Nigeria | - Part 33

Nigerian Breweries Profit Falls as FX Shortage Adds to Costs

LAGOS (Capital Markets in Africa) – Nigerian Breweries Plc, the local unit of Heineken NV, said full-year profit declined 26 percent as a shortage of foreign exchange hampered the import of raw materials and increased the cost of doing business. Net income declined to 28.4 billion naira ($90 million) fin 2016 from 38 billion naira the previous year, the Lagos-based company said in a statement published on the Nigerian Stock Exchange’s website on Monday. Cost of sales…

Nigeria says sees no need to go to IMF, plans its own reforms

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LAGOS (Capital Markets in Africa) – Nigeria sees no need to apply for an International Monetary Fund programme as it is pursuing its own economic reform plan, Finance Minister Kemi Adeosun said on Tuesday. Sharp falls in the price of crude oil, its main export, have tipped Africa’s biggest economy into its first recession for 25 years and hammered the naira currency, prompting speculation it might need IMF funding to cover a growing budget deficit….

Nigeria tests waters for possible broad naira devaluation

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ABUJA (Capital Markets in Africa) – Nigeria effectively devalued the naira for private individuals on Monday, paving the way for a possible broader move despite stiff resistance from President Muhammadu Buhari. With Buhari abroad for medical treatment and the country’s currency exchange system in chaos, the central bank said Nigerians wanting dollars for travel or to pay foreign school fees could buy dollars at nearly 20 percent above the official rate. Some Nigerians saw the…

Nigerian Equities Start the Week Bullish … NSE ASI Up 34bps

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LAGOS (Capital Markets in Africa) – The Nigerian bourse opened on a positive note for the first time in three (3) successive weeks. The All Share Index rose 34bps to close at 25,249.49 points whilst market capitalization increased N29.3bn to settle at N8.7tn. As a result, YTD loss trimmed to –6.0%. Market performance was broadly driven by bargain hunting in Consumer Goods bellwether NIGERIAN BREWERIES (+ 4.2%) which took a beating last week. Market activity,…

Nigerian Central Bank Issues New Policy Actions in the Foreign Exchange Market

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ABUJA (Capital Markets in Africa) – In continuation of efforts to increase the availability of Foreign Exchange in order to ease the difficulties encountered by Nigerians in obtaining funds for Foreign Exchange transactions, the Central Bank of Nigeria (CBN) is providing direct additional funding to banks to meet the needs of Nigerians for Personal and Business Travel, Medical needs, and School fees, effective immediately. The CBN expects such retail transactions to be settled at a…

Central Bank of Nigeria boosts key industries with $2.83 bln for economic recovery

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LAGOS (Capital Markets in Africa) – Nigeria’s central bank has disbursed $2.83 billion to critical sectors of the economy in December and January, it said in a statement on Thursday, in an attempt to kick-start a struggling economy and alleviate a drought of foreign currency. Nigeria’s economy is wallowing in its first recession in a quarter of a century, hamstrung in part by low exports of the crude oil on which the government depends for…

Renewed Sell Pressure on NB Drags Nigerian Bourse… NSE ASI down 30bps

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The All Share Index was unable to sustain yesterday’s positive performance as it fell 30bps to close at 25,055.29 points following renewed sell pressure on NIGERIAN BREWERIES (-3.8%). Consequently, YTD loss worsened to -6.8%, while market capitalisation declined by N25.9bn to settle at N8.7tn. Market activity also softened as volume and value traded dipped 10.8% and 14.6% to 144.4m units and N1.5bn respectively. Bears Retain Grip on FMCGs Despite the decline…

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