Nigeria | - Part 2

Nigeria Capital Markets Update Week Ending Nov 04 2016

Equities Market Review and Outlook Sentiments in the Nigerian equities market remained bearish during the week amid an influx of unimpressive Q3:2016 earnings releases as the All Share Index (ASI) slid 1.1% W-o-W while YTD loss worsened to -5.8%. Market capitalization contracted to N9.3tn as investors lost a total of N86.4bn. On Monday, the market halted its 3-day gaining streak, ending the month of October on a negative note, down 4.1% M-o-M. However, investors took…

Sell Pressure on Large Cap Stocks Drags Nigerian Share Index Lower

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The Nigerian All Share Index recorded a loss at the end of trading today, shedding 11bps to close at 27,223.08 points on account of sell pressure on large cap stocks. Price depreciation in ETI (-4.9%), NIGERIAN BREWERIES (-0.7%), GUARANTY (-0.8%) and TOTAL (-3.6%) dragged market performance. Accordingly, investors lost N10.1bn as market capitalization trimmed to N9.4tn. Activity level was mixed as volume traded improved 8.5% to 202.7m units while…

Nigerian Senate rejects Buhari’s plan to borrow $30 billion abroad

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s Senate rejected President Muhammadu Buhari’s plan for foreign borrowing of $30 billion through 2018 on technical grounds, without debating it. In a letter presented to the Senate last week, President Buhari said he planned to use $11.3 billion of the funds for government projects and programs and $10.7 billion for “special national infrastructure projects.” As a result, Buhari asked the Senate to immediately approve $575 million that the World Bank pledged in loans…

Nigeria’s Buhari asks parliament to approve $30 bln of borrowing

Posted on by The Editorial Team

ABUJA (Capital Markets in Africa) – Nigerian President Muhammadu Buhari has asked parliament to approve plans to borrow $30 billion abroad to fund infrastructure plans until 2018, according to a letter read out on Tuesday in the assembly. Nigeria, an OPEC member, slipped into recession for the first time in more than 20 years in the second quarter largely due to low global oil prices. Crude oil sales account for about two-thirds of government revenue….

Nigeria 2016 Budget Performance and MTEF Review

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The 2016 fiscal year has been largely synonymous with a sharp slowdown in economic activities largely as a result of lower oil earnings which constrained fiscal revenue and foreign exchange supply, as well as underwhelming policy responses and a brooding sub-national fiscal crisis which peaked in H1:2016. With a change in monetary policy tact to inflation targeting in Q1:2016 – demonstrated by 2 rate hikes – in a bid…

Nigeria approves transfer of Visafone shares to MTN following takeover

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s telecommunications regulator NCC said on Tuesday it has approved a request by internet provider Visafone to transfer its shares to MTN following its takeover by the South African firm. MTN bought Visafone in January to improve its broadband services in its biggest market Nigeria. “The NCC, in line with its procedure granted a Final-Approval to Visafone for the change in its shareholding structure,” the regulator said in a…

Equities Market Review and Outlook: Pulled back from 4 weeks of positive momentum

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The Nigerian equities market pulled back from 4 weeks of positive momentum, depreciating 1.8% W-o-W. The All Share Index (ASI) trended southwards on 3 out of 4 trading sessions declining on Tuesday (-0.2%), Wednesday (-0.9%) and Friday (+0.7%) while gaining 8bps on Thursday. Market capitalization waned by N172.5bn to settle at N9.6tn. However, activity level was mixed during the week as average volume rose 7.0% W-o-W to settle at…

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