Market Watch | - Part 13

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

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

Posted on by The Editorial Team

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…

Nigeria recovers $177 million stolen state funds: ministry

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ABUJA (Capital Markets in Africa) – Nigeria has recovered some $151 million and eight billion naira ($26.32 million) in stolen state funds in less than two months as part of an anti-graft drive, the government said on Sunday. The West African nation launched late in December a whistleblower scheme entitling those who help find stolen assets to up to five percent of the recovered sums, part of a drive by President Muhammadu Buhari to root out…

Nigerian Equities Unable To Sustain Gains …NSE ASI Sheds 54bps

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The local bourse was unable to sustain gains recorded in the previous trading session as a result of sell-offs in Consumer Goods stocks – NESTLE (-3.3%), NB (-1.0%) and PZ (-9.7%). Thus, the All Share Index slid 54bps to close at 25,322.30 points, bringing YTD loss to –5.8%. Investors, in turn, lost N10.9bn as market capitalization settled at N8.8tn. Activity level stayed mixed as volume traded declined 58.9% to 143.2m units while value traded increased…

Nigerian Bourse Halts 3-Day Downtrend …Benchmark Index up 5bps

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LAGOS (Capital Markets in Africa) – The local bourse bucked bearish trend observed in the last three trading sessions as buy an interest in DANGCEM (+0.7%), GUARANTY (+1.4%), UBA (+0.8%) and ACCESS (+0.8%) drove the benchmark index 5bps northwards to settle at 25,460.45 points. Accordingly, market capitalization improved by N4.8bn to settle at N8.8tn while YTD return steadied at –5.3%. Activity level was mixed as volume surged 67.9% to 347.8m units while value traded waned 10.3% to N1.4m in 2,934 deals. Mixed Sector…

Nigeria fine to push South Africa’s MTN to 2016 loss, shares fall

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa-based MTN Group expects to report a full-year loss due to a $1 billion regulatory fine in Nigeria and underperformance there and at home, it said on Wednesday, sending its shares to a two-month low. Africa’s most populous nation and biggest economy Nigeria is MTN’s most lucrative but increasingly problematic market, hobbling its growth outlook. But the appointment of banker Rob Shuter, who starts next month, as chief…

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