Market Watch | - Part 36

Ghana’s Largest IPO at Risk as Government Drags Its Feet

ACCRA, Ghana, Capital Markets in Africa — The largest initial public offering in Ghana’s history is at risk of falling apart after Agricultural Development Bank Ltd. missed a deadline to submit results of the sale to the nation’s regulator. The lender is waiting for its owners — the Bank of Ghana and the Ministry of Finance — to sign off on the outcome of the IPO, Solomon Atefoe, a spokesman for the Accra-based bank, said Friday in a…

Emerging Currencies Gain Third Month Led by Ruble on Oil Rebound

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — Russia’s ruble and the South African rand rallied, leading emerging-market currencies toward a third month of gains, as an advance in Brent crude towards $50 a barrel boosted the outlook for energy producers. The MSCI Emerging Markets Currency Index rose to a nine-month high on Friday following a 0.8 percent advance in April. The ruble extended the best start to a year on record as Russia’s central bank left borrowing costs…

Guinness Nigeria’s Profit Tumbles During Economic Downturn

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LAGOS, Nigeria, Capital Markets in Africa — Guinness Nigeria Plc, the country’s second-biggest brewer, said profit fell 83 percent in the nine months through to the end of March during a downturn in Africa’s largest economy. Earnings after tax were 864 million naira ($4.35 million) in the period, compared with 5.2 billion naira a year earlier, the local unit of Diageo Plc said in a statement on the Nigerian Stock Exchange’s website. Revenue dropped 18 percent to…

Kenyan Equity Valuations Buoyed by Low Oil, Politics — Exotix

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Nairobi, Kenya, Capital Markets in Africa — Kenya equity valuations that declined over the past year are now among the most attractive in sub-Saharan African frontier markets, supported by the lowest political risk in a decade and favorable global conditions, analysts from Exotix Partners LLP said. Lower oil prices, which benefit net crude importers like Kenya, and the prospect that the timing of U.S. interest-rate increases have been pushed out are expected to foster a “relatively benign environment…

Devaluation Bets Send Egyptian Stocks Rising to August High

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CAIRO, Egypt, Capital Market in Africa — Egyptian stocks surged to an eight-month high on speculation that authorities will devalue the currency for the second time this year. Local investors fueled a fifth day of gains as a persistent dollar shortage forced the Egyptian pound to a record low in black market trading. The nation’s decision to weaken its currency by the most in 13 years last month has so far proved insufficient to attract foreign investment…

Nigerian MSCI Exit May Risk $500 Million Holdings, RenCap Says

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Lagos, Nigeria, Capital Markets in Africa — MSCI Inc.’s decision to consider dropping Nigeria from its Frontier Markets Index has put $500 million of stock investments in Africa’s biggest economy under threat, according to Renaissance Capital Ltd. Investors following the index have $500 million staked in Nigeria, half what they would have if they were properly tracking the benchmark, and those holdings are “under threat” should MSCI exclude Nigeria, according to Charles Robertson, chief economist at…

African Stock Market March 2016: Bull rules, Egyptian equities rewards local investors with 22.4% gains

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — The Federal Reserve’s dovish stance on U.S. interest rates and a rebound in commodity prices fuelled an African-market rally in March, leading currencies to record monthly gains against the dollar. African equity market performance measured by country equity benchmark index returns ended in positive for the month, with eleven gainers and seven losers on the local currency basis. March’s average return of 2.3 percent was recorded across eighteen African…

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