The Markets | - Part 211

Citi Makes a Clarion Call for Commodity Bulls With 2017 View

LAGOS (Capital Markets in Africa) – Citigroup Inc. has given a clarion call for commodity bulls, predicting that most raw materials are expected to perform strongly next year as global economic growth picks up, the oversupply that’s dogged markets finally dissipates and investors plow in more funds. The bank is bullish on oil, copper, zinc, and wheat on a six to 12-month horizon, with global growth seen at 2.7 percent from 2.5 percent in 2016, according to an e-mailed…

Nigeria Third Quarter 2016 Trade Deficit Narrows on Currency Controls and Weaker FX Rate

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The National Bureau of Statistics (NBS) released Q3: 2016 Foreign Trade Statistics on 1st December 2016. The report showed Q-o-Q improvement in trade deficit which narrowed to the lowest in 2016 as an impact of the weaker exchange rate in the period inflated exports data (reported in Naira) while currency controls pared growth in imports. Trade deficit improved 78.5% Q-o-Q to N104.1bn from N484.2bn in Q2:2016 while Merchandise trade (sum…

Egypt’s Banque Misr seeks central bank-guaranteed syndicated loan

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biggest lenders by assets, is raising a five-year syndicated loan guaranteed by the country’s central bank, sources close to the situation said. The bank has mandated ADIB Capital and Credit Suisse to arrange the transaction, which was launched to syndication in the second half of November. ADIB Capital is the investment banking arm of Abu Dhabi Islamic Bank’s Egyptian subsidiary. The loan, an amortising facility, is expected to be about $350 million and offers a…

Tanzania’s Vodacom files prospectus for share offering

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DAR ES SALAAM (Capital Markets in Africa) – Vodacom Tanzania, part of South Africa’s Vodacom Group, has filed a prospectus with Tanzania’s capital markets regulators for an initial public offering (IPO), the company’s managing director told Reuters on Monday. Tanzania’s biggest mobile phone operator filed its application for an IPO with the state-run Capital Markets and Securities Authority (CMSA) and Dar es Salaam stock exchange (DSE) on Friday, managing director Ian Ferrao said in a…

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

Posted on by The Editorial Team

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 …

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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…

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