Equity Markets |

UBS Wealth Has Hedge Fund-Like Playbook to Combat Market Mayhem

LAGOS (Capital Markets in Africa) – The world’s largest private bank is doubling down on exotic strategies to profit from the intensifying meltdown in the synchronized bull market. As Wall Street frets another annus horribilis, UBS Global Wealth is embracing a playbook beloved by hedge funds — a slew of options trades that bet, for example, on the continued outperformance of U.S. healthcare stocks versus industrials when tensions in commerce sink equities. The $2.4 trillion money manager’s…

The World’s Best Stocks May Gain Even More If Oil Holds Up

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The world-beating rally in Nigerian stocks may not be over yet. The main equity index in Africa’s biggest economy has surged 12 percent this year in dollar terms, the most among 96 major bourses tracked by Bloomberg, pushing it to the highest level since 2008. Dangote Cement Plc, controlled by Africa’s richest man, Aliko Dangote, and the largest company on the exchange, has climbed to a record high. The advance will probably be…

Egypt’s Ibnsina Pharma Plans Expansion After $90 Million IPO

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CAIRO (Capital Markets in Africa) – Ibnsina Pharma, Egypt’s second-biggest pharmaceuticals distributor, plans to invest 700 million Egyptian pounds ($39 million) over the next five years to expand its storage hubs using the proceeds from its ongoinginitial public offering. The company, which is offering 40 percent of its shares in the local market for about $90 million, plans to add 20 new distribution centers over the next five years to boost growth, co-Chief Executive Officer Omar…

RenCap Hires Banker From CI Capital as It Opens Doors in Egypt

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Renaissance Capital, the investment bank controlled by Russian billionaire Mikhail Prokhorov, is hiring investment bankers and analysts in Egypt as more vibrant capital markets attract financial services firms to the country. Mohamed Younis will be chief executive officer of the investment bank in Egypt, said Ahmed Badr, RenCap’s CEO for the Middle East and North Africa. Younis, previously at CI Capital Holding, an arm of Commercial International Bank Egypt SAE, will…

Nigeria’s SEC to Investigate Oando for Possible Insider Dealing

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The Nigerian Securities and Exchange Commission ordered an insider-trading investigation into Oando Plc and suspended dealing in the energy company’s shares. A comprehensive review of Lagos-based Oando also found discrepancies in its shareholding structure and related-party transactions that were not done “at arm’s length,” the regulator said in an emailed statement on Wednesday. Alero Balogun, a spokeswoman for Oando, said she couldn’t immediately comment on the allegations when contacted by…

London’s Stock of Unsold Homes Under Construction at Record High

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The stockpile of unsold London homes under construction rose to a record as developers ramped up supply, despite a housing market that has been suppressed by higher taxes and economic uncertainty. The number of properties being built or completed that have yet to find a buyer rose to 12,952 units from 12,601 at the end of last year, according to a report by Molior London seen by Bloomberg News. That’s the…

Stock Traders Scarce in Kenya as Poll Crisis Clouds Outlook

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Traders are deserting Kenya’s stock market, a star performer earlier this year, as the unresolved crisis around the country’s presidential election discourages foreign investors. Volumes traded on the Nairobi stock exchange have slumped to the lowest this year, dropping to less than 46 million shares in the week ended Oct. 6 from as high as 285 million in June. Values have also dropped, with $870,000 of shares traded Thursday,…

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