Nigeria | - Part 86

Nigeria’s foreign exchange reserves rise by 1 pct by May 15

Lagos, Nigeria (Capital Markets in Africa):- Nigeria’s foreign exchange reserves rose marginally by 1.05 percent month-on-month to $29.80 billion by May 15 from $29.49 billion a month earlier, data from the central bank showed on Tuesday. The forex reserves of Africa’s biggest economy and top crude exporter have been on the decline since last year when the central bank used the reserves to support the ailing naira currency, which has depreciated by 7.5 percent so…

South Africa, Kenya, Nigeria Plan More ETF Cross-Listings

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Lagos, Nigeria (Capital Markets in Africa):- South Africa, Nigeria and Kenya are planning to cross-list more exchange-traded funds on their stock markets to boost liquidity of the securities, according to the Johannesburg Stock Exchange. “We reached out to East Africa and West Africa,” Tamsin Freemantle, business development manager of the South African bourse, said in an interview May 14 in the Kenyan capital, Nairobi. The JSE is “working closely with those markets to develop this cross…

Nigeria MPC Meeting: Economists Say Slow Growth, High Inflation, Naira Value Will Top Agenda

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When members of the Central Bank of Nigeria’s Monetary Policy Committee (MPC) meet for their 244th meeting in Abuja tomorrow, economic experts believe the key policy considerations will be the current stagnation in the nation’s growth rate, high inflation, naira volatility, precarious state of the nation’s external reserves and anxiety over the policy thrust of the incoming administration. Speaking in separate interviews, the economic experts also explained that although the committee may not want to…

Nigeria auctioned 60 billion naira bonds on Wednesday

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Lagos, Nigeria (Capital Markets in Africa):- Bond auction worth N60.0bn for the month of May held on Wednesday for the re-opening of FEB 2020, MAR 2024 and JULY 2034 instruments at N20.0bn. The short, medium and long term bonds re-opened were all oversubscribed with the total N60bn fully allotted. Relative to the auction held in April, marginal rates at the primary market auction on Wednesday fell across tenors on offer. The FEB 2020, MAR 2024…

Nigeria Market Watch: Week Ending 15th May, 2015

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Weekly Equities Market Review and Outlook After posting marginal losses on all trading days in the previous week, the All Share Index (ASI) showed mixed performances this week. Though the index recorded declines on the first two trading days this week, the equities market closed the week positive (+0.1%) W-o-W as bargain hunting positioning drove the index northwards in the last three trading days of the week. Market capitalization also added N18.6bn W-o-W to settle…

Nigerian MPC to Retain Status Quo for Later Devaluation?

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Lagos, Nigeria (Capital Markets in Africa):- In light of the recent happenings in the monetary and fiscal policy space, the Monetary Policy Committee (“MPC”or “The Committee”) will be sitting on the 18th and 19th May, 2015 for its third meeting in the year to discuss and take critical policy decisions relating to the economy. In the plethora of issues to be considered, the recent pressure on exchange rate, declining external reserves, rising price level and…

Nigeria Market Watch | May 14th 2015: Nigerian equity market sustains uptrend…

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Lagos, Nigeria (Capital Markets in Africa):- Bargain hunting positioning in bellwether equities ensured a bullish close in the Nigerian equities market for the second consecutive trading session. The All Share Index rose 61bps to 34,416.29 points while market capitalization gained N71.8bn to close at N11.7bn. Month-to-date (MTD) loss of the benchmark index hence pared to 0.8%. Appreciation in FORTE OIL (+5.0%), ZENITH (+3.3%), GUARANTY (+1.0%) and DANGOTE CEMENT (+0.6%) drove positive market performance today. Market activity…

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