Nigeria | - Part 28

Nigerian Equity Benchmark Index Rebounds as Mid-Caps Rally… NSE ASI up 0.8%

LAGOS (Capital Markets in Africa) – The equity market rebounded today from a streak of losses as the broader index appreciated 0.8% to close at 25,471.69 points, paring YTD loss to 5.2% while market capitalization added N71.1bn to settle at N8.8tn. The uptrend in the All Share Index was largely as a result of renewed buy sentiment in mid-cap counters in the Industrial and Oil & Gas sectors – WAPCO (+10.2%), MOBIL (+10.3%) and OANDO(+10.1%) – as well as bargain…

Nigeria cabinet approves $1.3 billion loan for Development Bank of Nigeria

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s cabinet has approved $1.3 billion of loans from international lenders to fund the newly licensed Development Bank of Nigeria, the finance minister said on Wednesday. The money is made up of $500 million from the World Bank, $450 million from the African Development Bank, $200 million from German state bank KfW and $130 million from France’s state development agency, said Kemi Adeosun, Nigeria’s finance minister. The loan facility is…

IMF says Nigeria economy needs urgent reform, no FX curbs

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The International Monetary Fund (IMF) warned Nigeria its economy needs urgent reform in a report published on Wednesday that highlighted the risks to growth for the recession-hit country and the dangers of a volatile foreign exchange market. The document, a report from IMF staff which Reuters saw an earlier version of last month, outlines a raft of failings in Nigeria’s handling of Africa’s largest economy and could affect talks over…

Facebook Offers Free Wifi Hotspots to Sustain Nigeria, Kenya Customer Growth

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Facebook Inc. has increased the number of its African users to 170 million and plans to expand further by adding wifi hotspots and laying fiber-optic cables in a bid to spread its reach outside of developed markets. The figure is 42 percent higher than when the U.S. social network first opened an African office in 2015, Carolyn Everson, vice president of global marketing, said in an interview in Johannesburg on Tuesday….

Weak Appetite for Large Caps drag Nigerian Equity Index lower

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The Nigerian equities market started the month of April on a bearish note as the All Share Index recorded a 95bps loss to settle at 25,273.03 points. Performance was dragged by declines inDANGCEM (-2.4%), NIGERIAN BREWERIES (-1.5%) and GUARANTY (-2.4%). Thus YTD loss worsened to –6.0%. Investors lost N84.2bn as market capitalization closed at N8.7tn. Activity level also slowed as volume and value traded declined by 83.5% and 99.3% to 97.7m units and N682.8m…

IMF Urges Nigeria to Start Belt Tightening, Cut Naira Curbs

Posted on by The Editorial Team

LAGOA (Capital Markets in Africa) – Nigeria should remove currency-trading restrictions and reduce its budget deficit and debt-service costs to “sustainable” levels, the International Monetary Fund said. “Stronger macroeconomic policies are urgently needed to rebuild confidence and foster an economic recovery,” the Washington-based lender said in a report Thursday after a team visited Nigeria. There’s a “need for a front-loaded, revenue-based fiscal consolidation starting in 2017, to reduce the federal government interest-payments-to-revenue ratio to sustainable levels.” The…

Nigeria’s stock exchange gets green light for public listing

Posted on by The Editorial Team

LAGOS (Reuters) – The Nigerian Stock Exchange (NSE) has been given a green light by its members to become a publicly listed company, it said on Thursday. The members also approved the appointment of South African bank FirstRand and local investment firm Chapel Hill Denham to guide it through the process of becoming a listed company, the NSE said. The second-biggest bourse in sub-Saharan Africa after Johannesburg and a main entry point for investors in…

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