Market Watch | - Part 35

Nigerian Equity Markets | 23 May 2016: Market trends Southwards as MPC Meeting begins …NSE ASI down 42bps

LAGOS, Nigeria, Capital Markets in Africa: The Nigerian Equities market opened in the red, for the first time in 5 weeks as profit taking thrived, following the impressive gains that were recorded in the previous week. As a result, the All Share Index slid 0.4% to settle at 27,015.97 points. In the same vein, market capitalisation reduced by N34.7bn to N9.3tn. The major drags to market performance today were ZENITH (-4.9%), ACCESS (-4.7%) and NIGERIAN…

Nigeria’s Stocks Enter Bull Market Even as Economy Contracts

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LAGOS, Nigeria, Capital Markets in Africa: Nigerian stocks entered a bull market as investors bought equities in anticipation of a currency devaluation that would boost share prices, even as data showed Africa’s biggest economy is in danger of a recession. The Nigerian Stock Exchange All Share Index closed at 27,129.41 on Friday, more than 20 percent above a three-year-low in mid-January. The measure fell for the first time in four days on Monday, dropping 0.6 percent to 26,978.6…

Egyptian Stocks Drop on Missing Airliner; Mideast Markets Slump

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CAIRO, Egypt, Capital Markets in Africa: Egyptian stocks declined after the nation’s flagship airline said one of its passenger planes went missing on the way back to Cairo from Paris. Most equities dropped across the Middle East as oil retreated. The EGX 30 Index fell 1.8 percent to 7,499.49 at the close. About 538 million Egyptian pounds ($61 million) of shares traded, 21 percent less than the market’s full day average over the past three months. Qatar’s QE Index lost…

Nigerian Equity Markets | 12 May 2016: Nigerian Bourse Rebounds as Downstream Oil Counters Rally… NSE ASI up 0.9%

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LAGOS, Nigeria, Capital Markets in Africa: The Nigerian equities market halted a two day losing streak as the All Share Index rose 0.9% to close at 25,865.06 points at the end of today’s trading session. Market capitalization also advanced N80.7bn to settle at N8.9tn. Today’s performance was buoyed by the gains in bellwether counters – NIGERIAN BREWERIES (+2.5%), FORTE OIL (+5.0%) and ZENITH (+1.5%) which counterpoised the impact of the decline in NESTLE (-1.5%), UNILEVER…

Nigerian Equity Markets | 11 May 2016: Nigerian Equities Market Closes Limp … NSE ASI down 6bps

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: The Nigerian bourse declined further at the end of today’s trading session, albeit marginally as the All Share Index eased 6bps to close at 25,630.62 points. Market capitalization settled at N8.8tn as investors lost N2.1bn. The benchmark index was dragged by the depreciation in DANGCEM (-2.1%), FLOURMILL (-4.9%), and WAPCO (-0.7%), offsetting the gains in NESTLE (+2.8%), GUARANTY (+1.2%), NIGERIAN BREWERIES (+0.4%) and TIGER BRAND (+10.0%). Market activity was…

Ivory Coast May Sell Stake in Orange Phone Unit on Exchange

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Abidjan, Cote d’Ivoire, Capital Markets in Africa — Ivory Coast is considering the sale of its minority stake in the local unit of French wireless operator Orange SA on the regional stock exchange. That would add the West African nation’s telecommunications industry to a privatization program that already covers industries such as banking and agribusiness. “It’s something that’s being considered,” Bruno Kone, Ivory Coast’s minister of digital economy and postal services, said in a phone interview on Wednesday. “There’s…

Ghana IPOs at Risk as March Sale Leaves Buyers Empty-Handed

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ACCRA, Ghana, South Africa, Capital Markets in Africa — A delay in completing the sale of Ghana’s Agricultural Development Bank Ltd., the nation’s biggest initial public offering yet, may dent confidence in future share sales, according to FirstBanc Financial Services Ltd. Investors who bought into the 450 million cedis ($118 million) sale in March, which was oversubscribed, are still waiting for their shares after the owners — the Bank of Ghana and the Ministry of Finance — missed…

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