The Editorial Team |

Nigerian Equity Markets | 15 Dec 2016: Banking Stocks Drive Index Higher, SE ASI up 0.6%

LAGOS (Capital Markets in Africa) – The equities market recorded gains for the 6th consecutive trading session today as the All Share Index expanded 0.6% to close at 26,559.01 points consequent on price appreciations in Banking Stocks such as UBA (+4.8%), GUARANTY (+4.4%) and ZENITH (+1.6%). Accordingly, market capitalization rose N52.1bn to settle at N9.2tn though market activity waned as volume and value traded declined 2.6% and 64.9% to close at 200.0m units and N1.5bn respectively. Banking Sector Emerges Lone Gainer…

Big Banks $70 Billion Short in Fed Push to Prevent Bailouts

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LONDON (Capital Markets in Africa) – Wall Street banks are about $70 billion short in building up funds the Federal Reserve says they’ll need to tap following a collapse, down by almost half from the central bank’s earlier estimates. The eight biggest U.S. financial firms are required to build cushions of long-term debt that can be transformed into equity in a new company if the old one fails, according to a rule the Fed governors approved Thursday….

Dutch Private Equity invests in Kenya-based dairy company

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NAIROBI (Capital Markets in Africa) – DOB Equity has announced today that it has taken up a stake in Countryside Dairy Ltd at a publicly undisclosed value as part of a commitment to increase social impact investment deals in Kenya. By investing in Countryside Dairy Ltd, the Private Equity fund with offices in Kenya, Tanzania and the Netherlands will be seeking a slice of the KES100bn Kenya Dairy sub-sector. According to the Kenya National Dairy Master…

World Bank Commits $75 Billion for Globe’s Poorest Countries

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LAGOS (Capital Markets in Africa) – The World Bank pledged $75 billion over three years to the world’s poorest countries as part of a refinancing plan that will see it issue about $25 billion of debt in capital markets. Donor countries will contribute about another third of the funding, while the rest will come through money provided by the private sector, World Bank Vice President Axel van Trotsenburg told reporters Thursday on a conference call. The $75…

AB InBev to Sell Stake in Distell to South African Fund PIC

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JOHANNESBURG (Capital Markets in Africa) – Anheuser-Busch InBev NV agreed to sell SABMiller Plc’s stake in South African drinks maker Distell Group Ltd. to Africa’s largest pension administrator, clearing another regulatory hurdle in the brewing industry’s biggest-ever deal. The Public Investment Corp. will buy the 26.4 percent stake in the maker of Amarula liquor and Klipdrift brandy, the Leuven-based company said in a statement Thursday, without disclosing the price. The holding is worth 8.92 billion rand ($640 million), based on…

Angola’s Access to Dollars Dries Up as Foreign Banks Halt Supply

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LUANDA (Capital Markets in Africa) – All foreign banks have stopped providing dollar clearing in Angola, which vies with Nigeria as Africa’s largest crude oil producer, according to court papers filed in South Africa by Standard Bank Group Ltd. A single European bank that had been providing the service, which wasn’t identified in the submission, has pulled out of the country, Standard Bank said in the documents, which were submitted to the Pretoria High Court on Wednesday. The…

Nigeria flags oil output rise ahead of debt deal with majors

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ABUJA (Capital Markets in Africa) – Nigeria’s oil production has risen to close to 1.8 million barrels per day (bpd), oil minister Emmanuel Ibe Kachikwu said ahead of the expected signing of a deal over repayments of $5.1 billion in debt from joint venture projects. Kachikwu is due to sign the deal later on Thursday with oil majors ExxonMobil, Royal Dutch Shell, Eni and Chevron. Nigeria has struggled with debt to oil majors amid the…

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