positive performance was on account of bargain hunting in DANGCEM (+0.5%) and ZENITH (+1.7%) – both Industrial Goods and Banking bellwethers respectively. However, activity level waned as volume and value traded dipped…

GUINNESS NIGERIA RESOLVES DISPUTE WITH NAFDAC

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Lagos, Nigeria – 09 March 2016: Guinness Nigeria can now confirm that a Notice of Discontinuance of the court action instituted against the National Agency for Food and Drug Administration and Control (NAFDAC) and the Attorney General of the Federation has been filed. The action was started following the receipt by the company of a letter dated 9th November 2015 from NAFDAC which, among others, imposed administrative charges of one billion naira (N1billion) on the…

Egypt Equity Markets | 09 Mar 2016: Egypt’s bourse benchmark maintains gains, market cap US$192m higher

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Cairo, Egypt, Capital Markets in Africa — Egypt Exchange equity trading ended in a positive mood for the fifth session in a row at the end of today’s session, the highest level in two months. The equity market capitalization added nearly EGP 1.5 billion (about US$192 million) to end at EGP 402.892 billion relative to the previous market capitalization of EGP 401.359 billion. The benchmark index EGX30 gained 32.80 points or 0.52 percent to close at 6,372.64…

Moody’s places South Africa’s Baa2 ratings on review for downgrade

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Johannesburg, South Africa, Capital Markets in Africa — Moody’s Investors Service has today placed the Baa2 bond and issuer ratings of the government of South Africa on review for downgrade. Also placed on review for downgrade were South Africa’s (P)Baa2/(P)P-2 shelf and MTN program ratings. The decision to place the ratings on review was prompted by the continuing rise in risks to the country’s medium-term economic prospects and to its fiscal strength, notwithstanding the tighter…

Moody’s puts three Nigerian banks on review for downgrade

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LAGOS, Nigeria, Capital Markets in Africa — Moody’s Investors Service has placed on review for downgrade the long-term ratings of three Nigerian banks—Access Bank plc (Ba3/B1 RUR down, b2 RUR down), Sterling Bank plc (B2 RUR down, b3 RUR down) and Bank of Industry (Ba3 RUR down). In a statement, the ratings agency said that the reviews are driven by the potential weakening of the Nigerian Government’s capacity and willingness to provide support to the…

Investors expecting 10% growth left disappointed as Equity Bank Kenya posts flat Earnings

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NAIROBI, Kenya, Capital Markets in Africa — Equity Group Holdings Limited., the owner of Kenya’s biggest lender by market value, posted flat earnings that disappointed investors who had expected growth of more than 10 percent, as weaker currencies weighed on its regional operations. Net income grew 0.6 percent to 17.3 billion shillings ($170.4 million) in the 12 months through December from 17.2 billion shillings a year earlier, Chief Executive Officer James Mwangi told an investor briefing Tuesday…

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