SEC confirms discussions with MTN Group on $500m initial public offering

SEC, Exchanges

The Securities and Exchange Commission (SEC) Wednesday confirmed it was in discussions with MTN Group on the company’s planned $500 million initial public offering (IPO), bringing to a close speculations that the telecoms company was yet to make a move on listing its shares on the Nigerian Stock Exchange (NSE). According to a News Agency […]

Bullish outlook seen for SSA private equity investments as consumer-focused sector to gain most

Consumer-focused sectors, which include food and beverages, healthcare and pharmaceuticals, agriculture and agribusiness, as well as financial services, rank among the top PE sector focus areas in Africa, with West and East Africa taking the lead, according to the 2017 Deloitte Africa Private Equity Confidence Survey. Both the IMF economic growth projections as well as […]

Corporate profits growth, benign default outlook may offset higher interest rates in 2018 – Moody’s

Moody’s Capital Markets Research Inc. has predicted a climb in global interest rates in 2018 but said that interest-rate inspired declines by the broad equity indices may be shallow on account of growth in corporate earnings and benign corporate defaults. “Though benchmark interest rates are likely to climb higher, the combination of corporate earnings growth […]

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 […]