The Editorial Team |

Nigerian Equities Sink Further as Large-Cap FMCGs Extend Losses

LAGOS (Capital Markets in Africa) – The All Share Index (ASI) of the Nigerian Bourse closed negative today, losing 84bps to close at 25,032.17 points, as the bearish run in large-cap FMCGs continued unabated. Consequently, investors lost N73.5bn as market capitalization declined to N8.6tn, while MTD and YTD loss of the benchmark index worsened to 3.9% and 6.9% respectively. Today’s performance was dragged by sustained sell-pressure on NIGERIAN BREWERIES (-5.0%), in addition to losses in NESTLE (-3.9%) and ZENITH(-3.8%). However,…

Maiden investment into CAL Bank in Ghana by Arise set to advance economic growth

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CAPE TOWN (Capital Markets in Africa) — The recent acquisition of a 27.7 % stake in CAL Bank in Ghana by the newly formed investment company, Arise (www.AriseInvest.com) is set to boost the banking sector in the country. The shareholding in CAL Bank was acquired by Arise from DPI, a leading Africa-focused private equity firm with assets in excess of US$1 billion under management. The settlement is to be effected on 14 February 2017. Arise,…

Afreximbank and Ecobank agree US$500m programme for African trade and investment promotion

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LOME (Capital Markets in Africa) – The African Export-Import Bank (Afreximbank) and Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group have signed a memorandum of understanding (MOU) to promote joint corporate objectives through the financing of private sector projects and trade finance transactions, focusing particularly on transactions involving trade and investment in Afreximbank member countries where Ecobank also has a presence. The cooperation between the two institutions will support efforts at promoting intra-African…

Africa’s richest man Dangote plans rice mill in Nigeria to tap growing demand

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LAGOS (Capital Markets in Africa) – Dangote Group, controlled by Africa’s richest man Aliko Dangote, plans to launch a rice mill with a farm scheme in Nigeria to tap growing demand for paddy in Africa’s biggest economy, the company said on Monday. Rice demand in Nigeria hit 6.3 million metric tonnes (MT) in 2015, with 2.3 million metric tonnes produced at home, leaving the country reliant on imports, according to the agriculture ministry. Dangote Group…

Rwanda sets I&M Bank IPO share price at 90 francs

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KIGALI (Capital Markets in Africa) – The initial public offering of shares in I&M Bank Rwanda Ltd have been priced at 90 francs ($0.1085) each, the Rwandan finance ministry said on Tuesday. The government is selling 99,030,400 shares, representing a 19.81 percent stake in the lender, with the proceeds set to fund the construction of a second airport near the capital. The offer opened on Tuesday and is expected to close on March 3, the…

Mauritius sugar producer Alteo H1 pretax profit jumps 116 pct

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PORT LOUIS (Capital Markets in Africa) – Mauritius sugar producer Alteo’s pretax profit rose 116 percent to 1.36 billion rupees ($38.42 million) in the six months to December 31 helped by higher sales and favourable prices, the firm said on Tuesday. Alteo is the largest sugar miller on the Indian Ocean island. It also has interests in property development and hotels. In a statement, the firm said “enhanced production capacities in Tanzania and Kenya and…

Nigerian Equities Kickstart the Week Lower as FMCGs Flounder… NSE ASI down 38bps

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LAGOS (Capital Markets in Africa) – The equities market closed lower at the end of trade today as the All Share Index (ASI) fell 38 bps to close at 25,244.65 points. Today’s weak performance is attributable to losses in NIGERIAN BREWERIES (-5.0%), STANBIC (-4.5%) and ETI (-3.1%) which offset gains in market heavyweight – DANGCEM(+0.5%). As a result, market capitalisation declined by N33.0bn to settle at N8.7tn. Market activity also moderated as volume and value traded fell 29.7% and 46.6% to…

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