Nigeria | - Part 81

African Equity Market August 2015 Report: Most Exchanges sag for both local and foreign investors, Egypt bled most …

Lagos, Nigeria (Capital Markets in Africa):- African stock markets performance measured by country equity benchmark index return ended in negative for the month of August, with all indices closed in red zone for both local currency and dollar return basis. Still on local basis return, the August average return of -2.9 percent was recorded across eighteen African equity indices and August monthly returns ranges from -11.5 percent recorded by the Egyptian Exchange equity markets (measured by EGX 30 index) to -0.2 percent registered…

Nigerian Banks Resilient but Face Tough Outlook — Fitch Ratings

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London (Capital Markets in Africa): Nigerian banks are operating in increasingly difficult conditions and this is likely to result in a sharp deterioration in profitability, asset quality, liquidity and capital ratios, says Fitch Ratings. We said the sector outlook was negative in December. GDP figures for 2Q15, released yesterday, show weaker year-on-year growth of 2.4%, down from 4% in the previous quarter, the slowest quarterly growth rate for over 10 years. The volatile operating environment…

Nigeria: Headline Inflation Remains Unchanged In July

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Lagos, Nigeria (Capital Markets in Africa) — The National Bureau of Statistics (NBS) released the Consumer Price Index (CPI) report for July today. Headline Inflation for July – measured Year-on-Year (Y-o-Y) – was estimated at 9.2%, unchanged from the rate reported in the Month of June; thus halting a seven consecutive monthly rise in price level since December 2014. According to the NBS report, inflation rate in July was unchanged due to muted rises in…

African Equity Market July 2015 Report: BRVM rewards local investors, Botswana strengthens foreigners capital

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Lagos, Nigeria, Capital Markets in Africa — African stock market performance measured by country equity benchmark index return ended in negative for the month of July, with eight gainers and 10 losers on local currency basis. The July average return of -1.5 percent was recorded across eighteen African equity indices and July monthly returns ranges from -9.8% registered by the Nigeria equity markets (measured by NSE All Share) to 8.2% recorded by Cote d’Ivoire equity market (measured…

CBN to hold rate at 13% say Economists surveyed by Capital Markets in Africa

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Lagos, Nigeria (Capital Markets in Africa) — The Nigerian Monetary Policy Committee (MPC) will be meeting between 23rd and 24th July 2015 to review developments in the global and domestic economic environment since its last meeting held on 18th and 19th May, 2015 resolved to reatian the rates at 135 and harmonised both the private sector and public sector cash reserve requirements (CRR) at 31 per cent, with aim to inject some liquidity back into the banking system….

Nigeria – Will they or won’t they?

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LONDON (Capital Markets in Africa) — In recent weeks, investors in Nigeria have become increasingly perplexed about whether there will be a naira move before the end of 2015. On one hand the NDF market seems to indicate that there will be a move. And the consensus forecast for the value of the naira at the end of 2015 is NGN215:US$1, so in a rare show of unanimity economists seem to agree with the NDF…

What expert says: Nigerian naira overvalued or undervalued?

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Johannesburg, South Africa (Capital Markets in Africa) — The interbank rate was seemingly unmoved at USD/NGN197 in 2Q15, masking the intense backlog of US dollar demand. It is difficult to discern whether domestic liquidity conditions have improved since the election. The MPC’s rhetoric regarding the imbalance in the domestic foreign exchange market continues to favour exchange controls to restrict excess US dollar demand. Partial dollarisation and bouts of speculative activity are believed to have aggravated…

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