The Markets | - Part 188

PPC Reports Loss on Higher Finance Costs, Low Domestic Prices

JOHANNESBURG (Capital Markets in Africa) – PPC Limited reported a full-year loss of 295 million rand ($22.9 million) as the South African cement maker incurred higher finance costs following the downgrade of the company’s debt and battled persistent low prices in its home market. Earnings per share excluding one-time items slumped 93 percent to 7 cents a share, the Johannesburg-based company said in a statement on Wednesday. Sales rose 5 percent to 9.6 billion rand, while capacity increased…

British Pound Is Seen Losing the Most If U.K. Vote Delivers No Winner

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – The pound could plunge to as low as $1.20 on Friday, a level last seen in January, should the U.K. snap election lead to a hung parliament, according to a Bloomberg poll of analysts. Such an outcome, though seen as unlikely, would be marginally more negative than even an electoral upset that sees the Labour Party defying odds to emerge the winner, according to the survey of 11 banks…

African Energy Plans JSE Listing to Fund $311 Million Deal Drive

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JOHANNESBURG (Capital Markets in Africa) – African Energy Partners Ltd. plans to sell shares on the alternative board of the Johannesburg Stock Exchange later this month to help fund as much as 4 billion rand ($311 million) of planned acquisitions in the energy and power industries. An initial public offering on the JSE’s AltX index and separate stake sale to a selected group of investors could raise as much as 500 million rand, Chief Operating Officer…

Datatec Shares Soar by a Record After $830 Million Asset Sale

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JOHANNESBURG (Capital Markets in Africa) – Datatec Limited shares jumped by the most on record after the South African IT services company agreed to sell the North and Latin American operations of its Westcon-Comstor business for as much as $800 million. Synnex Corporation of the U.S. will take over the operations and buy a 10 percent stake in the rest of the Westcon-Comstor division for $30 million, Johannesburg-based Datatec said in a statement on Tuesday. The deal will…

Nigerian Naira Forward Contracts Jump as Nigeria Eases Interbank Rules

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Naira six-month non-deliverable forward contracts rise 1.3%, most on closing basis since April 27, to 360 per dollar. 1-month contracts +0.8% to 331/USD, 3-month contracts +1% to 342.

Nigerian Banks Outstrip Peers on Returning Dollar, Old Mutual Up

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LAGOS (Capital Markets in Africa) – Since the Nigerian central bank eased a dollar shortage by opening a currency-trading window for foreign investors in April, lenders in Africa’s biggest economy have soared. The local banking index is up 35 percent this quarter, outstripping South Africa’s equivalent stock gauge and MSCI’s emerging-market financials index. Even after the jump, Guaranty Trust Bank is the sole Nigerian lender in the index to trade above its book value, while none of…

Nigerian stocks rise to 11-month high on banking, cement shares

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria stocks jumped to a 11-month high on Thursday, driven by gains in banking and cement shares as investors took advantage of the low valuation for some commercial bank shares. The stock market index rose 2.37 percent to cross 30,197 points, lifted by gains in First Bank Holdings and Dangote Cement. The banking index rose 1.61 percent amid expectations Africa’s biggest economy would exit recession soon as higher oil revenues…

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