The Markets | - Part 241

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

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

Posted on by The Editorial Team

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…

Fact from History: Is the party begins for Nigeria’s Equity Investors?

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — The Nigeria’s Central Bank reduced its Monetary Policy Rates (MPR) by 200 basis points to 11.00 percent against market expectations and the country macroeconomic fundamental outlook. The question is how will Nigerian equity markets reacts to this development? Many investors believe that when rates fall, the party begins for stock prices and rate hike is the party is over for stock prices. Is the party begins for Nigerian…

Nigeria’s GDP Grows by 2.8% Y-o-Y in third quarter of 2015 … Brace for Impact?

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — The National Bureau of Statistics (NBS) released its Q3:2015 GDP report yesterday; which showed that in spite of the macroeconomic challenges faced during the period, the economy grew 2.8% Y-o-Y (to N18.0tn) in the quarter, 0.5% higher than Q2:2015 Y-o-Y growth (2.4%) but 3.4% lower than Q3:2014 (6.2%, Y-o-Y). The report also indicated that Q-o-Q, the economy expanded 9.2% in real terms, an improvement over 2.6%Q-o-Q growth recorded…

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