Market Watch | - Part 15

Bears Strengthen Hold on Nigerian Equities Market…NSE ASI down 69bps

LAGOS (Capital Markets in Africa) – The bearish sentiment in the local bourse was extended today as sustained profit taking by investors pulled the All Share Index 0.7% lower to 26, 036.24 points while YTD loss worsened to –3.1%. Sell-offs in market bellwethers – NESTLE (- 3.1%), NIGERIAN BREWERIES (-1.6%) and GUARANTY (-1.1%) – were the major drag to performance as market capitalisation also dipped N47.7bn to N9.0tn. However, activity level strengthened as volume and value…

Nando’s Spicy Chicken Chain Said to Weigh IPO Amid Expansion

Posted on by The Editorial Team

JIOHANNESBURG (Capital Markets in Africa) – Nando’s Group, the South African fast-food company known for its spicy chicken and fries, is considering an initial public offering, according to people familiar with the matter. Nando’s is speaking to advisers and is in the early stages of planning a share sale, the people said, asking not to be identified as the deliberations are private. The company is weighing a London listing among other potential venues, they said….

Glencore Considering Bid for Impala’s Chrome Waste Operations

Posted on by The Editorial Team

JIOHANNESBURG (Capital Markets in Africa) – Glencore Plc, the mining and trading firm run by billionaire Ivan Glasenberg, is considering bidding for Impala Platinum Holdings Ltd.’s 65 percent stake in a chrome waste-retreatment operation in South Africa, two people familiar with the matter said. Glencore already has an agreement to buy metal from Chrome Traders Processing (Pty) Ltd., the closely held company that owns 30 percent of the business controlled by Impala. Glencore, which has chrome…

Emerging Market Stocks Pare Monthly Gain as Trump Trade Falters

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – An index of emerging-market stocks retreated, paring its biggest monthly gain since March, as concern over the new U.S. administration’s unpredictability prompted investors to avoid riskier developing-nation assets. Yields on developing-nation bonds rose relative to U.S. Treasuries, though the Brazilian real and Polish zloty led gains in currencies against a weakening dollar. Equities in India, Russia, the United Arab Emirates, Egypt, the Philippines, Malaysia, South Korea and Qatar led emerging stocks lower. MSCI’s…

Nigerian Equities Pull Southwards Amidst Profit Takings … NSE ASI down 42bps

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The Nigerian equities market opened the week bearish as the benchmark index dipped 0.4% to settle at 26, 217.18 points while YTD loss worsened to -2.4%. Losses sustained in tier-1 banking stocks as well as other bellwethers – UBA (- 2.7%), GUARANTY (-1.7%) and DANGCEM (-0.6%) – dragged the broader index lower while market capitalisation fell by N38.2bn to N9.0tn. Activity level also waned as volume and value traded…

Nigerian Bank FCMB Sees Capital Staying at ‘Comfortable’ Levels

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – FCMB Group Plc, a Nigerian lender which some analysts have said may need to raise capital, expects to remain comfortably above regulatory requirements for the rest of 2017. The Lagos-based bank raised 7 billion naira ($23 million) by selling bonds in the last quarter of 2016, “which was used to refinance term deposits and modestly increased capital,’’ Ladi Balogun, chief executive officer of First City Monument Bank Ltd., said in…

Liberty Drops Most Since 2009 as Profit Falls More Than Expected

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Liberty Holdings Ltd. slumped the most since April 2009 after the South African insurer said full-year profit tumbled more than analysts expected. The stock slid almost 12 percent to 109.90 rand as of 3:05 p.m. on Friday in Johannesburg, the biggest decline of 162 securities on the FTSE/JSE Africa All Share Index. Volumes traded in Liberty soared, reaching 2.7 times the daily average over the past three months. Earnings per share for…

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