Market Watch | - Part 10

Weak Appetite for Large Caps drag Nigerian Equity Index lower

LAGOS (Capital Markets in Africa) – The Nigerian equities market started the month of April on a bearish note as the All Share Index recorded a 95bps loss to settle at 25,273.03 points. Performance was dragged by declines inDANGCEM (-2.4%), NIGERIAN BREWERIES (-1.5%) and GUARANTY (-2.4%). Thus YTD loss worsened to –6.0%. Investors lost N84.2bn as market capitalization closed at N8.7tn. Activity level also slowed as volume and value traded declined by 83.5% and 99.3% to 97.7m units and N682.8m…

Nigerian Senate Approves Sale of Extra $500 Million Eurobond

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s senate approved a plan on Wednesday for the issuance of an additional $500 million of Eurobonds after demand for the sale of $1 billion of debt securities in February exceeded supply. The West African nation wants to “take advantage of favorable market conditions,” the government said on its Twitter account. The proceeds from the sale will fund projects in last year’s budget, it said. Nigeria has sought other sources…

South Africa rand hits near 19-mth high as Fed signals gradual tightening

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand hovered near a 19-month high against the dollar early on Thursday after the U.S. Federal Reserve raised interest rates on Wednesday, but signalled a gradual pace of rate hikes for the rest of the year. At 0646 GMT, the rand traded at 12.8125 per dollar, flat from its New York close on Thursday, after rallying to 12.77 late on Wednesday in the wake of the Fed’s…

Nigeria’s inflation slows after fifteen months in February

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Inflation in February accelerated at a slower pace to 17.87% YoY (January: 18.72% YoY; Consensus Estimate: 17.32% YoY), with prices pulling back after fifteen months of consecutive increase. Whilst the rise in food prices remained strong in February at 18.53% YoY, the “All Items Less Farm Produce Index” ( a proxy for core inflation) provided the buffer for the headline CPI, moderating for the third consecutive month to 16.01%…

Will Nigerian Equity Markets Rebound in 2017?

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The equity market could be headed for another tough year with economic concerns surrounding FX and weak corporate earnings continue to downplay the attractive valuations of blue chip stocks. We reiterate the strong correlation of the Nigerian equity market to oil prices and with the price of Brent crude oil hovering around $55/bbl coming into 2017, we think losses will be less steep this year with the potential for…

Nigerian Equity Markets: Key Drivers Still Under Siege

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Analysis of market performance in 2016 indicated that although a combination of poor corporate releases as well as weak macroeconomic fundamentals contributed to the negative return for the year, market volatility remained largely consistent with instability in the currency market. More specifically, while bearish sentiments persisted for most of 2016, equities rallied between May and July 2016 due to reforms in the Oil & Gas sector and adoption of…

The World a Better Place for South Africa for South Africa Investors

Posted on by The Editorial Team

JOHANNESBUGH (Capital Markets in Africa) – There are three big themes that we believe will dominate markets in the year ahead. These are Keynes is King, Reflation and South Africa Stabilises. The first two themes are about an improving world and better global growth, while the third theme is South Africa specific and has the biggest impact on the local asset classes in which we invest. Keynes is King The world has shifted. The big…

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