Market Watch | - Part 16

Liberty Drops Most Since 2009 as Profit Falls More Than Expected

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

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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…

Goldman’s Contrarian View on South Africa’s Rand

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JOHANNESBURG (Capital Markets in Africa) – There’s still some momentum left in South African rand’s rally, according to Goldman Sachs Group Inc. The 148-year-old Wall Street lender predicts the currency will extend its 17 percent gain since the beginning of 2016 to end the year at 13 per dollar, a level last seen in 2015. That’s a view shared by only three out of 26 analysts in a Bloomberg survey: the median forecast is for the currency…

Rand Merchant Bank lists US Dollar Custodial Certificates on JSE

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Rand Merchant Bank (RMB), has listed an innovative new product on the Johannesburg Stock Exchange (JSE), which will enable companies and individuals to hold unlimited quantities of cash in US dollars. US Dollar Custodial Certificates (DCCs), listed on the Exchange Traded Funds sector of the JSE on 24th January, are easily tradable, dollar-denominated investment instruments which have no exchange control implications. Investors earn the return of a US Treasury…

Nigerian Equities Pare Gains on Bearish Sentiment on Large Cap Stocks …NSE ASI down 5bps

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) -The equities market halted two consecutive days of gains on account of negative sentiment towards bellwether Banking and Consumer Goods counters – ZENITH (-3.5%), NIGERIAN BREWERIES (-1.4%) and 7UP (-5.0%). The Benchmark index settled at 26,217.54 points, down a marginal 5bps while market capitalization declined N4.8bn to close at N9.0tn. Accordingly, YTD return remained at -2.4%. However, market activity was mixed as volume traded dropped 17.9% to 187.7m units and value traded surged 304.3% to N10.4bn…

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