The Editorial Team |

Nigeria |FCMB Forecasts Weaker Second Half as Nigerian Economy Shrinks

LAGOS, Nigeria, Capital Markets in Africa: FCMB Group Plc, a Nigerian lender, said earnings will come under pressure in the second half as it sets aside more money for loan losses to cope with a Nigerian economy headed toward a recession. Profit in the six months through December will probably be weaker than the first half “in view of operating environment challenges and our decision to step up impairment charges,’’ the Lagos-based lender said in…

Zambeef Rises by Record as U.K.’s CDC to Invest $65 Million

Posted on by The Editorial Team

LUSAKA, Zambia, Capital Markets in Africa: Zambeef Products, the Zambian agricultural company, rose the most on record in London after announcing a $65 million investment by the U.K.’s Commonwealth Development Corp. The company’s stock jumped 39 percent on the Alternative Investment Market to 11.125 pence, having climbed as much as 58 percent earlier in the day, giving it a market value of 27.6 million pounds ($36.3 million). Seventeen times the three-month daily average volume of stock was traded…

Emerging-Market Stocks End Two-Day Drop on Oil as Rand Rallies

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks rose for the first time in three days as oil trading above $40 a barrel boosted energy producers. South African bonds and the rand rallied as local election results showed increased support for the main opposition party. Equity markets in Russia and Dubai advanced at least 0.6 percent, helping emerging-market equities rebound from their biggest two-day drop in a month. South Africa’s rand headed for its strongest close in nine months…

Private Equity: Norfund, FMO and Rabobank join forces and invest in financial institutions to support growth in Africa

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Norfund, FMO and Rabobank have entered into a partnership to reaffirm their long-term commitment to Africa’s future development, growth potential, and the local financial sector. The partners are committed to strengthening and develop effective, inclusive financial systems in Africa. It is also envisioned that Banco Montepio, a financial group based in Portugal with banking investments in Africa, will join the partnership in the near future. The partners currently hold…

Egypt’s $12 Billion IMF Talks: A Guide to What to Expect

Posted on by The Editorial Team

CAIRO, Egypt, Capital Markets in Africa: Egyptian officials are holding talks in Cairo with the International Monetary Fund over a loan to help finance the government’s economic program. Egypt is seeking $12 billion over three years. The most-populous Arab country has had a tumultuous relationship with the IMF since the 2011 uprising that ousted Hosni Mubarak, turning down two initial loan accords. Some of the topics likely to be discussed — new taxes, cuts to…

Standard Chartered Climbs as Impairment Drop Signals Turnaround

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa: Standard Chartered Plc rose as much as 5.7 percent in London trading as first-half loan impairment charges fell by a third, showing further progress in Chief Executive Officer Bill Winters’s plan to turn around the bank. The shares were up 5.3 percent at 11:01 a.m. in London, after provisions for bad loans declined to $1.1 billion in the first half, below the $1.56 billion Citigroup Inc. analysts had estimated. Operating costs…

Citi Sees Oil Bears ‘Gone Wild’ at $40 as Outages to Persist

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: While oil bears go “wild” at crude’s retreat to $40 a barrel, there’s some comfort on the way for the bulls, according to Citigroup Inc. As prices plunge and are pulled below support levels amid concerns over swelling global stockpiles, some supply disruptions including those in Nigeria are set to persist and crude at $40 a barrel may spur demand, according to a report from the bank dated Aug. 2. Crude has declined since…

« 1 … 859 860 861 862 863 … 1,077 »