The Markets | - Part 246

Nigeria to limit amount individuals can spend abroad on debit cards

LAGOS (Reuters) – Nigeria’s central bank plans to limit the amount commercial bank customers can spend using their debits cards while abroad, an industry group said on Friday, in the latest crackdown on dollar demand to save its dwindling foreign reserves. The bank has been battling to prop up the naira after a sharp fall in the price of oil, Nigeria’s main export, which triggered a sell-off in assets by foreign investors. The Chief Executive…

NSE records low bonds trade in March

Posted on by The Editorial Team

The bond was hugely oversubscribed as it is tax-free with a provision for a partial principal redemption (repayment) during its life. “People held back on trading in the secondary market because they were sparing liquidity to participate in the infrastructure bond,” said Alexander Muiruri, head of sales and research at Nairobi-based brokerage house Kestrel Capital. Despite the high liquidity shown by the market in the subscription of the 12-year bond, the yield actually went up…

Treasury raises Sh24bn from 12-year reopened bond

Posted on by The Editorial Team

The 12-year Sh25 billion infrastructure bond tap sale (reopening) has raised Sh24 billion, meaning the Treasury has achieved its target of netting Sh50 billion from the issue. All the subscriptions to the bond were accepted and allotted at the same fixed yield rate of 11.55 per cent like in the first sale of the bond. The initial sale of the infrastructure bond done in the last week of March was oversubscribed 106 per cent, attracting…

UBA Lists N30.5bn Bond Issue on NSE, FMDQ

Posted on by The Editorial Team

The United Bank for Africa (UBA) Plc’s N30.5 billion bond has been listed on the Nigerian STOCK EXCHANGE (NSE) and the Financial Market Dealers Quotation, over-the-counter (FMDQ-OTC) market. The dual listing was done in Lagos on Wednesday. Listing on the NSE provides opportunity for retail investors to take advantage of the fixed return on the investment grade notes, through the primary market while listing on the FMDQ provides a secondary market platform for institutional and foreign investors to trade the…

Kenyan shilling steady, traders wary of central bank intervention

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s shilling was steady on Thursday, and traders said it was expected to stay in a tight band as market players traded warily anticipating the central bank would sell dollars. At 0805 GMT, commercial banks quoted the shilling at 92.65/85, compared with 92.70/75 at Wednesday’s close. “After the last intervention that happened on Tuesday, the market yesterday was very quiet indeed,” said a senior trader at one commercial bank. The shilling had…

Kenyan shilling steady, seen supported by bond sale

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s shilling was little changed on Wednesday, with dollar demand in the interbank market offset by central bank liquidity mop ups and hard currency inflows from investors preparing to buy a bond. By 0920 GMT, commercial banks quoted the shilling at 92.35/55 to the dollar, barely changed from Monday’s close of 92.35/45. Sheikh Mehran, head of trading at I&M Bank, said there was early dollar demand by banks in the interbank market…

South Africa’s retail development market seen as crowded

Posted on by The Editorial Team

South Africa’s retail development market seems to have become crowded, forcing developers to look west of the continent for lucrative opportunities. Industry players note that South Africa’s retail landscape, in particular Johannesburg, has become mature making the search for unique developments more difficult in the country. Investors in the retail development environment are taking stock of the supply and demand mismatch of markets outside South Africa. One such an investor is the founder and managing…

« 1 … 244 245 246 247 248 … 252 »