Market Watch | - Part 37

Guinness Nigeria’s Profit Tumbles During Economic Downturn

LAGOS, Nigeria, Capital Markets in Africa — Guinness Nigeria Plc, the country’s second-biggest brewer, said profit fell 83 percent in the nine months through to the end of March during a downturn in Africa’s largest economy. Earnings after tax were 864 million naira ($4.35 million) in the period, compared with 5.2 billion naira a year earlier, the local unit of Diageo Plc said in a statement on the Nigerian Stock Exchange’s website. Revenue dropped 18 percent to…

Kenyan Equity Valuations Buoyed by Low Oil, Politics — Exotix

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Nairobi, Kenya, Capital Markets in Africa — Kenya equity valuations that declined over the past year are now among the most attractive in sub-Saharan African frontier markets, supported by the lowest political risk in a decade and favorable global conditions, analysts from Exotix Partners LLP said. Lower oil prices, which benefit net crude importers like Kenya, and the prospect that the timing of U.S. interest-rate increases have been pushed out are expected to foster a “relatively benign environment…

Devaluation Bets Send Egyptian Stocks Rising to August High

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CAIRO, Egypt, Capital Market in Africa — Egyptian stocks surged to an eight-month high on speculation that authorities will devalue the currency for the second time this year. Local investors fueled a fifth day of gains as a persistent dollar shortage forced the Egyptian pound to a record low in black market trading. The nation’s decision to weaken its currency by the most in 13 years last month has so far proved insufficient to attract foreign investment…

Nigerian MSCI Exit May Risk $500 Million Holdings, RenCap Says

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Lagos, Nigeria, Capital Markets in Africa — MSCI Inc.’s decision to consider dropping Nigeria from its Frontier Markets Index has put $500 million of stock investments in Africa’s biggest economy under threat, according to Renaissance Capital Ltd. Investors following the index have $500 million staked in Nigeria, half what they would have if they were properly tracking the benchmark, and those holdings are “under threat” should MSCI exclude Nigeria, according to Charles Robertson, chief economist at…

African Stock Market March 2016: Bull rules, Egyptian equities rewards local investors with 22.4% gains

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LAGOS, Nigeria, Capital Markets in Africa — The Federal Reserve’s dovish stance on U.S. interest rates and a rebound in commodity prices fuelled an African-market rally in March, leading currencies to record monthly gains against the dollar. African equity market performance measured by country equity benchmark index returns ended in positive for the month, with eleven gainers and seven losers on the local currency basis. March’s average return of 2.3 percent was recorded across eighteen African…

Nigeria | Investors show confidence in Nigerian shares

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LAGOS, Nigeria, Capital Markets in Africa — Total transactions at the Nigerian Stock Exchange (NSE) rose from N84.10 billion recorded in January 2016 to N117.27 billion (about $0.60 billion) in February 2016 (about 39.44% increase), according to data released by NSE. However, comparing to the same period in 2015, total transactions decreased by 36.44% from the N184.49 recorded in February 2015. The data also highlighted that domestic investors significantly outperformed foreign investors by 27.04%. Domestic…

Nigerian Equity Markets | 21 Mar 2016: Positive Streak Extends to 3rd Consecutive Day…NSE ASI up 81bps

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LAGOS, Nigeria, Capital Markets in Africa –— The Nigerian Equities market started the week on a positive note, extending the streak of gains in the benchmark index to the third consecutive trading day. Despite the general negative sentiments, investors still see value in some Bellwethers trading at attractive entry prices. Consequently, the All Share Index improved 0.8% to close at 25,902.95 points. Bargain hunting in GUARANTY (+4.5%), ZENITH (+3.1%) and DANGCEM (+1.8%) lifted the market into…

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