The Markets | - Part 153

EOH Says Directors’ Margin Calls Caused Stock-Price Plunge

JOHANNESBURG (Capital Markets in Africa) – EOH Holdings Ltd. said forced stock sales due to margin calls involving two directors caused a 35 percent plunge in the stock on Dec. 7. The decline was “triggered by the forced sale of shares by financial institutions against equity-financed transactions to various individual shareholders including two EOH directors,” the Johannesburg-based technology services company said in a statement on Monday. Jehan Mackay, the chief executive officer of the public…

South African Regulator Probes Trades in Gupta-Linked Oakbay

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JOHANNESBURG (Capital Markets in Africa) – A South African financial regulator is investigating trades in Oakbay Resources and Energy Ltd., a company linked to the politically connected Gupta family, to determine whether share prices were manipulated over a five-month period. The Financial Services Board will probe share moves from when Oakbay listed in November 2014 through April 2015, the Pretoria-based institution said in an emailed statement on Tuesday. The stock rose almost 11 percent over that…

Nigerian Banks Extend Gains on Optimism for Dividends, Earnings

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LAGOS (Capital Markets in Africa) – Nigerian banking index rises 2.7% Wednesday in Lagos, highest since June 2009 on closing basis; Volume is more than twice the daily average for the past three months. “Market is reacting to a possible turnaround in performance in 4Q,” saysOluwasegun Akinwale, analyst at Codros Capital With full-year results due soon, investors are buying banking stocks to be positioned for attractive dividend yields, Kayode Omosebi of Asset & Resource Management says by phone…

Nigeria SE Rises 1% to 38,372.61; FBN Leads Advance

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LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index rose for the fifth day, climbing 1 percent, or 398.03 to 38,372.61. The move was the biggest since rising 1.8 percent on Nov. 24. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 0.3 percent. FBN Holdings Plc contributed the most to the advance, rising 4.9 percent. Learn Africa Plc increased 8.2 percent, the biggest gain. Continental Reinsurance Plc fell 5 percent, the biggest loss….

Lafarge Africa Mulls Raising Additional Cash for Expansion

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LAGOS (Capital Markets in Africa) – Lafarge Africa Plc, which is busy with a share sale to cut its debt levels, will consider raising additional funding for an expansion that could boost cement production by 24 percent. Lowering the debt will enable the Lagos-based company to get cheaper funding for the next stage of expansion, Chief Financial Officer Bruno Bayet said in interview Nov. 30. “If you want to expand or construct a cement plant, it is…

Mystery Shrouds Tether and Its Links to Biggest Bitcoin Exchange

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LAGOS (Capital Markets in Africa) – Among the many mysteries at the heart of the cryptocurrency market are these: Does $814 million of a digital token known as tether really exist? And what is tether’s connection to Bitfinex, the world’s biggest bitcoin exchange? This is the state of crypto in late 2017, where questions about the companies behind the currencies are multiplying with the profits. While cryptocurrencies appeal to people who lack faith in governments and banks, the…

OPEC Crude Output Drops to Six-Month Low on Angola Maintenance

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LUANDA (Capital Markets in Africa) – Crude production from the Organization of Petroleum Exporting Countries dropped again in November to a six-month low. Total production fell 80,000 barrels a day to 32.47 million a day last month, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. That was the lowest level since May, when output was 32.29 million. Angola led the declines in November, with a drop of 100,000 barrels a day from…

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