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Nigeria stock market deals fell 22 pct last month amid naira crisis

LAGOS (Capital Markets in Africa) – The value of trading on Nigeria’s stock market dropped by 22.3 percent to 74.1 billion naira ($236 mln) in February from a month before, the stock exchange said on Tuesday, as foreign investors kept to the sidelines. Nigeria is battling a currency crisis brought on by low prices for oil, its main export, and now operates multiple currency regimes dominated by central bank intervention, making it difficult to price…

Sentiment Bearish as Nestle Drags Index Lower in Nigerian Equity Markets

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Sentiment was bearish today on the Nigerian Bourse as the All Share Index shed 0.2% to close at 26,330.39 points consequent on price declines in large cap stocks such as NESTLE (-2.4%), FORTE(-9.2%) and ETI (-3.0%). Accordingly, investors lost N19.1bn as market capitalization settled at N9.1tn. However, market activity was mixed as volume traded waned 9.2% to 179.3m units while value traded surged 42.4% to close at N1.5bn. Banking Sector Emerges Lone Gainer Performance…

Nigerian Equity Markets | 15 Dec 2016: Banking Stocks Drive Index Higher, SE ASI up 0.6%

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The equities market recorded gains for the 6th consecutive trading session today as the All Share Index expanded 0.6% to close at 26,559.01 points consequent on price appreciations in Banking Stocks such as UBA (+4.8%), GUARANTY (+4.4%) and ZENITH (+1.6%). Accordingly, market capitalization rose N52.1bn to settle at N9.2tn though market activity waned as volume and value traded declined 2.6% and 64.9% to close at 200.0m units and N1.5bn respectively. Banking Sector Emerges Lone Gainer…

Egyptian Exchange gains EGP 13.7bn on foreign buying

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – The Egyptian Exchange finished Monday on a stronger note amid foreign buying appetite for blue-chip stocks. The main index EGX30 hit the highest mark since 8 May 2008 after adding 265.6 points or 2.36% to close at 11,543.07 points. CIB, Talaat Moustafa, SODIC, Edita, Hermes, Qalaa, Amer Group, Orascom Telecom, Ezz Steel, Domty, GB Auto, Elsewedy, Global Telecom, Pioneers, and Egyptian Resorts saw a 1.3-10% rise. Meanwhile, Kuwait…

Egypt bourse to reduce free float required to list on EGX 30

Posted on by The Editorial Team

Cairo (Capital Markets in Africa):- – Egypt’s stock exchange said on Thursday it would reduce the free float required for new companies to list on its benchmark EGX 30, as part of structural changes to the index. Companies previously had to have a 15 percent free float to list on the EGX 30. Under the new rules, which take effect on August 1, firms will be able to join with a minimum 5 percent free float…

South Africa’s rand slips as Fed remarks boost dollar

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Johannesburg (Capital Markets in Africa):- South Africa’s rand weakened on Monday along with fellow emerging markets’ (EM) currencies as the dollar rallied after the Federal Reserve signalled a rate hike by year-end. By 0700 GMT the rand slipped 0.32 percent to 11.9310 versus the dollar, which marched to a month-high after positive CPI data and strong indications by U.S. Federal Reserve chair Janet Yellen that the bank would raise rates in 2015. The news lifted…

Dubai’s Emaar plans to float 13 pct Egypt unit on Cairo exchange

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By Matt Smith DUBAI (Reuters) – Dubai’s Emaar Properties plans to list a 13 percent stake in its Egyptian unit on Cairo’s stock exchange, the largest listed developer in the United Arab Emirates said on Wednesday. The share sale will comprise of a public offering to retail investors in Egypt, plus a private placement to local and international institutions, according to a filing to the Dubai Financial Market. Emaar did not state when the initial…

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