Nigeria | - Part 9

Nigeria’s Forte Oil Falls Most in Nine Months as MSCI Exit Looms

LAGOS (Capital Markets in Africa) – Nigerian fuel retailer and electricity provider fell 9.7 percent to 43.89 naira by Monday close in Lagos. Volume traded more than 3 times the daily average for past 3 months. Decline “may be related to investors’ reactions to the announcement of the complete removal of the stock from the MSCI Frontier Market Indexes,” Kikelomo Alatise, equity analyst at Lagos-based Meristem Securities, says by email Funds tracking stocks that were deleted…

Nigeria Aims to Issue $2.5b of Eurobonds on Monday

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria plans to issue a Eurobond of at least $2.5 billion on Monday, says Kevin Daly, a money manager at Standard Life Aberdeen, who attended an investor meeting with officials from the nation in London Thursday. Nigerian delegation included Finance Minister Kemi Adeosun, central bank Governor Godwin Emefiele, head of the Debt Management Office, Patience Oniha, and Ben Akabueze, head of the budget office. Nigeria may increase the size…

Guaranty Trust Bank Nigeria Eyes Mozambique to Double Income From Africa

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LAGOS (Capital Markets in Africa) – Guaranty Trust Bank, Nigeria’s biggest lender by market value, plans to open in Mozambique as it targets the country’s gas market to help prop up profit from African subsidiaries. The lender will enter Mozambique in the first quarter of 2019 “to capitalize on the country’s offshore gas boom,’’ after it opens in Tanzania in January next year, it said. The expansion will increase the contribution to profit by African…

Nigeria to Meet New York Investors to Sell Longest-Dated Bonds

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LAGOS (Capital Markets in Africa) – Nigeria is set to meet global debt investors this week as it looks to sell its longest-maturity Eurobond yet. The government mandated Citigroup Inc. and Standard Chartered Plc to arrange a 10- and 30-year transaction, according to a person familiar with the matter, who isn’t authorized to speak publicly. Nigerian officials will hold conference calls today, before meeting investors in London on Thursday and in New York on Friday,…

Nigerian Inflation Slows for Ninth Straight Month in October

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LAGOS (Capital Markets in Africa) – Nigerian consumer inflation slowed marginally for a ninth consecutive month in October as food-price growth stayed above 20 percent. The inflation rate in Africa’s most-populous nation fell to 15.91 percent from 15.98 percent in September, the Abuja-based National Bureau of Statistics said in an e-mailed report on Tuesday. The median of 12 economists’ estimates compiled by Bloomberg was 15.9 percent. Prices rose 0.8 percent in the month. On Nov….

Oil Output Cuts `Only Viable Option’ for Market, OPEC Head Says

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LAGOS (Capital Markets in Africa) – The oil market is re-balancing at a quickening pace and production cuts are the “only viable option” to restore stability, OPEC Secretary-General Mohammad Barkindo said. The Organization of Petroleum Exporting Countries should decide at its meeting later this month whether or not to extend the cuts, United Arab Emirates Energy Minister Suhail Al Mazrouei said in a speech at a conference in Abu Dhabi. Neighbouring Oman backs prolonging the output limits beyond March and sees…

Moody’s downgrades IHS Netherlands rating to B2

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LAGOS (Capital Markets in Africa) – Moody’s Investors Service, has today downgraded IHS Netherlands Holdco B.V.’s (IHS) corporate family rating (CFR) to B2 from B1. At the same time, IHS probability of default rating was downgraded to B2-PD from B1-PD. The company’s $800 million 9.5 % senior unsecured guaranteed notes due 2021 were downgraded to B1 from Ba3. The outlook on the ratings is stable. The downgrades follow Moody’s downgrade of Nigeria’s sovereign rating to…

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