Market Watch | - Part 39

African Sovereign Eurobond January 2016: Ghana’s spreads widening, Nigeria’s narrowing …

LAGOS, Nigeria, Capital Markets in Africa — Volatility and unexpected economic events shook markets at the beginning of 2016, questioning fundamentals of emerging markets. Generally, African Eurobond outlook is likely to worsen in 2016, due to commodity price slump, reduce revenue and pressure on currency. These forces will compel African governments to tap into international markets, so increase supply against limited liquidity may, hence means issuers will likely need to offer sizable new issuance premia…

South Africa’s Reserve Bank hikes repo rate by 50 basis points

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa —- The South Africa Reserve Bank’s Monetary Policy Committee (MPC) raised the repo rate to 6.75% from 6.25%. This takes the cumulative increases to 1.75 percentage points since the MPC started tightening policy in January 2014. Governor Lesetja Kganyago stated that, although the impact of the weaker exchange rate on inflation had remained muted in recent years, renewed rand weakness and the likelihood of higher food inflation had…

Africa Equity Weekly | 22 Jan 2016: Relief for Nigeria and South Africa Investors but not Kenya’s …

Posted on by The Editorial Team

Lagos, Nigeria, Capital Markets in Africa — As the week ending 22nd January 2016 came to a close, the African equity markets continued in the red district. Out of the eighteen African equity indices four ended in positive district and thirteen in the negative region (Illiquid Swaziland All Share index remained unchanged to end at 327.5 points) compared to the previous week ending Friday 15th January 2016. The overall average return of the eighteen stock…

Foreign Portfolio Investors are net sellers on the Nigeria’s Bourse in 2015

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Lagos, Nigeria, Capital Markets in Africa — The total transactions at Nigerian Stock Exchange fell 41.72 percent from NGN 189.72 billion recorded in January to NGN 110.56 billion (about US$0.56 billion) in December 2015. This represents a decrease of 13.49% from N127.8 billion recorded in November. Likewise, Foreign Portfolio Investor (FPI) transactions decreased by 33.39 percent from NGN1,538.92 billion recorded at the end of 2014 to NGN 1,025.07 billion at the end of 2015. Out of…

Africa Equity Weekly | 15 Jan 2016: Egypt, Nigeria, South Africa in red … Mauritius, Tunis in green

Posted on by The Editorial Team

Lagos, Nigeria, Capital Markets in Africa — The global market’s poor start to the year continued this week as investors sold off on equities and junk bonds globally in a flight to safety due to increasing downside risk of a hard landing in China, credit defaults in high yield junk bonds, weaker global growth and softer commodity prices. Brent crude traded below the US$30.0pb line on Friday, with broader analysts’ outlook of a bottom ranging…

African Sovereign Eurobond 2015 Review: Eurobond issuance steady at $6.75billion, but with a higher premium

Posted on by The Editorial Team

Lagos, Nigeria, Capital Markets in Africa — The year 2015 was a challenging year for African economies as a result of falling commodity prices, lower demand from China and the hike in the US Fed rates. In spite of this, the Eurobond issuance by African sovereigns still came to US$6.750 billion for 2015 compared to the record US$8.7 billion issued in 2014. The market value weighted average issue yield is at 7.90 percent (a higher premium compared to other emerging economy Eurobonds)….

Nigerian Stock Exchange Introduces Circuit Breaker as Stocks Plunge

Posted on by The Editorial Team

Lagos, Nigeria, Capital Markets in Africa —- Nigeria’s stock exchange introduced a circuit breaker to limit price fluctuates (fall/rise). Trading on the Nigerian Stock Exchange will be stopped for 30 minutes if the All Share Index moves 5 percent from the previous day’s close between 10:15 a.m. and 1:45 p.m. (local time), the Lagos-based exchange stated in a statement on its website. The market will close for the day if the circuit breaker is triggered for…

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