Market Watch | - Part 34

Market Watch | Emerging Markets Rally as Traders Scale Back Bets on Fed Rate

LAGOS, Nigeria, Capital Markets in Africa: Emerging-market currencies headed toward the steepest advance in more than two months while stocks and bonds climbed as the weakest U.S. jobs data since 2010 boosted optimism the Federal Reserve will delay raising interest rates. The MSCI Emerging Markets Currency Index added 0.9 percent at 12:55 p.m. in London, led by Indonesia’s rupiah and Malaysia’s ringgit. A measure of developing-market stocks rose for a third day, topping its 50-day moving average. Philippine…

Zimbabwe Stock Exchange Cuts Jobs After Trading Slumps

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Harare, Zimbabwe, Capital Markets in Africa: The Zimbabwe Stock Exchange is cutting jobs and will soon announce a strategy to generate additional income after revenue fell by half in 2015 and has shown little sign of recovery this year, its chief executive officer said. Zimbabwe has suffered deflation for the past 18 months because of a fall in consumer demand and the economy is half the size it was in 2000. Cash shortages in a country that…

Ghana Market | For a Lesson in Precisely How Not to Do an IPO, Look at Ghana

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ACCRA, Ghana, Capital Markets in Africa: It was supposed to be sub-Saharan Africa’s biggest share sale by a state company in almost 10 years. Instead, it’s a lesson in how not to conduct a privatization. More than two months after Ghana’s Agricultural Development Bank Limited received bids totaling $113 million in an initial public offering, and a decade after ending state ownership was first discussed, the company is reopening the sale, essentially invalidating the first auction….

Nigerian Equity Markets | 31 May 2016: Stocks Tumble on Panic Selling …NSE-ASI down 4.3%

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LAGOS, Nigeria, Capital Markets in Africa: The Bullish trend in the Nigerian equities market was reversed as the All Share Index plunged 4.3% amid profit taking and FX uncertainty following the Democracy Day Speech. After touching a year high of 28,902.25 points on Friday, the benchmark index tumbled to 27,671.08 points today, sending YTD return (-3.4%) back to the negative region. Market capitalization also shrank N425.6bn settling at N9.5tn. Today’s sharp decline was broadly driven…

Ghana’s Regulator Orders Investor Refund in Biggest IPO

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s securities regulator instructed the nation’s biggest agricultural lender to refund investors after it rejected bids in an initial public offering that closed in March. The Agricultural Development Bank Ltd. refused 435.1 million cedis ($112 million) of the 437.9 million cedis in bids it received, the West Africa nation’s Securities and Exchange Commission said in a statement sent Tuesday by text message. The lender informed the regulator of its intention to reopen…

Market Watch: Emerging Stocks Rise as China Rallies on MSCI Index Speculation

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks rose to a three-week high as Chinese equities rallied amid speculation MSCI Inc. will include yuan-denominated shares in its global benchmarks and concern eased that higher U.S. interest rates will squelch global economic growth. The Shanghai Composite Index surged 3.3 percent, the most since March. South African stocks headed toward a fourth month of gains as a slump in the rand in May boosted the outlook for companies with revenue in foreign currencies such…

Nigerian Equity Markets | 24 May 2016: Market Closes Positive, Up 80bps… MPC Embraces Flexibility

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LAGOS, Nigeria, Capital Markets in Africa: As investors awaited the outcome of the MPC meeting, trading across the board was mostly cautious as marginal gains were offset by marginal losses until a mild rally that was recorded in market bellwethers in the final trading minutes ensured a positive close for the day. Consequently, the All Share Index rose 0.8% to settle at 27,231.50 points. Investors gained N74.0bn as market capitalisation rose to N9.4tn. Price appreciation in…

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