The Markets | - Part 196

Nigeria’s stock exchange gets green light for public listing

LAGOS (Reuters) – The Nigerian Stock Exchange (NSE) has been given a green light by its members to become a publicly listed company, it said on Thursday. The members also approved the appointment of South African bank FirstRand and local investment firm Chapel Hill Denham to guide it through the process of becoming a listed company, the NSE said. The second-biggest bourse in sub-Saharan Africa after Johannesburg and a main entry point for investors in…

Kenya Budgets Increased Spending Ahead of General Elections

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya plans a slight increase in government spending ahead of general elections in August as concerns increase that it could be taking on more debt than it can handle to finance its budget. Treasury Secretary Henry Rotich told lawmakers the government planned to increase spending to 2.287 trillion shillings ($22.2 billion) in the fiscal year that starts in July, a 2.6 percent increase from 2016-17. “We shall continue to progressively reduce…

Investors Flock to Nigeria Eurobonds, But Won’t Touch the Naira

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s oversubscribed Eurobond on Wednesday showed that investors will flock to the country’s dollar assets. But when it comes to naira ones, they’re staying well away. Nigeria got around $3 billion of orders for its $500 million of notes, according to a person familiar with the matter, who asked not to be identified. High demand for the deal, a tap of an existing $1 billion bond due in 2032, allowed bookrunners…

Home Afrika of Kenya Seeking Up to $49 Million From Investors

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Home Afrika Limited, a Kenyan property developer, will return to debt markets to raise as much as 5 billion shillings ($48.6 million) and complete projects in the capital and on the East African nation’s coast. The company, based in Nairobi, has picked Genghis Capital Ltd. to offer between 2 billion and 5 billion shillings to international investors in the first phase of the funds drive that’s set to begin by April,…

Nigeria stock market deals fell 22 pct last month amid naira crisis

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The value of trading on Nigeria’s stock market dropped by 22.3 percent to 74.1 billion naira ($236 mln) in February from a month before, the stock exchange said on Tuesday, as foreign investors kept to the sidelines. Nigeria is battling a currency crisis brought on by low prices for oil, its main export, and now operates multiple currency regimes dominated by central bank intervention, making it difficult to price…

Nigerian Senate Approves Sale of Extra $500 Million Eurobond

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s senate approved a plan on Wednesday for the issuance of an additional $500 million of Eurobonds after demand for the sale of $1 billion of debt securities in February exceeded supply. The West African nation wants to “take advantage of favorable market conditions,” the government said on its Twitter account. The proceeds from the sale will fund projects in last year’s budget, it said. Nigeria has sought other sources…

Kenya sells bond over mobile phones in world first

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenyans can now buy government bonds using only their mobile phones. The nation’s Treasury on Thursday began selling 150 million shillings ($1.5 million) of three-year debt using a platform known as M-Akiba, the first such product across East Africa. “For the first time we will provide government securities to the entire population,” Central Bank Governor Patrick Njoroge said at a briefing in the capital, Nairobi. “This will dramatically change the savings…

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