Market Watch | - Part 22

Nigeria Capital Markets Update Week Ending Nov 11 2016

Equities Market Review and Outlook Unperturbed by events in the global political environment, the Nigerian equities market maintained its bearish momentum. The local Bourse closed lower all through the week save for Thursday due to strong interest in Banking Stocks. Consequently, the All Share Index (ASI) slumped 3.0% W-o-W in contrast to the dramatic surge in share prices in major exchanges around the world. The weak performance of the benchmark index was driven by heavy…

What Donald Trump’s Presidential victory does to African Equity Markets and FX

Posted on by The Editorial Team

Nigeria Capital Markets Update Week Ending Nov 04 2016

Posted on by The Editorial Team

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…

Egypt’s longer suspension of capital gains tax will spur more investment

Posted on by The Editorial Team

CAIRO (Reuters) – The head of Egypt’s stock exchange said on Wednesday the decision to extend the suspension of capital gains tax on shares will attract investment and boost IPOs in the market. Egypt’s Supreme Investment Council opted on Tuesday to prolong for three years a freeze of a 10 percent tax on gains from shares first imposed in July 2014 as part of moves to replenish depleted state coffers. Egyptian blue chip shares rose on…

Sell Pressure on Large Cap Stocks Drags Nigerian Share Index Lower

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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

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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….

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