Bond | - Part 4

AfDB approves the first Multi-jurisdictional Fixed Income ETF in Africa

PORT LOUIS (Capital Markets in Africa) – The African Development Bank (AfDB) has appointed MCB Investment Management (MCBIM), a subsidiary of MCB Capital Markets, as Fund Manager for its first multi-jurisdictional Fixed Income Exchange Traded Fund (ETF) in Africa. The Board of Directors of the AfDB has also approved a seed equity capital investment of USD 25 million for the ADBF. The primary objective of the African Domestic Bond ETF (ADBF) is to encourage bond…

Nigeria Capital Markets Update Week Ending Dec 9 2016

Posted on by The Editorial Team

Equities Market Review and Outlook The Nigerian equities market sustained a positive outing for the second consecutive week as the benchmark index rose 0.3% W-o-W to settle at 25,817.69 points. The All Share Index (ASI) recorded marginal gains on all trading days of the week save for Tuesday when the ASI dipped 0.3% on account of profit taking. Overall performance was largely driven by significant interest in FORTE (+62.8%) which touched a record low in…

Egypt’s Upside-Down Bond Market Vindicates Shock Devaluation

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – A bond-market quirk is vindicating Egypt’s decision to undertake the world’s biggest currency devaluation in at least two years. The yield on the government’s shortest-maturity treasury bills is higher than the rate on its longest debt for the first time since Bloomberg started tracking the market in 2006. That so-called yield inversion is a welcome signal because it points to slower inflation and lower interest rates in the future, according…

Nigeria Capital Markets Update Week Ending Dec 2 2016

Posted on by The Editorial Team

Equities Market Review and Outlook The local Bourse opened the week bearishly but trended northwards by mid-week and sustained uptrend till Friday, driving the ASI up 1.6% W-o-W. This bucked 6 consecutive weeks of losses. Interestingly, mid-week rebound in the market coincided with developments in the oil market where OPEC members reached an agreement to cut production by 1.2mb/d. The announcement already triggered a rally in oil prices to US$54.1/b. The uptrend in the ASI…

Nigeria Capital Markets Update Week Ending Nov 25 2016

Posted on by The Editorial Team

Equities Market Review and Outlook The All Share Index (ASI) closed in the red for the 6th consecutive week as the broader index depreciated on four of five trading days. The week started on a negative note as the NBS published its Q3:2016 GDP report on Monday, indicating a further contraction in domestic output in Nigeria. Meanwhile, an expectation of the outcome of the MPC meeting held from Monday to Tuesday kept market soft on…

Nigeria Capital Markets Update Week Ending Nov 18 2016

Posted on by The Editorial Team

Equities Market Review and Outlook The bearish trend in the local bourse was unrelenting this week in continuation of last week’s performance as the equities market closed in the red on all trading days owing to negative sentiment towards large cap stocks across sectors. Accordingly, the All Share Index (ASI) fell 2.4% W-o-W to settle at 25,537.54 points whilst YTD return worsened to -10.8%. Market capitalization also contracted N218.1bn to close at N8.8tn. The benchmark…

Kenya to sell 15-yr infrastructure bond from October 2016

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya will sell a 15-year infrastructure bond to raise up to 30 billion shillings ($296 million) this month to fund road, water and energy projects, the central bank said on Sunday. The bank said that the bond will have a 12 percent coupon. It will take bids until Oct. 18 and auction the paper on Oct. 19.

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