Nigeria | - Part 38

Bears Strengthen Hold on Nigerian Equities Market…NSE ASI down 69bps

LAGOS (Capital Markets in Africa) – The bearish sentiment in the local bourse was extended today as sustained profit taking by investors pulled the All Share Index 0.7% lower to 26, 036.24 points while YTD loss worsened to –3.1%. Sell-offs in market bellwethers – NESTLE (- 3.1%), NIGERIAN BREWERIES (-1.6%) and GUARANTY (-1.1%) – were the major drag to performance as market capitalisation also dipped N47.7bn to N9.0tn. However, activity level strengthened as volume and value…

West Africa Oil Floods to Asia in Latest Sign of OPEC Impact

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – West African oil producers will next month send the most crude to Asia in at least five years, the latest sign of how refineries in the world’s biggest demand region are scouring the world to replace supplies cut by OPEC’s Middle East producers. Shipments on the trade route, among the longest for supertankers, are set to soar to 2.19 million barrels a day in February, the highest level since…

Nigerian Equities Pull Southwards Amidst Profit Takings … NSE ASI down 42bps

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The Nigerian equities market opened the week bearish as the benchmark index dipped 0.4% to settle at 26, 217.18 points while YTD loss worsened to -2.4%. Losses sustained in tier-1 banking stocks as well as other bellwethers – UBA (- 2.7%), GUARANTY (-1.7%) and DANGCEM (-0.6%) – dragged the broader index lower while market capitalisation fell by N38.2bn to N9.0tn. Activity level also waned as volume and value traded…

Nigerian Bank FCMB Sees Capital Staying at ‘Comfortable’ Levels

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – FCMB Group Plc, a Nigerian lender which some analysts have said may need to raise capital, expects to remain comfortably above regulatory requirements for the rest of 2017. The Lagos-based bank raised 7 billion naira ($23 million) by selling bonds in the last quarter of 2016, “which was used to refinance term deposits and modestly increased capital,’’ Ladi Balogun, chief executive officer of First City Monument Bank Ltd., said in…

Nigeria Central Bank Hits Out at ‘Unpatriotic’ Policy Critics

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s central bank lashed out at critics of its efforts to prop up the naira and said that weakening the currency would only harm poor people. “Intelligence reports at the disposal of the bank reveal the involvement of some unpatriotic elements funding the push to have the Central Bank of Nigeria and the federal government reverse its foreign-exchange policy,” Isaac Okorafor, a spokesman, said in a statement on the Abuja-based central…

Guinness Nigeria Posts Biggest Loss in 30 Years on High Cost

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) Guinness Nigeria Plc, the country’s second-biggest brewer, posted its biggest loss in at least 30 years as production and financing costs rose in Africa’s most populous nation. The local unit of London-based Diageo Plc posted a loss of 4.67 billion naira ($14.8 million) for the six months through December compared with a profit of 1.17 billion naira ($4.71 million) a year earlier. Cost of sales rose by more than 50 percent while financing costs…

Economic Recovery in Nigeria Hobbled by Oil, Currency Policy

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) Nigeria’s economy may struggle to rebound from its worst slump in 25 years unless President Muhammadu Buhari can end an armed conflict in the nation’s oil-producing region and fix a currency policy that’s blocked investment. Pipeline attacks in the Niger River delta cut oil production by a third last year, slashing government revenue, while central bank intervention and trading restrictions that prop up the value of the naira have stymied trade and…

« 1 … 36 37 38 39 40 … 101 »