The Editorial Team |

Nigeria Market Watch | May 11th 2015: Nigerian Equities Extend Bearish Run

The Nigerian Equities Market opened the week on a bearish note as the All Share Index (ASI) extended its bearish run to the sixth day. The ASI dipped 13bps to close at 34,342.07 points while market capitalization also shed 0.1% to N11.7tn. Today’s performance was amidst sell pressure in some banking stocks – UNITY (-9.5%) and ZENITH (-1.4%) – and profit-taking in ETI (-5.0%). Sell pressure dragged the ASI down to 34,213.25 points at Mid-day…

Egypt Market Watch | May 11th 2015: Egyptian Stock Exchange ends on negative territory

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The Egyptian Stock Exchange (EGX) ended on negative territory with market capitalization lost about EGP 147 million to close at EGP 499.285 billion. The benchmark index EGX30 remained flat to close at 8,691.85pts as a result of weak trading volume and thin liquidity. The small and mid-cap index EGX70 went down by 0.25% to 468.97 points and the broader EGX100 edged down by 0.36% to 965.07 points. The market sentiment was negative today (measured as…

AngloGold says wage, power hikes threaten South African gold sector

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By Peroshni Govender and Zandi Shabalala JOHANNESBURG (Reuters) – AngloGold Ashanti Ltd, Africa’s top bullion producer, said on Monday steep wage demands and rising power costs could turn South Africa’s once thriving gold sector into a “sunset” industry. AngloGold, which reported that it had swung to a quarterly profit on robust performance in its international operations sending its shares 5 percent higher, said looming wage and electricity tariff rises were a concern. “We cannot have…

South Africa’s rand slides as Greek fears weigh on EM currencies

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JOHANNESBURG (Reuters) – South Africa’s rand fell more than 1 percent against the dollar on Monday, tracking a downward slide in emerging markets after investors were spooked by fears that Greece could default on its debt. A rate cut in China, the world’s second largest economy, also dampened appetite for commodity currencies like the rand, analysts said. The rand hit a session low of 12.0585 to the greenback, and was trading at 12.0525 by 1518…

Kenyan shilling hits new three-year low, more losses seen

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NAIROBI (Reuters) – Kenya’s shilling weakened on Monday 11th May, with banks covering short dollar positions and traders said they expected the local currency seen easing even further. At 0802 GMT, commercial banks quoted the shilling at 95.80/90 to the dollar, a new low last seen in November 2011, compared with Friday’s close of 95.40/50. “Banks are covering short positions that they accumulated over the weekend. It’s trading with caution,” Chris Muiga, a senior trader…

Investors stake NGN 2tn on Nigerian telecoms sector in four years

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Foreign direct investors have staked USD 10bn (about NGN 2tn) on the Nigerian telecommunications industry in the last four years, the Nigerian Communications Commission (NCC) has said. The Executive Vice Chairman, NCC, Dr. Eugene Juwah, said this in a presentation he made at a forum with journalists in Abuja on Thursday 07 May 2015. Juwah, who was represented at the forum by the Director of Public Affairs, NCC, Mr. Tony Ojobo, also said that internet…

Egypt Market Watch May 10th 2015: Egypt Equities lose EGP 2.2bn on dull trades

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The Egyptian Exchange (EGX) indices retreated collectively on Sunday amid a lack of positive catalysts, while the market capitalization lost nearly EGP 2.2 billion ($289.6 million). The benchmark index EGX 30 index erased its early gains, falling 0.58% or 50.4 points to 8,692 points. While the small and mid-cap index EGX 70 index lost 0.2% to 470.15, and the broader EGX 100 declined 0.01% to 968.53 points. Sunday’s turnover amounted to EGP…

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