Nigeria | - Part 8

Nigerian Banks Extend Gains on Optimism for Dividends, Earnings

LAGOS (Capital Markets in Africa) – Nigerian banking index rises 2.7% Wednesday in Lagos, highest since June 2009 on closing basis; Volume is more than twice the daily average for the past three months. “Market is reacting to a possible turnaround in performance in 4Q,” saysOluwasegun Akinwale, analyst at Codros Capital With full-year results due soon, investors are buying banking stocks to be positioned for attractive dividend yields, Kayode Omosebi of Asset & Resource Management says by phone…

Lafarge Africa Mulls Raising Additional Cash for Expansion

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LAGOS (Capital Markets in Africa) – Lafarge Africa Plc, which is busy with a share sale to cut its debt levels, will consider raising additional funding for an expansion that could boost cement production by 24 percent. Lowering the debt will enable the Lagos-based company to get cheaper funding for the next stage of expansion, Chief Financial Officer Bruno Bayet said in interview Nov. 30. “If you want to expand or construct a cement plant, it is…

It’s Hot Money, Not FDI, That’s Bringing Dollars Into Nigeria

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LAGOS (Capital Markets in Africa) – Investors haven’t pumped this much hot money into Nigeria in three years. Portfolio investment more than tripled in the third quarter from a year earlier to $2.8 billion, according to the country’s National Bureau of Statistics. Foreign direct investment fell 65 percent year-on-year to $118 million, the lowest level since the fourth quarter of 2013. Debt traders have mostly piled into short-term securities, attracted by yields of almost 20…

Fitch Rates Nigeria’s U.S.$3 Billion Eurobond ‘B+’

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LAGOS (Capital Markets in Africa) — One of the leading rating agencies, Fitch Ratings has assigned Nigeria’s $1.5 billion 6.500% senior unsecured notes due 28 November 2027 and the $1.5 billion 7.625% senior unsecured notes due 28 November 2047 a final rating of ‘B+’. According to a statement yesterday, the final rating replaced the expected rating of ‘B+ (EXP)’ that Fitch had assigned to the issue on November 15, 2017. It explained that the expected…

Diamond Bank to Boost Nigeria Loans Upon West Africa Retreat

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LAGOS (Capital Markets in Africa) – Diamond Bank Plc plans to boost lending and its customer numbers in Nigeria as it targets growth in its home market after divesting its units elsewhere in West Africa. The Lagos-based lender sees its loans growing by about 10 percent next year and customers increasing by a third to 20 million by 2019, Chief Executive Officer Uzoma Dozie said in a Nov. 23 interview in the commercial capital, Lagos. “The divestment is…

Nigeria Sells $3 Billion of Eurobonds in Its Biggest Offer Yet

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LAGOS (Capital Markets in Africa) – Nigeria raised $3 billion in a two-part international bond sale as it seeks to fund a fiscal deficit and reduce its local-currency debt burden. The West African nation split the offering equally between 10- and 30-year tranches. The yield was 6.5 percent for the shorter notes and 7.625 percent for the 30-year portion, down 25 basis points on each tranche from the initial guidance. The offering, its biggest Eurobond…

Nigerian Economic Growth Quickens as Oil Output Increases

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LAGOS (Capital Markets in Africa) – Nigeria’s economic growth accelerated in the third quarter as oil output rose to the highest since the start of last year. The gross domestic product of Africa’s largest crude producer expanded 1.4 percent in the three months through September from a year earlier, compared with a revised 0.7 percent in the second quarter, the Abuja-based National Bureau of Statistics said Monday in an emailed report. The median of 13 economists’ estimates…

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