Nigeria | - Part 52

Equities Market Review and Outlook: Pulled back from 4 weeks of positive momentum

LAGOS (Capital Markets in Africa) – The Nigerian equities market pulled back from 4 weeks of positive momentum, depreciating 1.8% W-o-W. The All Share Index (ASI) trended southwards on 3 out of 4 trading sessions declining on Tuesday (-0.2%), Wednesday (-0.9%) and Friday (+0.7%) while gaining 8bps on Thursday. Market capitalization waned by N172.5bn to settle at N9.6tn. However, activity level was mixed during the week as average volume rose 7.0% W-o-W to settle at…

Nigeria Central Bank set limits on banks’ investment in govt Islamic bonds

Posted on by The Editorial Team

LAGOS ((Capital Markets in Africa)) – Nigeria’s central bank has set commercial banks’ investment in Islamic bonds issued by state governments to 10 percent of the total amount on offer and fixed a maximum tenor of 10 years for the bonds, it said in a circular. The central bank said it considered the need to issue the guidelines to enhance the quality of sukuk instruments and to grant liquidity status at its discount window as well…

INTO AFRICA October Edition: Banking in Africa: The current status

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Welcome to the October edition of INTO AFRICA, a publication with fresh insight into Africa’s emerging capital markets. In this edition, we have a special focus on the Banking Sector in Africa, with an overview of the current trends and opportunities in the Sector. Please download by clicking: INTO AFRICA PUBLICATION: OCTOBER EDITION. The banking sectors in African countries have been on an upward path for nearly a decade posting record growth rates while at the…

MTN Raises $1 Billion in Bond Sale to Fund Capital Expenditure

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd., Africa’s largest wireless carrier by sales, raised $1 billion through the sale of bonds to boost working capital and fund capital expenditure. The Johannesburg-based company sold $500 million of February 2022 notes with a coupon of 5.373 percent and the same amount of October 2026 securities at 6.5 percent, MTN said in a statement on Thursday. The company sought funds after reporting its first-ever half-year loss,…

Access Bank Plans to Sell 19% Stake in Ghana Unit in IPO

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Access Bank Plc, a Nigerian lender, plans to sell a stake of about 19 percent in its Ghana unit in an initial public offering that will begin before the end of the year. The lender is seeking to raise at least 104 million cedis ($26 million) issuing shares at 4 cedis each, Jacob Aidoo, the head of issuers at the Securities and Exchange Commission, said by phone from Accra…

Kenya Beats Nigeria in Stock-Trading for the First Time

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NAIROBI (Capital Markets in Africa) – Investors put more money into Kenyan stocks than Nigeria’s for the first time on record in September. The value of shares traded on Nigeria’s exchange fell to $139 million, near the lowest since Bloomberg began compiling such data in 2009, as foreign investors shunned an economy battered by militant attacks on oil facilities and shortages of foreign-exchange. In Kenya, with an economy an eighth the size of Nigeria’s but…

FirstRand Considers Nigerian Acquisitions as Valuations Ease

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – FirstRand Limited, Africa’s biggest bank by market value, said it’s considering acquisitions in African countries including Nigeria where the slide in oil prices and a devalued currency has undercut prices. “Asset prices in jurisdictions such as Nigeria have recently become much more realistic,” Chairman Laurie Dippenaar said in the Johannesburg-based company’s annual report, published on FirstRand’s website on Tuesday. “We feel more comfortable to look for opportunities to deploy shareholder capital…

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