Nigeria SE Rises 1% to 38,372.61; FBN Leads Advance

Nigeria SE Rises 1% to 38,372.61; FBN Leads Advance

LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index rose for the fifth day, climbing 1 percent, or 398.03 to 38,372.61. The move was the biggest since rising 1.8 percent on Nov. 24. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 0.3 percent. FBN Holdings Plc contributed the most to the advance, rising 4.9 percent. Learn Africa Plc increased 8.2 percent, the biggest gain. Continental Reinsurance Plc fell 5 percent, the biggest loss….

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Linde Eases Share Tender Requirements to Get Praxair Deal

Linde Eases Share Tender Requirements to Get Praxair Deal

LAGOS (Capital Markets in Africa) – Linde AG, seeking to save a planned $41 billion tie up with Praxair Inc. to create the world’s biggest gases supplier, lowered the number of shares its investors need to tender for the deal to go through, after struggling to reach a previous requirement before a looming deadline. The new minimum threshold of 60 percent has to be reached by Nov. 7, the Munich-based company said in a statement on Monday. The previously-agreed condition was…

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Zimbabwe stock market hits new highs as currency, cash problems worsen

Zimbabwe stock market hits new highs as currency, cash problems worsen

HARARE (Capital Markets in Africa) – Zimbabwe’s stock market hit a record high on Monday, propelled by local investors seeking a safe haven in an economy suffering acute shortages of foreign exchange. The Zimbabwe Stock Exchange’s (ZSE) main industrial index touched 301.03 points, the highest since it was rebased in 2009 when Zimbabwe dumped its hyperinflation-hit currency in favor of the US dollar. Market capitalization reached $8.5 billion. It has more than doubled since January…

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Emerging-Market Bulls Are Cooling Off After Impressive Rally

Emerging-Market Bulls Are Cooling Off After Impressive Rally

LAGOS (Capital Markets in Africa)- After a surprisingly good run in emerging markets that sent equities to a fifth monthly gain, some bulls are easing up. Credit Suisse Group AG forecasts developing-nation equities will underperform in the short term, while Deutsche Bank Wealth Management said it’s not as positive on emerging-market bonds as a year ago. Goldman Sachs Group Inc.said strong returns have partially eroded a previously compelling valuation signal, and BNP Paribas SA said the best gains in…

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Egypt Seeks Advisers for IPO Program Aimed at Boosting Revenue

CAIRO (Capital Markets in Africa) – Egyptian authorities are in talks with local and international investment banks to advise the government on selling stakes in state-run companies on the stock exchange, a senior official said. The plan focuses on initial public offerings that would “broaden the ownership” of the companies among Egyptians, bolster local capital markets and help the government raise revenue, Investment and International Cooperation Minister Sahar Nasr said. Egypt has already hired HSBC and EFG-Hermes…

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Nigerian Equities Open Bearish as Investors Book Profit … NSE ASI down 47bps

Nigerian Equities Open Bearish as Investors Book Profit … NSE ASI down 47bps

LAGOS (Capital Markets in Africa) – The benchmark index closed negative today as investors booked profit on stocks which had gained last week. As a result, the All Share Index (ASI) lost 45bps to close at 25,626.39 points, pushing YTD loss to 4.6% while market capitalization settled at N8.9tn. Today’s performance was dragged by losses in NIGERIAN BREWERIES (-2.0%), GUARANTY (-0.8%) and ETI (-2.8%). However, activity level was mixed as volume traded rose 77.7% to 191.8m units while value traded…

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Nigeria stock market deals fell 22 pct last month amid naira crisis

Nigeria stock market deals fell 22 pct last month amid naira crisis

LAGOS (Capital Markets in Africa) – The value of trading on Nigeria’s stock market dropped by 22.3 percent to 74.1 billion naira ($236 mln) in February from a month before, the stock exchange said on Tuesday, as foreign investors kept to the sidelines. Nigeria is battling a currency crisis brought on by low prices for oil, its main export, and now operates multiple currency regimes dominated by central bank intervention, making it difficult to price…

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