The Markets | - Part 255

South African rand hits 13-yr low as market sees U.S. rate hike

JOHANNESBURG (Reuters) – South Africa’s rand fell to a new 13-year low to the dollar on Monday, after investors sold off emerging market currencies amid heightened expectations of an imminent interest rate hike in the United States. At 1508 GMT the rand was trading 0.21 percent softer at 12.0600 to the dollar after earlier stumbling 0.8 percent to 12.1330, its weakest level since early March 2002, according to Thomson Reuters data. The currency recouped some…

Nigeria’s banking share index up 7.4 percent

Posted on by The Editorial Team

The Nigeria’s Top-10 banking index surged 7.4 percent at the end of Friday’s trading day, as a result of the two top lenders reported higher profits, Guaranty Trust Bank (GTB) and Zenith Bank recorded an impressive growth of 14.8% year-on-year in gross earnings to N403.3bn from N351.5bn in FY:2013. Likewise, GTB gross earnings advanced 14.8% from N242.7bn in 2013 financial year to N278.5bn in 2014 financial year, 4.3%. Their shares rose by 10.2 percent. The benchmark index –…

JSE delivered a strong performance in 2014

Posted on by The Editorial Team

The Johanneburg Stock Exchange (JSE) delivered a strong performance in 2014, making it more difficult for competitors to take on the local stock exchange, rated the 19th largest in the world. The JSE, as it stands, continues to be a profitable organisation, and in 2014 earnings per share rose 25% to 742.4c. Group earnings before interest and tax increased 22% to R704m. An ordinary dividend of 400c per share and a special dividend of 80c…

Zenith Bank Gross Earnings up 14.8%

Posted on by The Editorial Team

Zenith Bank (“Zenith” or “the Bank”) yesterday released its audited FY:2014 result on the floor of the Nigerian Stock Exchange (NSE), outperforming our expectations. We present the highlights of the result and our FY:2015 estimates. Gross Earnings up 14.8% Y-o-Y; PAT up 4.3% Y-o-Y The wave of the release of banks’ FY:2014 results intensified yesterday, building investors’ momentum as Zenith recorded positive growth in both top and bottom line notwithstanding Central Bank of Nigeria’s (CBN)…

Orascom Construction offers 11 pct of shares in $185 mln IPO

Posted on by The Editorial Team

CAIRO (Reuters) – Orascom Construction plans to offer 11 percent of its shares on the Cairo bourse to raise 1.41 billion Egyptian pounds ($185 million). The company is being spun off from OCI NV, which will retain its fertiliser and chemicals operation. The construction business is seeking a dual listing on the Egyptian stock market and NASDAQ Dubai. In a statement published in Egypt’s Al-Ahram newspaper, Orascom said the stock would be offered in two…

Corporate debt maturing in 2015-19 totals $8.9 trillion

Posted on by The Editorial Team

Standard & Poor’s projected that $8,879bn in corporate debt worldwide would mature between 2015 and 2019, with $1,610bn due in 2015, $1,753bn in 2016, $1,894bn in 2017, $1,714bn in 2018 and $1,908bn in 2019. The U.S. has $3,700bn in maturing debt during the covered period or 41.7% of the global maturing debt; followed by Europe with $3,631bn (40.9%), other developed countries with $969bn (10.9%) and emerging markets with $578bn (6.5%). In addition, non-financial corporate debt…

CFA franc peg to Euro sustainable

Posted on by The Editorial Team

Standard Chartered Bank considered that a devaluation of the West African CFA franc and the Central African CFA franc, which are both pegged to the Euro, is not likely in the near term. The CFA franc is the common currency of the West African Economic & Monetary Union and the Central African Economic & Monetary Community. First, it anticipated that the depreciation of the Euro against the US dollar would benefit the CFA franc zones…

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