Market Watch | - Part 16

Emerging Market Stocks Pare Monthly Gain as Trump Trade Falters

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…

Barclays Africa Hit by Protesters Demanding Apartheid-Era Money

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Barclays Africa Group Limited was targeted by protesters who entered one of its branches on Thursday and demanded the bank pay back money from a bailout provided to a company it bought before the end of apartheid. Demonstrators linked to the youth league of South Africa’s ruling African National Congress gathered outside the branch in Durban on South Africa’s east coast, Johannesburg-based Barclays Africa said in an e-mailed response to questions….

Sasol First-Half Profit Drops After Strike, Currency Losses

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Sasol Limited said first-half profit declined as much as 44 percent from a year earlier after the world’s biggest producer of liquid fuels from coal was hurt by currency losses and a three-month strike at its South African operations. Profit before one-time items, known as headline earnings, for the six months through December decreased by between 8.26 rand ($0.62) and 10.68 rand from the 24.28 rand reported a year earlier,…

Guinness Nigeria Posts Biggest Loss in 30 Years on High Cost

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) Guinness Nigeria Plc, the country’s second-biggest brewer, posted its biggest loss in at least 30 years as production and financing costs rose in Africa’s most populous nation. The local unit of London-based Diageo Plc posted a loss of 4.67 billion naira ($14.8 million) for the six months through December compared with a profit of 1.17 billion naira ($4.71 million) a year earlier. Cost of sales rose by more than 50 percent while financing costs…

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