Market Watch | - Part 23

Nigerian Equities Retreat as Manufacturing Stocks Slide… NSE ASI down 3bps

LAGOS (Capital Markets in Africa) – The Nigerian bourse was unable to sustain the positive trend maintained since the start of the week as the All Share Index (ASI) trimmed a marginal 3bps today to close at 28,027.23 points. Accordingly, market capitalisation declined N2.4bn to close at N9.6tn as sell pressure was renewed on NESTLE (-2.4%), WAPCO (-2.7%), DANGSUGAR (-2.7%) and FLOURMILL (-3.1%). Also, activity level softened as volume and value traded fell by 5.3% and 47.3% to settle at 155.6m…

Nigeria approves transfer of Visafone shares to MTN following takeover

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s telecommunications regulator NCC said on Tuesday it has approved a request by internet provider Visafone to transfer its shares to MTN following its takeover by the South African firm. MTN bought Visafone in January to improve its broadband services in its biggest market Nigeria. “The NCC, in line with its procedure granted a Final-Approval to Visafone for the change in its shareholding structure,” the regulator said in a…

Equities Market Review and Outlook: Pulled back from 4 weeks of positive momentum

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The Nigerian equities market pulled back from 4 weeks of positive momentum, depreciating 1.8% W-o-W. The All Share Index (ASI) trended southwards on 3 out of 4 trading sessions declining on Tuesday (-0.2%), Wednesday (-0.9%) and Friday (+0.7%) while gaining 8bps on Thursday. Market capitalization waned by N172.5bn to settle at N9.6tn. However, activity level was mixed during the week as average volume rose 7.0% W-o-W to settle at…

MTN Raises $1 Billion in Bond Sale to Fund Capital Expenditure

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd., Africa’s largest wireless carrier by sales, raised $1 billion through the sale of bonds to boost working capital and fund capital expenditure. The Johannesburg-based company sold $500 million of February 2022 notes with a coupon of 5.373 percent and the same amount of October 2026 securities at 6.5 percent, MTN said in a statement on Thursday. The company sought funds after reporting its first-ever half-year loss,…

South Africa’s rand falls on higher U.S. rate rise prospects

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand weakened on Thursday as bets on a December U.S. rate rise brought emerging currencies under pressure, while stocks ended slightly weaker as gold and platinum mining shares slid on lower precious metal prices. The benchmark Top-40 index closed down 0.6 percent at 45,051 points while the All-Share index fell 0.5 percent to 51,611 points. At 1530 GMT, the rand traded at 13.8550 per dollar, 1 percent…

Access Bank Plans to Sell 19% Stake in Ghana Unit in IPO

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Access Bank Plc, a Nigerian lender, plans to sell a stake of about 19 percent in its Ghana unit in an initial public offering that will begin before the end of the year. The lender is seeking to raise at least 104 million cedis ($26 million) issuing shares at 4 cedis each, Jacob Aidoo, the head of issuers at the Securities and Exchange Commission, said by phone from Accra…

Kenya Beats Nigeria in Stock-Trading for the First Time

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Investors put more money into Kenyan stocks than Nigeria’s for the first time on record in September. The value of shares traded on Nigeria’s exchange fell to $139 million, near the lowest since Bloomberg began compiling such data in 2009, as foreign investors shunned an economy battered by militant attacks on oil facilities and shortages of foreign-exchange. In Kenya, with an economy an eighth the size of Nigeria’s but…

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