Jumia’s planned $100m American IPO could raise $500m, says Rennaissance Capital
Adesola Afolabi
March 13, 2019
The planned $100 million initial public offering (IPO) to be listed on the New York Stock Exchange (NYSE) by African, e-commerce platform, Jumia, could raise an estimated $500 million, says Renaissance Capital’s research analysts. Jumia on Tuesday filed its IPO offer with the American Securities and Exchange Commission (SEC) with no disclosed pricing terms. […]
Rate hike just the start for ‘firefighting’ Tunisia central bank
Businessam StaffFebruary 21, 2019
Tunisia’s central bank warned over the deteriorating state of the country’s finances and called for additional efforts to curb inflation after the first hike in interest rates since June. The current-account deficit reached an “unprecedented” 11.2 percent of gross domestic product in 2018, according to Governor Marouane El Abassi. The decision late Tuesday to raise […]
Improved revenue from power, hospitality business drive Transcorp’s 94% growth in 2018 post tax profit
Adesola AfolabiFebruary 18, 2019
Transnational Corporation of Nigeria Plc (Transcorp) has announced its audited results for the year ended 31st December 2018, with a 94 percent growth in profit after tax (PAT) of N20.6 billion in 2018 compared to N10.6 billion in the prior year. The Group recorded a 30 percent turnover growth to N104.2 billion, as Profit Before […]
Exchange rate, inflation, hindering attainment of ECOWAS 2020 single currency goal- analyst
Adesola AfolabiJanuary 28, 2019
Marcel Okeke former chief economist/group head, research & economic intelligence group, at Zenith Bank Plc, has said the plan by Economic Community of West African States (ECOWAS) to achieve single currency for the region by 2020 is no longer realistic, due to challenges and criteria that many of the member countries will not be able […]
Banking stocks rally, as stock market rises by 0.5%
Adesola AfolabiJanuary 23, 2019
Nigeria’s stock market rose by 0.5 percent Wednesday as All Share Index settled at 30,878.56 points following gains in banking stocks such as Guaranty Trust Bank (+2.8%), Zenith (+0.9%) and Fidelity (+9.6%). The market’s year-to-date losses thus improved to -1.8 percent while market capitalization increased by N52.8 billion to settle at N11.5 trillion. Activity level […]
Softer system liquidity anticipated amidst CBN multiple OMO sales
Chris IkosaJanuary 22, 2019
The CBN has found it most important to conduct multiple OMO sales to combat higher system liquidity, and so far this year, the system liquidity has been very tight, but this week, Nkechi Ezugho, forex trader at UBA is of the opinion that the FAAC payment and OMO maturities could mean a softer system liquidity. […]
NSE hosts climate workshop to woo financiers on environmentally friendly projects
Adesola AfolabiJanuary 21, 2019
Armed with the goal of financing projects that will aid the development of a better environment for Nigerians and the Nigerian economy, the Nigerian Stock Exchange (NSE) has announced its decision to host the opening plenary of a Climate Finance Accelerator (CFA) workshop in Lagos on Tuesday 22nd January 2019. The CFA is an innovative […]
Trading operations stung banks in fourth quarter but dovish Fed fuels hope
Businessam StaffJanuary 17, 2019
Big trading operations were a thorn in the side of the top U.S. banks in the fourth quarter as fears about global growth sent credit markets into a tailspin, but a “dovish” turn from the Federal Reserve may mean the drama is over for now. Citigroup Inc, JPMorgan Chase & Co, Goldman Sachs Group Inc […]
Take position in cheap assets, analysts’ advise equity investors
Adesola AfolabiJanuary 15, 2019
With outlook for the equities market remaining bearish till stability is regained after the 2019 general elections, capital market analysts are advising investors, particularly long term investors to position in cheap assets that have sound fundamentals so as to take advantage of the anticipated post-election rally. Stocks have continued to receive a battering amidst the […]
Tbills, bonds drive 49% Fixed income & currency market turnover in 2018
Adesola AfolabiJanuary 15, 2019
In anticipation of the uncertainty of the elections, 2018 saw investors were more committed to short-term interest yielding instrument, increasing by N5.85 trillion to drive a 49 percent year-on-year turnover in the Fixed Income and Currency (FIC) market as at year end December 31, 2018. However, investment in the FIC market recorded a 9.09 percent […]