Market Watch | - Part 35

Nigerian Equity Markets | 12 May 2016: Nigerian Bourse Rebounds as Downstream Oil Counters Rally… NSE ASI up 0.9%

LAGOS, Nigeria, Capital Markets in Africa: The Nigerian equities market halted a two day losing streak as the All Share Index rose 0.9% to close at 25,865.06 points at the end of today’s trading session. Market capitalization also advanced N80.7bn to settle at N8.9tn. Today’s performance was buoyed by the gains in bellwether counters – NIGERIAN BREWERIES (+2.5%), FORTE OIL (+5.0%) and ZENITH (+1.5%) which counterpoised the impact of the decline in NESTLE (-1.5%), UNILEVER…

Nigerian Equity Markets | 11 May 2016: Nigerian Equities Market Closes Limp … NSE ASI down 6bps

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: The Nigerian bourse declined further at the end of today’s trading session, albeit marginally as the All Share Index eased 6bps to close at 25,630.62 points. Market capitalization settled at N8.8tn as investors lost N2.1bn. The benchmark index was dragged by the depreciation in DANGCEM (-2.1%), FLOURMILL (-4.9%), and WAPCO (-0.7%), offsetting the gains in NESTLE (+2.8%), GUARANTY (+1.2%), NIGERIAN BREWERIES (+0.4%) and TIGER BRAND (+10.0%). Market activity was…

Ivory Coast May Sell Stake in Orange Phone Unit on Exchange

Posted on by The Editorial Team

Abidjan, Cote d’Ivoire, Capital Markets in Africa — Ivory Coast is considering the sale of its minority stake in the local unit of French wireless operator Orange SA on the regional stock exchange. That would add the West African nation’s telecommunications industry to a privatization program that already covers industries such as banking and agribusiness. “It’s something that’s being considered,” Bruno Kone, Ivory Coast’s minister of digital economy and postal services, said in a phone interview on Wednesday. “There’s…

Ghana IPOs at Risk as March Sale Leaves Buyers Empty-Handed

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ACCRA, Ghana, South Africa, Capital Markets in Africa — A delay in completing the sale of Ghana’s Agricultural Development Bank Ltd., the nation’s biggest initial public offering yet, may dent confidence in future share sales, according to FirstBanc Financial Services Ltd. Investors who bought into the 450 million cedis ($118 million) sale in March, which was oversubscribed, are still waiting for their shares after the owners — the Bank of Ghana and the Ministry of Finance — missed…

Global Market Review and Outlook Week Ending 29 April

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — In the week, the major events that shaped market performance were the US Fed meeting outcome and the BOJ’s decision. The US Fed completed its third meeting for the year on Tuesday and decided to keep its benchmark rate unchanged while reassuring investors that it will continue to assess economic developments amid slow and steady growth across the globe. Similarly, the BOJ’s decision to keep rates stable came…

South Africa’s Rand Gains to Five-Month High Versus Dollar

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa — The rand gained to its strongest level against the dollar in five months after South Africa unexpectedly posted a trade surplus in March for the first time this year. The currency gained 0.9 percent to 14.1611 per dollar by 2:46 p.m. in Johannesburg, heading for the strongest level since Nov. 24 and the best performance out of 31 major and emerging-market currencies monitored by Bloomberg. The rand has advanced 9.2 percent…

Kenya’s Benchmark Stock Index Poised for Gains on Golden Cross

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NAIROBI, Kenya, Capital Market in Africa — Kenya’s benchmark equity index is set to extend gains as falling yields on government debt prompt investors to seek better returns in stocks. The 50-day moving average for the Nairobi Security Exchange All Share Index climbed above the 200-day moving average this week for the first time since 2012, a so-called golden cross that signals to some traders that further gains are in store. Yields on government 164-day paper have…

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