The Markets | - Part 259

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

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…

Mining for liquidity in Africa’s stock exchanges

Posted on by The Editorial Team

Improvements in political and macroeconomic stability, policy certainty and legal systems in many African countries, as well as Africa’s growing middle class and rise in consumption, continue to raise the bar on foreign interest in Africa as an investment destination – as GDP growth (as a whole) averages at six percent for three consecutive years*. Yet, Africa hasn’t reached its potential share of investment in extractive service. In fact, the UNCTAD has revealed that although…

Egypt could raise up to $2 bln in Eurobond issue

Posted on by The Editorial Team

LONDON (Reuters) – Egypt could raise as much as $2 billion through a Eurobond this year and expects economic growth of close to 7 percent in three years’ time, Finance Minister Hany Kadry Dimian said on Friday. The Arab world’s most populous country is in the process of rebuilding its battered finances after the uprising that toppled Hosni Mubarak four years ago hit the country’s economy, discouraging investors and tourists, and slashing growth. “I am…

Nigerian Equity: When and What to Buy/Sell

Posted on by The Editorial Team

The Nigerian Stock Exchange, Lagos, Nigeria The markets are strongly correlated to global crude oil prices and explains the sustained sell-off we have witnessed in the markets. Crude oil accounts for 75% of the country’s revenue and 95% of foreign exchange. With prices falling, reserves are under pressure and the ability of the CBN to continue to stabilize the naira is at risk. The capital markets are largely driven by foreign portfolio investors who account…

Nigerian Bourse: Foreign transactions rose by 47.68% in 2014

Posted on by The Editorial Team

The Nigerian Stock Exchange released its December 2014 Domestic and Foreign Portfolio Participation in Equity trading. Total transactions at the nation’s bourse increased by 41.83% from N181.97 billion recorded in January to N258.08 billion (about $1.54 billion) in December 2014. This represents an increase of 28.53% from N200.8 billion recorded in November. Total foreign transactions increased by 47.68% from N1,042.04 billion recorded at the end of 2013 to N1,538.92 billion at the end of 2014 while total…

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