Afreximbank introduces $300m equity offering to Nigerian investors

Businessam StaffAugust 24, 2017

The African Export-Import Bank (Afreximbank) Thursday met with leading Nigerian investors to push for strong participation in the bank’s $300 million equity offering. Benedict Oramah, the President of Afreximbank, told the investors in Lagos that the equity offering would be issued through depository receipts backed by its Class “D” shares for new and old investors […]

Wall street set to open higher as investors go bargain hunting

Businessam StaffAugust 22, 2017

U.S. stocks were set to open higher on Tuesday as investors picked up beaten-down stocks following a turbulent two weeks while awaiting the annual central bankers meeting in Jackson Hole later this week. The benchmark S&P 500 index.SPX ended slightly higher on Monday, after two days of declines. The S&P has tumbled 2.1 percent in the […]

Banks lead relief rally for European stocks, RWE jumps

Businessam StaffAugust 14, 2017

European shares enjoyed a relief rally Monday after geopolitical tension had sent them to their worst weekly losses of the year. The pan-European STOXX 600 rose 0.7 per cent while euro zone stocks and blue-chips jumped 0.9 per cent. The tension between the United States and North Korea had caused their worst losses this year, […]

Correction week begins Monday for India markets

Businessam StaffAugust 13, 2017

Indian markets posted their biggest weekly decline in 18 months as several worries dominated the street, beginning with the escalation of tensions between the United States and North Korea. The Doklam standoff between India and China along with the crackdown on suspected shell companies by SEBI added to negative sentiments as earnings and macro numbers […]

Dubai investment bank, Shuaa, to shine as Gulf markets stay quiet

Businessam StaffAugust 13, 2017

Stock markets in the Gulf may be quiet on Sunday as investors are reluctant to invest aggressively but Dubai investment bank, Shuaa Capital, may shine after it reported strong quarterly results. Tensions between the United States and North Korea have continued to escalate, driving investors to safe-haven buying of gold and the yen. On Friday, […]

New York gets Saudi Arabia edge in Aramco’s listing ahead London

Businessam StaffAugust 11, 2017

Saudi Arabia favours New York for the main foreign listing of state oil giant Aramco, even though some financial and legal advisers have recommended London as a less problematic and risky option, people familiar with the matter who spoke with the news agency, Reuters. A final decision on where to stage what could be the […]

Investors’ hunger for Nigeria stocks sees benchmark index rise 34-month high

Aderemi OjekunleAugust 8, 2017

Nigerian stocks Tuesday kept up the tempo of the previous trading session as all-share index inched up 1.3 percent to close at a 34-month high of 37,999.56 basis points. Consequently year-to-date gain settled at 41.40 percent. Similarly, market capitalization gained N163.4 billion to close at N13.1 trillion, against the N12.9 trillion achieved at the previous […]

Dollar slips after dovish Fed comments as gold rises

Businessam StaffAugust 8, 2017

The dollar resumed its losing ways during a lackluster trading session Tuesday as dovish comments from members of the U.S. central bank weighed on the market. Europe’s common currency strengthened and its stocks retreated, while gold advanced. The euro joined most G-10 peers in advancing against the greenback, which slipped alongside both Treasuries and U.S. […]

Fund that helped make Turkey stocks among world best is thinning

Businessam StaffAugust 2, 2017

A state fund that helped fuel one of the world’s best stock rallies this year has almost been depleted, reports Bloomberg. The Istanbul bourse has benefited from rising profit expectations after the government delved into the Credit Guarantee Fund, which backstops bank loans to non-financial companies, driving a revival in borrowing. Earnings forecasts for members […]