The Markets | - Part 236

Africa Equity Weekly | 15 Jan 2016: Egypt, Nigeria, South Africa in red … Mauritius, Tunis in green

Lagos, Nigeria, Capital Markets in Africa — The global market’s poor start to the year continued this week as investors sold off on equities and junk bonds globally in a flight to safety due to increasing downside risk of a hard landing in China, credit defaults in high yield junk bonds, weaker global growth and softer commodity prices. Brent crude traded below the US$30.0pb line on Friday, with broader analysts’ outlook of a bottom ranging…

African Sovereign Eurobond 2015 Review: Eurobond issuance steady at $6.75billion, but with a higher premium

Posted on by The Editorial Team

Lagos, Nigeria, Capital Markets in Africa — The year 2015 was a challenging year for African economies as a result of falling commodity prices, lower demand from China and the hike in the US Fed rates. In spite of this, the Eurobond issuance by African sovereigns still came to US$6.750 billion for 2015 compared to the record US$8.7 billion issued in 2014. The market value weighted average issue yield is at 7.90 percent (a higher premium compared to other emerging economy Eurobonds)….

ICD supports Ivory Coast to successfully Issue the largest West African Sovereign Sukuk

Posted on by The Editorial Team

Jeddah, Kingdom of Saudi Arabia, Capital Markets in Africa — On 21st December 2015 the Republic of Côte d’Ivoire, acting through the Ministry of Economy and Finance, closed an inaugural local currency, CFA 150 Billion (USD 244 million) Sukuk al-Ijara (“Sukuk”). The Islamic Corporation for the Development of the Private Sector (“ICD”), an arm of the Jeddah-based Islamic Development Bank, acted as the Lead Arranger. The sukuk with a five‐year maturity, was subscribed by regional…

African Equity Markets in 2015: BRVM Bourse 2015 Champion, Botswana runner-up, Zimbabwe worst market

Posted on by The Editorial Team

Lagos, Nigeria Capital Markets in Africa — African stock market performance measured by country equity benchmark index returns produced a negative returns in 2015, with four positive growths and fourteen negative returns on a local currency basis. The performance was more disheartening on a US-dollar adjusted performance basis, with just one equity market produced a positive return. These unimpressed performances (compared to 2014) across African equities can be attributed to interlocked negative feedback loops between declining commodity…

Bank of Africa Plans Mali’s First Listing on BRVM Bourse

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Bamako, MALI, Capital Markets in Africa — Groupe Bank of Africa’s Mali office plans an initial public offering on the Bourse Regionale des Valeurs Mobilieres (BRVM) which would make it the first company from the West African nation to be listed on the Abidjan-based regional exchange. The bank, a subsidiary of Morocco’s BMCE Bank Group, will offer 400,000 shares on the BRVM from 17 December 2015 to 15 January 2016, it said in a statement published on Tuesday in the state-owned…

African Economies Vulnerability to US Fed rate hike … Ghana the most vulnerable

Posted on by The Editorial Team

LONDON, Capital Markets in Africa — Monetary policymakers as well as market analysts routinely cite tightening by the US Federal Reserve among risks to macroeconomic stability. In 2015, the US Federal Reserve has been a major source of uncertainty for the global economy but the markets now expect a rate rise at the Federal Open Market Committee meeting on 15-16 December 2015. Beyond this, rates are expected to follow a gradual upwards path throughout 2016. An important…

Looking into 2016: A Change in Nigerian Market Sentiments, Signs to Watch

Posted on by The Editorial Team

The Nigerian equities market has sustained a bearish run for most of 2015 as issues ranging from a fragile polity, foreign exchange restrictions, stifling monetary policy stance, weakening domestic growth and rising inflationary pressure have weighed in to weaken investor sentiment. While the victory of President Buhari at the polls boosted investor confidence between April and May, the five months of waiting before the eventual inauguration of the cabinet on 11th November 2015 has had a…

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