Nigeria | - Part 95

African Market Watch: Monday, 9th March 2015

Egypt: The Egyptian Stock Exchange (EGX) indices ended on a mixed note on Monday as the benchmark index EGX30 added 0.78% to 9,713.61 points, while market capitalisation gained EGP 1.4 billion. The EGX70, which measures small and mid-cap stocks, inched down 0.28% to 566.38 points, while the broader index EGX100 gained 0.03% to 1,139.14 points. Today’s turnover amounted to EGP 667.5 million, while traded volume reached around 166.4 million shares sealed through 19,700 transactions. The…

Nigeria: claiming the African M&A crown

Posted on by The Editorial Team

Nigeria is home to the world’s seventh-largest population (with 173 million inhabitants), which is expected to surpass Brazil’s by 2030. And with increasing disposable incomes and a GDP growth rate around the 6% mark for the last 10 years, it isn’t hard to understand why Jim O’Neill, former Chairman of Goldman Sachs Asset Management International, included Nigeria as one of the new wave of emerging economies, alongside Mexico, Indonesia and Turkey — the MINTs —…

African Market Watch: Friday, 6th March 2015

Posted on by The Editorial Team

Kenya: The NSE 20 Index dropped 37.83pts to close at 5,373.22pts. The NASI Index gained 0.23pts to close at 172.51pts with total market capitalization at KES 2,408mn. Market activities measured by volume and value traded were recorded at 36,466,000 shares and KES 1,062.271mn. The market sentiment was positive today, as the market breadth (advancer/decliners ratio) berthed at 1.7x with 25 advancers and 15 decliners. On the one hand, topping the price gainers list were Crown…

Nigeria’s banking share index up 7.4 percent

Posted on by The Editorial Team

The Nigeria’s Top-10 banking index surged 7.4 percent at the end of Friday’s trading day, as a result of the two top lenders reported higher profits, Guaranty Trust Bank (GTB) and Zenith Bank recorded an impressive growth of 14.8% year-on-year in gross earnings to N403.3bn from N351.5bn in FY:2013. Likewise, GTB gross earnings advanced 14.8% from N242.7bn in 2013 financial year to N278.5bn in 2014 financial year, 4.3%. Their shares rose by 10.2 percent. The benchmark index –…

Zenith Bank Gross Earnings up 14.8%

Posted on by The Editorial Team

Zenith Bank (“Zenith” or “the Bank”) yesterday released its audited FY:2014 result on the floor of the Nigerian Stock Exchange (NSE), outperforming our expectations. We present the highlights of the result and our FY:2015 estimates. Gross Earnings up 14.8% Y-o-Y; PAT up 4.3% Y-o-Y The wave of the release of banks’ FY:2014 results intensified yesterday, building investors’ momentum as Zenith recorded positive growth in both top and bottom line notwithstanding Central Bank of Nigeria’s (CBN)…

Nigeria Must Reduce Thirst for Oil Revenues, Says IMF

Posted on by The Editorial Team

Mobilizing more non-oil revenue is critical to Nigeria’s future growth, the International Monetary Fund concluded in a report this week on Nigeria’s economic and monetary policies. Although oil represented only 13% of gross domestic product in 2013 — services accounted for more than 50% — oil remains critical to Nigeria as a revenue and foreign-exchange source. But in order to ensure future economic stability, the country must reduce its dependence on oil revenues and strengthen…

Flour Mills of Nigeria to cut capex as economy falters

Posted on by The Editorial Team

LAGOS (Reuters) – Flour Mills of Nigeria expects to cut capital expenditure by almost half this year, down from 40 billion naira a year ago, as the slowdown in the economy, caused by the oil price collapse and the weakening naira, hurts consumer spending. Chairman John Coumantaros told Reuters Africa Investment Summit that Flour Mills had spent around $750 million over the past 3-5 years to build capacity but would expected to spend around 19…

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