Nigerian stocks drop by 1.16% in 2 wks as investors take profit

Nigerian stocks slipped for the first time in two weeks after some investors decided to book profits from a rally that had pushed the market index to a 23-month high. The index dropped 1.16 percent to 32,200 points as Dangote Cement and First Bank shed some of their gains made in the last week. The […]

Wall St. slightly lower as fall in oil weighs

U.S. stocks were slightly lower in early trading on Monday as oil prices fell after Arab states cut ties with Qatar over alleged support for Islamists and Iran, while markets mostly shrugged off the weekend attacks in London. Investors feared that the cutting of ties could hamper a global deal to reduce oil production. [O/R] […]

Toyota sells all shares in Tesla as their tie-up ends

Toyota Motor Corp said on Saturday it had sold all shares in Tesla Inc by the end of 2016, having cancelled its tie-up with the U.S. luxury automaker to jointly develop electric vehicles. Japan’s biggest automaker had bought around a 3 percent stake in the Palo Alto-based automaker for $50 million. Toyota spokesman Ryo Sakai […]

World stocks set to end the week at all-time highs

World stocks hit record highs, having gained 11 percent so far this year, and the dollar recovered more ground on Friday as upbeat U.S. economic data allayed concerns over growth ahead of payrolls figures due out later in the day. Robust U.S. jobs numbers should cement expectations of a Federal Reserve interest rate hike at […]

Billionaire Leviev adds Zambia emeralds to diamond portfolio

Billionaire Lev Leviev, who made his fortune undercutting De Beers’ former diamond monopoly, has bought half of one of Africa’s biggest emerald mines. Leviev bought into the Grizzly emerald mine in Zambia’s Copperbelt province, which borders the Democratic Republic of Congo, Kombadayedu Kapwanga, managing director Leviev’s Namibian unit, said by phone. The operation has been renamed […]

Carlyle’s $700 million Africa fund is eyeing two deals in Egypt

Carlyle Group LP, one of the world’s largest private equity firms, sees two buying opportunities in Egypt this year after a commodity rout depressed prices in the region. The Washington, D.C.-based investor’s $700 million sub-Saharan Africa Fund will spend between $30 million and $100 million on each, making the fund about 80 percent invested, managing director Eric […]

Barclays reaches target on Africa stake as it boosts sale

Barclays Plc reached a long-term target for shrinking its stake in its African unit earlier than expected as the bank boosted the size of a share sale by more than 50 percent. The London-based lender is selling 285.7 million shares of Barclays Africa Group Ltd., equal to a 33.7 percent stake, at 132 rand each, it said […]

Barclays gets approval to sell shares in African arm

Barclays has received regulatory approval for the sale of its remaining stake in its Barclays Africa Group, a unit of the business said on Wednesday, Reuters report. South Africa’s minister of finance has approved the deal, ABSA Bank said, paving the way for Barclays to begin selling its remaining 50 percent stake in Barclays Africa […]

Wall Street flat as oil offsets gains in tech, healthcare

U.S. stocks were little changed on Wednesday, with the three major indexes on track to end the month higher, as gains in healthcare and technology were outweighed by a drop in energy shares due to a steep fall in oil prices, Reuters reports. The S&P 500 and the Nasdaq Composite looked set to post their […]