Nigeria | - Part 51

Nigeria Equities Market Review and Outlook Week Ending 14th October

LAGOS (Capital Markets in Africa) – Mixed sentiments trailed the Nigerian equities market this week amid expectations for weak Q3:2016 earnings results. The All Share Index (ASI) gained marginally on 3 trading sessions while declining on 2. Thus, the ASI inched 9bps higher W-o-W. YTD loss pared to 2.7% while market capitalization improved by N8.9bn to settle at N9.6tn. Activity level also improved as average volume and value rose 24.4% and 45.5% to 232.5m units…

Abraaj acquires stake in Sub-Saharan African urea fertiliser manufacturer

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LAGOS (Capital Markets in Africa) – The Abraaj Group (Abraaj or the Group), a leading investor operating in global growth markets, today announced that it has acquired a minority stake in Indorama Fertilizers B.V. (Indorama Fertilizers), the largest urea fertilizer manufacturer in Sub-Saharan Africa, through its Funds. The stake was purchased from Indorama Holdings B.V. Netherlands, a wholly owned subsidiary of Indorama Corporation (Indorama), one of the world’s fastest growing petrochemical companies with operations in…

FIX Technology: Three Years on the Nigerian Capital Markets

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LAGOS (Capital Markets in Africa) – Any analysis of Frontier markets will, inevitably, underline the role of technology and best-in-class operational processes and establish them as key drivers to moving a market from “frontier” to an “emerging markets” classification. Enabling technology and transparent efficient processes are, therefore, essential ingredients for these markets to achieve their full potential; serving both a national need for developmental capital and wealth creation, as well as an international need for…

How is Africa Navigating the new Reality: Contraction or Expansion?

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IMF Cuts 2017 GDP Growth Outlook for Africa’s Largest Economies The International Monetary Fund has cut its 2017 economic growth forecasts for Africa’s two largest economies as low commodity prices; policy uncertainty and weak investor confidence weigh on output. Gross domestic product in South Africa will probably expand 0.8 percent next year, compared with the 1 percent forecast in July, the Washington-based lender said in its latest World Economic Outlook Report. Nigeria’s economy will contract 1.7 percent this year and…

Nigerian Equities Retreat as Manufacturing Stocks Slide… NSE ASI down 3bps

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LAGOS (Capital Markets in Africa) – The Nigerian bourse was unable to sustain the positive trend maintained since the start of the week as the All Share Index (ASI) trimmed a marginal 3bps today to close at 28,027.23 points. Accordingly, market capitalisation declined N2.4bn to close at N9.6tn as sell pressure was renewed on NESTLE (-2.4%), WAPCO (-2.7%), DANGSUGAR (-2.7%) and FLOURMILL (-3.1%). Also, activity level softened as volume and value traded fell by 5.3% and 47.3% to settle at 155.6m…

Nigeria approves transfer of Visafone shares to MTN following takeover

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LAGOS (Capital Markets in Africa) – Nigeria’s telecommunications regulator NCC said on Tuesday it has approved a request by internet provider Visafone to transfer its shares to MTN following its takeover by the South African firm. MTN bought Visafone in January to improve its broadband services in its biggest market Nigeria. “The NCC, in line with its procedure granted a Final-Approval to Visafone for the change in its shareholding structure,” the regulator said in a…

Nigerian pension funds shift to bonds as currency woes deter equity investors

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ABUJA (Capital Markets in Africa) – Nigerian pension funds have been selling equities and shifting to local bonds despite cheap valuations as illiquid currency markets limit foreign participation in the stock market. Dave Uduanu, who manages 220 billion naira ($724 million) for Pension Alliance Limited, said his fund had cut its exposure to Nigerian stocks to 10 percent this year, from 20 percent last year, and increased allocation to local treasury bills and government bonds. Nigeria,…

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