Nigeria | - Part 96

Guaranty Trust Bank Earnings up 14.8%

Guaranty Trust Bank (“GTBank” or “the Bank”) today, March 5, 2015 published its audited FY:2014 result on the floor of the Nigerian Stock Exchange (NSE), recording impressive growth in top and bottom lines amidst harsh operating environment. We present the highlights of the result and our 2015 estimates. Leading the Pack: Earnings and PAT up 14.8% and 9.6%Y-o-Y GTBank reinforced its leadership role in the banking space to be the first bank to publish its…

African Market Watch: Thursday, 5th March 2015

Posted on by The Editorial Team

Egypt: The Egyptian Stock Exchange (EGX) indices advanced collectively today as the benchmark index EGX30 added 1.21% or 115pts to close at 9575.98 points. However, the market capitalization has lost around EGP 1.1 billion ($143 million). Today, EGX indices rebounded on the return of the purchasing power, particularly the blue chip stocks, where the benchmark surpassed level of 9500 points. The EGX70, which measures small and mid-cap stocks, went up 0.90% to 566.52pts and the…

Diamond Bank sees “minimal” loan growth as economy falters

Posted on by The Editorial Team

LAGOS (Reuters) – Nigeria’s Diamond Bank said it plans to build up cash reserves to ride out a slowdown in the economy that will depress lending after a sharp drop in global oil prices and the weakening naira.Abdulrahman Yinusa, the chief financial officer of Nigeria’s sixth biggest lender by assets, told Reuters Africa Investment Summit on Wednesday that overall loan growth would slow this year compared with last year. The bank will release its results…

African Market Watch: Wed, 4th March 2015

Posted on by The Editorial Team

Egypt: The Egyptian Stock Exchange (EGX) indices retreated collectively on Wednesday, while the market capitalization added EGP 727mn amid buy spree by Local institutions and Arab retail investors. The benchmark index EGX30 inched down by 0.15% or 14.2pts to end at 9461.06 points. Likewise, the EGX70, which measures small and mid-cap stocks, went down 0.16% to 561.49pts and the broader index EGX100 lost 0.19% at 1122.37pts. Today’s turnover amounted to EGP 531mn, while traded volume reached…

Nigeria likely to lower estimate for 2015 GDP after naira drops

Posted on by The Editorial Team

LAGOS (Reuters) – Nigeria expects to lower its forecast for 2015 economic growth again, after cutting its forecast to 5.54 percent in January, after oil prices fell and the currency weakened further last month, the country’s statistics bureau said. Yemi Kale told the Reuters Africa Investment Summit on Tuesday he did not expect a reduction of more than 1 percent in the 5.54 percent forecast. Final figures will be released by half-year, he said. Nigeria…

African Market Watch: Tuesday, 3rd March 2015

Posted on by The Editorial Team

Egypt: Indices of the Egyptian Exchange (EGX) closed on mixed performance today, as the market capitalization added EGP174.5mn backed by the buying spree of Local institutions for second day in row. The benchmark index EGX30 inched up by 0.20% or 19pts to end at 9475.27pts. The EGX70, which measures small and mid-cap stocks, went down 0.49% to 562.41pts and the broader index EGX100 lost 0.18% at 1124.5pts. Today’s turnover amounted to EGP551.6mn, while traded volume…

Nigeria’s Honeywell group plans to spin off two units in next two years

Posted on by The Editorial Team

LAGOS (Reuters) – Nigerian conglomerate Honeywell group plans to invest 150 billion naira ($750 mln) over the next 2-3 years to fund growth across its businesses and will list one or two subsidiaries on the local bourse, its chairman said. Oba Otudeko told the Reuters Africa Investment Summit on Monday that Honeywell, with interests in agriculture, real estate and energy, is expanding capacity to tap into the consumer base in Africa’s biggest economy. “We have…

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