West Africa | - Part 9

Nigerian Equities Unable To Sustain Gains …NSE ASI Sheds 54bps

LAGOS (Capital Markets in Africa) – The local bourse was unable to sustain gains recorded in the previous trading session as a result of sell-offs in Consumer Goods stocks – NESTLE (-3.3%), NB (-1.0%) and PZ (-9.7%). Thus, the All Share Index slid 54bps to close at 25,322.30 points, bringing YTD loss to –5.8%. Investors, in turn, lost N10.9bn as market capitalization settled at N8.8tn. Activity level stayed mixed as volume traded declined 58.9% to 143.2m units while value traded increased…

Nigerian Bourse Halts 3-Day Downtrend …Benchmark Index up 5bps

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The local bourse bucked bearish trend observed in the last three trading sessions as buy an interest in DANGCEM (+0.7%), GUARANTY (+1.4%), UBA (+0.8%) and ACCESS (+0.8%) drove the benchmark index 5bps northwards to settle at 25,460.45 points. Accordingly, market capitalization improved by N4.8bn to settle at N8.8tn while YTD return steadied at –5.3%. Activity level was mixed as volume surged 67.9% to 347.8m units while value traded waned 10.3% to N1.4m in 2,934 deals. Mixed Sector…

Nigeria fine to push South Africa’s MTN to 2016 loss, shares fall

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa-based MTN Group expects to report a full-year loss due to a $1 billion regulatory fine in Nigeria and underperformance there and at home, it said on Wednesday, sending its shares to a two-month low. Africa’s most populous nation and biggest economy Nigeria is MTN’s most lucrative but increasingly problematic market, hobbling its growth outlook. But the appointment of banker Rob Shuter, who starts next month, as chief…

Gold Fields has $1 billion available for M&A – CEO

Posted on by The Editorial Team

CAPE TOWN (Capital Markets in Africa) – South African bullion producer Gold Fields has a $1 billion loan facility to draw on if it wants to pursue mergers or acquisitions, but no deals are on the immediate horizon, its chief executive said on Wednesday. “We have a $1 billion committed, unutilised facility,” Nick Holland told Reuters on the sidelines of an African mining conference in Cape Town. But he said the company did not feel…

Nigerian Equities Market Sustains Downtrend …NSE ASI Dips 0.6%

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The current downtrend in the local bourse continued today as the All Share Index closed in the red for the third consecutive trading session, down 0.6% to settle at 25,446.66 points despite a 0.6% uptick in DANGCEM. Accordingly, YTD performance worsened to -5.3% the decline today can be broadly attributed to price depreciation n NESTLE (-5.0%), NIGERIAN BREWERIES (-2.0%) and ZENITH (-2.2%). Consequently, the market lost N53.1bn as the total capitalization closed at N8.8tn. However,…

Recession-hit Nigeria targets economy to grow at annual 7 percent by 2020

Posted on by The Editorial Team

ABUJA (Capital Markets in Africa) – Nigeria is targeting economic growth of at least 7 percent a year by 2020, the Ministry of Budget and National Planning said on Tuesday, a far cry from its current recession, the first in 25 years. Nigeria’s economy is heavily dependent on exports of crude oil and is undermined by decades of endemic corruption, It has been hobbled by low global oil prices that have slashed government revenues and…

Nigerian Equities Open the Week Bearish …Benchmark Index Down 0.8%

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Similar to the previous week, the All Share Index opened the week bearish, sustaining the negative sentiment from the previous trading session. The benchmark index declined 0.8% to settle at 25,600.64 points whilst YTD loss worsened to -4.7%. Today’s performance was broadly shaped by sell-offs in Industrial Goods and Banking bellwethers including DANGCEM (-1.8%), UBA (-4.0%) and ZENITH(-1.5%). Accordingly, investors lost N69.6bn as market capitalization closed at N8.8tn. Similarly, activity level waned as volume…

« 1 … 7 8 9 10 11 … 19 »