Lafarge targets N131.65bn via rights issue of 3.1bn shares

Lafarge Africa

Lafarge Africa Plc is set to raise N131.65 billion from its existing shareholders by offering a total of 3,097,653,023 new ordinary shares at N42.50 kobo per share, based on a ratio of five new ordinary shares for every nine held. The issue price represents a discount of approximately 17.5 percent to the closing price of […]

U.S. dollar, bond yields climb, with focus on Fed

The U.S. dollar rose from its lowest level in more than a year and U.S. Treasury yields climbed on Monday as investors braced for news from this week’s U.S. central bank meeting and possible hints on when the next interest rate hike is coming. Further developments in Washington, including on U.S. President Donald Trump’s inner […]

Week ahead-small-cap rally could shrink on earnings, tax reform hurdles

Optimism is souring around small-cap stocks for some investors, with a host of factors conspiring to up-end gains that have taken them to record highs. Small-caps, which led the market’s rally just after the Nov. 8 election of Donald Trump as U.S. president, are facing weak earnings forecasts, little progress on tax reform and recent […]

South Africa’s resources stocks weaken after release of mining charter

Shares of South Africa’s resources companies weakened on Thursday after the minimum threshold for black ownership of mining companies was raised to 30 percent, dragging an index of the stocks to a 13-month low. Mines Minister Mosebenzi Zwane released the details of the much-contested revised mining charter earlier on Thursday, raising the threshold from 26 […]

Nigeria’s bond market remains muted as CBN sells N18bn OMO bills

The Nigerian bond market remained largely muted Wednesday with modest buying interest on select maturities as against growing demand for treasury bills at the Open Market Operation (OMO) auctions where the Central Bank sold bills worth N18 billion. The apex bank had offered N15 billion but eventually sold N18 billion across the 191DTM and 345DTM […]

Nigeria’s equity market resumes upward trend as oil and gas stocks rally

The Nigerian equities recouped Tuesday loss by closing Wednesday on a positive note, with NSE ASI appreciating by 1.51% to close at 32,686.72 basis points against 1.16% depreciation recorded previously. The bourse’s year-to-date (YTD) returns expanded to 21.63%. Wednesday market was majorly driven by a rebound in market heavyweight DANGCEM (+4.8%) and rally in Oil […]

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 […]