RenCap Hires Banker From CI Capital as It Opens Doors in Egypt

RenCap Hires Banker From CI Capital as It Opens Doors in Egypt

CAIRO (Capital Markets in Africa) – Renaissance Capital, the investment bank controlled by Russian billionaire Mikhail Prokhorov, is hiring investment bankers and analysts in Egypt as more vibrant capital markets attract financial services firms to the country. Mohamed Younis will be chief executive officer of the investment bank in Egypt, said Ahmed Badr, RenCap’s CEO for the Middle East and North Africa. Younis, previously at CI Capital Holding, an arm of Commercial International Bank Egypt SAE, will…

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Nigeria’s SEC to Investigate Oando for Possible Insider Dealing

Nigeria’s SEC to Investigate Oando for Possible Insider Dealing

LAGOS (Capital Markets in Africa) – The Nigerian Securities and Exchange Commission ordered an insider-trading investigation into Oando Plc and suspended dealing in the energy company’s shares. A comprehensive review of Lagos-based Oando also found discrepancies in its shareholding structure and related-party transactions that were not done “at arm’s length,” the regulator said in an emailed statement on Wednesday. Alero Balogun, a spokeswoman for Oando, said she couldn’t immediately comment on the allegations when contacted by…

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London’s Stock of Unsold Homes Under Construction at Record High

London’s Stock of Unsold Homes Under Construction at Record High

LAGOS (Capital Markets in Africa) – The stockpile of unsold London homes under construction rose to a record as developers ramped up supply, despite a housing market that has been suppressed by higher taxes and economic uncertainty. The number of properties being built or completed that have yet to find a buyer rose to 12,952 units from 12,601 at the end of last year, according to a report by Molior London seen by Bloomberg News. That’s the…

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Stock Traders Scarce in Kenya as Poll Crisis Clouds Outlook

Stock Traders Scarce in Kenya as Poll Crisis Clouds Outlook

NAIROBI (Capital Markets in Africa) – Traders are deserting Kenya’s stock market, a star performer earlier this year, as the unresolved crisis around the country’s presidential election discourages foreign investors. Volumes traded on the Nairobi stock exchange have slumped to the lowest this year, dropping to less than 46 million shares in the week ended Oct. 6 from as high as 285 million in June. Values have also dropped, with $870,000 of shares traded Thursday,…

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Market Watch: Egyptian Equity Indices End in Mixed Note, Market Cap up EGP3bn

Market Watch: Egyptian Equity Indices End in Mixed Note, Market Cap up EGP3bn

Cairo (Capital Markets in Africa) – The Egyptian Exchange (EGX) ended Monday’s (17th July 2017) trading session on a mixed note, as the benchmark index EGX30 rose 1.02%, gaining 140.55 points, and closed at the level of 13,956.32 points. The equal-weighted index EGX50 rose 0.81% to 2,141.02 points. On the other hand, EGX70 declined by 0.75% to the level of 679.46 points, while the broader index EGX100 slipped 0.09% and closed at 1,569.44 points. The…

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Beware MSCI’s Inertia If You’re Tracking Its Indexes: Macro View

Beware MSCI’s Inertia If You’re Tracking Its Indexes: Macro View

LAGOS (Capital Markets in Africa) – MSCI’s decision to delay the return of Argentina to emerging-market status while extending a lifeline to Nigeria means investors may be shut off from the benefits of Mauricio Macri’s reforms, while remaining subject to the impact of policy inaction from Muhammadu Buhari.  The Argentina decision could spark a selloff in the country’s stocks, ironically making it more difficult for authorities to maintain capital-market freedoms. Macri has ended a decade-long battle with creditors and embarked on…

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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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