West Africa | - Part 10

Economic Boom Fuels Flurry of IPOs in Sleepy West African Bourse, Says CEO

ABIDJAN (Capital Markets in Africa) – West Africa’s regional bourse aims to lure investors and increase the number of listings by more than a third in the next four years as some of the world’s fastest economic growth rates boost demand for capital. The Abidjan-based Bourse Regionale des Valeurs Mobilieres, or BRVM, is targeting 16 new listings by 2020 in the telecommunications, finance, agribusiness, civil engineering and mines and energy industries, Chief Executive Officer Edoh Kossi…

Moody’s Says Ghana Deficit Will Heighten Currency Volatility

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana’s worse-than-expected budget deficit will heighten currency volatility and elevate the nation’s funding demands to finance previously undisclosed arrears of 7 billion cedis ($1.6 billion), according to Moody’s Investors Service. The discovery of the payment arrears reverses Ghana’s progress on consolidating its fiscal deficit since 2015 under an International Monetary Fund program, Moody’s said in an e-mailed statement on Monday. The shortfall is also weighing on debt dynamics and will undermine the…

Bargain Hunting in Banking Stocks Drives Nigerian Equity Index Higher …NSE ASI up 13bps

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LAGOS (Capital Markets in Africa) – The Nigerian equities market bucked a 3-day downtrend as bargain hunting in banking stocks drove the index 13bps northwards to settle at 25,936.24 points. The performance was driven by gains in STANBIC(+2.9%), UBA (+2.9%), ZENITH (+1.4%) and GUARANTY (+0.6%). Accordingly, YTD loss eased slightly to -3.5%. Investors, in turn, gained N11.5bn as market capitalization settled at N9.0tn. However, activity level waned as volume and value traded decreased 50.3% and 12.0% to settle at 151.5m units and…

Been-Here-Before Feeling Saps Ghana Bonds Amid $1.6 Billion Hole

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa)- The West African nation’s ballooning budget gap has dismayed investors betting the combination of a new government and an International Monetary Fund program would bring the country’s finances under control. The discovery of a 7 billion-cedi ($1.6 billion) hole is reviving memories of 2015 when Ghana’s economy was in tatters amid a slowdown in commodity prices and excessive spending. “There were some hopes that finally, under the previous government, and with the IMF’s…

Nigeria Heads to London, U.S. for First Eurobond Since 2013

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LAGOS (Capital Markets in Africa) – Nigeria will meet investors this week for its first Eurobond sale in more than three years as Africa’s most populous nation battles an economic contraction and the worst dollar squeeze in almost a decade. Beginning Friday, officials will hold roadshows in London and the U.S. before the proposed issue of 15-year bonds, the country’s longest-maturity dollar notes yet, according to a person familiar with the matter, who is not…

Lufthansa to Suspend Flights to Abuja While Airport Is Closed

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LAGOS (Capital Markets in Africa) – Deutsche Lufthansa AG became the first airline to announce it will suspend its route to Abuja, Nigeria’s capital, while the airport is closed for six weeks for repairs. Germany’s biggest carrier won’t divert its planes to Kaduna, a city about 140 miles (225 kilometres) away, spokeswoman Mirjam Eberts said by phone on Thursday. She didn’t give a reason for the decision. Lufthansa will continue to fly to Lagos, the commercial hub,…

Nigerian Equities Extend Losses Despite New Listing …NSE ASI down 51bps

Posted on by The Editorial Team

LAGOA (Capital Markets in Africa) – The Nigerian bourse closed in the red for the third consecutive trading session as persistent sell-offs in market bellwethers dragged the benchmark index 0.5% southwards to 25,903.55pts, worsening YTD loss to –3.6%. Price depreciation in NESTLE (-3.7%), NIGERIAN BREWERIES (-3.5%) and ZENITH (-2.0%) were the major drag to performance. Accordingly, market capitalisation reduced by N45.7bn to N8.9tn despite the new listing of Med-View Airline Plc (MEDVIEW) which added N14.6bn to…

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