The Markets | - Part 209

Nigerian Equity Markets | 23 Nov 2016: Bulls Creep into The Market … NSE ASI up 21bps

LAGOS (Capital Markets in Africa) – The hunt for a bargain in value counters halted the erstwhile unrelenting negative performance of the benchmark index as the NSEASI gained 21bps to close at 25,517.00 points at the end of the trade. Accordingly, market capitalization advanced by N19.2bn to settle at N8.8tn. Today’s positive performance was largely as a result of bargain hunting in NESTLE (+1.3%), GUARANTY (+1.2%), PZ (+4.9%) and NIGERIAN BREWERIES (+0.2%). Market activity was…

Egyptian pound remained stable against the US dollar …

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – The Egyptian pound remained stable against the US dollar early Wednesday with sale prices ranging between EGP 17 and EGP 17.45 and buy prices ranging from EGP 17.5 to EGP 17.95. At the Société Arabe Internationale de Banque (SAIB), the dollar stood at EGP 17.45 and EGP 17.75 for buy and sell, respectively. The Egyptian Gulf Bank sold the USD-EGP at EGP17.95 and recorded EGP 17 for buying. Meanwhile, purchasing at…

Nigeria considers foreign exchange reforms as dollar shortages bite

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LAGOS (Capital Markets in Africa) – Nigeria is considering amendments to its foreign exchange laws to curb illegal fund transfers and insider dealing and stop individuals holding hard currency outside the banking system, a draft bill seen by Reuters on Monday showed. But a senior member of the upper house of parliament said the Senate would reject the plans proposed by the Nigerian Law Reform Commission (NLRC), which advises the government. Africa’s largest economy is facing…

CMA and IFC in improving corporate governance practices in Rwanda

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KIGALI (Capital Markets in Africa) – The Capital Market Authority (CMA) in partnership with International Finance Corporation (IFC), a member of the World Bank Group host a breakfast meeting themed “Corporate Governance; the pathway to sustainable business growth in Rwanda” on Wednesday, November 16th , 2016 to raise awareness on issues related to Corporate Governance as a sustainable driver of business growth. Good corporate governance practices will attract investors to emerging markets’ businesses and address…

South Africa’s Mr Price reports first drop in profit in 15 years as economy sours

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JOHANNESBURG (Capital Markets in Africa) – South African no-frills retailer Mr Price said on Monday it expected low sales for the rest of the financial year after reporting its first decline in profit in 15 years, sending its shares to a three-year low. Sluggish economic growth in South Africa, seen at less than 1 percent this year, coupled with rising interest rates and inflation and a warmer than expected winter have forced clothing retailers to…

South African equity funds fail to beat the benchmark over five years

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JOHANNESBURG (Capital Markets in Africa) – South African equity markets once again lagged global markets over the past year. This underperformance can partly be attributed to the contraction of 1.2% in the country’s GDP in the first quarter of 2016, which was principally due to a significantly lower production in platinum group metals over the period. The sense of unease was further compounded when S&P Global Ratings warned that it may strip the country of…

Algeria raises over $5 bln in local debt issue says Finance Minister

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ALGIERS (Capital Markets in Africa) – Algeria, faced with financial difficulties from the fall in oil prices, has raised 568 billion dinars ($5.210 billion) from a local bond issue aimed at helping offset lower energy revenues, the finance minister said. Oil and gas revenues account for 94 percent of OPEC member Algeria’s exports and 60 percent of the state budget. The government has reduced spending in 2015 and 2016 and planned further cuts for 2017….

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