Nigeria: Nigerian Stock Exchange Lists N4.6bn Tower Aluminium Bond
Posted by Accountancy Africa on Feb 15, 2012 | Leave a Comment
By Goddy Egene, This Day Live
The Nigerian Stock Exchange (NSE) last week listed N4.6 billion bonds floated by Tower Funding Plc on its daily Official list.
The bonds, series one tranche A and series one tranche B, were raised by Tower Aluminium Group from the capital market under its N9 billion (Medium Term Note) last year.
The company issued N3.630 billion bond due on September 9, 2018 (series one tranche A) with a...
Willis: $3.5 Billion Losses in Mining Market Prompt 30 Percent Insurance Capacity Reduction
Posted by Accountancy Africa on Feb 06, 2012 | Leave a Comment
From Businesswire
In 2011, the mining insurance market was not only hit by $2.7 billion in natural catastrophe losses, but over 60 operational losses totaling $835 million. The $3.5 billion total estimate of losses facing mining insurers has prompted a 30 percent withdrawal in insurance capacity since the start of 2011. This is according to the latest Mining Market Review released today by Willis Group Holdings plc, the...
Policy change helps JSE to entice foreign listed mining companies
Posted by Accountancy Africa on Feb 06, 2012 | Leave a Comment
From 4-Traders
A recent policy change by South Africa’s National Treasury makes it easier for South African investors to trade in foreign domiciled companies and the Johannesburg Stock Exchange now considers these companies eligible for inclusion in domestic indices. “This means that inward or dual listed shares on the JSE will be classified as domestic assets and they will attract increased investment interest,”...
Tangiers Petroleum starts trading on AIM
Posted by Accountancy Africa on Feb 04, 2012 | Leave a Comment
By Andre Lamberti, Proactive Investors
Tangiers Petroleum (ASX:TPT) has started trading on London’s Alternative Investment Market under the ticker code TPET (LON:TPET), complementing its Australian listing.
Together with its ASX listing, the AIM listing provides the company with a strong platform from which to strengthen its shareholder base and increase its international profile, it said in a statement.
Following its...
Afrinvest lauds Nigerian Stock Exchange over reforms
Posted by Accountancy Africa on Feb 04, 2012 | Leave a Comment
By Providence Obuh, Vanguard
Afrinvest West Africa Limited has commended the Nigerian Stock Exchange (NSE) over the various reform initiatives adopted to enhance investor’sa confidence in the nation’s capital market.
Afrinvest believe that the factors that influence investors’ confidence in the market transcend macroeconomic and socio-political considerations.
In the Afrinvest 2012 Nigerian Market Outlook “Diamond...
Standard Bank Group remains Africa’s most valuable banking brand
Posted by Accountancy Africa on Feb 03, 2012 | Leave a Comment
From 4-Traders
Standard Bank Group has for the second year in a row been independently ranked the most valuable banking brand in Africa, according to the 2012 global Top 500 Banking Brands report.
The definitive report is published in the leading global banking journal The Banker and is compiled by the valuation consultancy and asset management company Brand Finance.
According to the report, the Standard Bank brand is...
Umeme set for dual listing after cross-border IPO
Posted by Accountancy Africa on Feb 03, 2012 | Leave a Comment
By David Mugwe, Business Daily Africa
London-based private equity fund Actis intends to sell shares of Uganda’s power company, Umeme, through a double initial public offering (IPO) in Nairobi and Kampala.
This could mark the region’s first cross-border IPO listing, though the transaction is still in the early planning stages and the fund is yet to file applications with the capital market regulators.
Paul Fletcher,...
Zambia: LuSE expresses interest in agri-commodity exchange
Posted by Accountancy Africa on Feb 01, 2012 | Leave a Comment
By Tryness Mbale and Nkole Chitala, Zambia Daily Mail
THE Zambia Agricultural Commodity Exchange (ZAMACE) has revealed that the Lusaka Stock Exchange (LuSE) has expressed interest in the commodities exchange.
ZAMACE suspended trading activity in August 2011 to pave way for a process of demutualisation, which is the delinking of shareholding from brokerage ownership. ZAMACE chief executive officer Brian Tembo, however,...
JSE-listed Investec in Irish acquisition
Posted by Accountancy Africa on Jan 30, 2012 | Leave a Comment
From Southafrica.info
South African banking and asset management group Investec’s Irish arm is to acquire NCB Group, an Irish financial services provider specialising in wealth management, corporate finance, capital markets, venture capital and investment funds, for about �32-million.
NCB is one of Ireland’s leading financial services groups, and employs 120 people at its Dublin headquarters, from where...
Kenya: CIC Insurance Group applies for NSE listing
Posted by Accountancy Africa on Jan 30, 2012 | Leave a Comment
From Business Daily Africa
CIC Insurance Group on Monday submitted an application to the Capital Market Authority (CMA) for approval of its proposed listing at the Nairobi securities Exchange (NSE).
This follows suspension of Over The Counter (OTC) trade, in CIC shares and official closure of the share register, paving way for the share split that was approved at the company’s 33rd AGM in May 2011.
“In effect all...
Kenya rated second to Nigeria in frontier investors’ survey
Posted by Accountancy Africa on Jan 29, 2012 | Leave a Comment
By Moses Michira, Business Daily Africa
Nearly half of international fund managers and investment bankers see Kenya as a top frontier investment market only second to Nigeria in Africa.
A survey of 158 international investors conducted by the Economist Intelligence Unit (EUI) showed that 76 of them believed that Kenya offered the best prospects for institutional investors over the next five years, compared to 81 per...
Analysts predict brighter 2012 on Botswana Stock Exchange
Posted by Accountancy Africa on Jan 23, 2012 | Leave a Comment
By Brian Benza, The Monitor
Coupled with the perceived cheap valuation of the counters, the prevailing low interest rate regime is likely to push up investors’ appetite for shares this year on the Botswana Stock Exchange, analysts reckon.
In a market report, stockbrokers Motswedi Securities say after recording modest growth in 2011, the local bourse is likely to perform better this year because investors will look...
African Iron poised to accept Exxaro takeover offer
Posted by Accountancy Africa on Jan 23, 2012 | Leave a Comment
From Mining Review
The directors of African Iron ‒ an iron ore junior based in the Republic of Congo and listed on the Australian Stock Exchange ‒ have formally accepted Exxaro’s US$349 million takeover offer, the company has announced.
Exxaro ‒ a South African-based mining group with a diverse and world-class commodity portfolio in coal, mineral sands, base metals and industrial minerals ‒ is offering A$0.51...
Nigeria: How Stocks Performed in 2011
Posted by Accountancy Africa on Jan 20, 2012 | Leave a Comment
By Kayode Ogunwale, Daily Trust
Lagos — The activities on the Nigerian Stock Exchange (NSE) in 2011 was not comfortable for many stakeholders in the market especially during the last half of the year that witnessed a downward trend.
To put it mildly, year 2011 is a great disappointment to all stakeholders in Nigeria’s capital market. There were high hopes at the beginning of the year because of the positive performance...
Eight companies in Nairobi Securities Exchange’s listing pipeline this year
Posted by Accountancy Africa on Jan 18, 2012 | Leave a Comment
By David Mugwe, Business Daily Africa
At least eight firms are expected to list on the Nairobi Securities Exchange (NSE) this year, chief executive of the bourse, Peter Mwangi, has said.
Five companies are planning to list on the main market segment while one firm from a neighbouring country is expected to cross list in Nairobi.
Two others are expected to list on the Growth and Enterprise Market Segment (GEMS), which...
Nigerian Stock Exchange Lists N35bn UBA Bond
Posted by Accountancy Africa on Jan 16, 2012 | Leave a Comment
This Day Live
The Nigerian Stock Exchange (NSE) last week listed United Bank for Africa Plc (UBA) N35 billion bond.
The admission of the N35 billion bond, which has 14 per cent coupon, raised the number of corporate bonds in the market to 13. UBA issued the bond last year as part of its N400 billion Medium Term Note Programme.
The debt offer, which matures in 2018, had received 100 per cent subscription from six applications,...
Tanzania pledges reforms to open capital markets
Posted by Accountancy Africa on Jan 11, 2012 | Leave a Comment
By David Mugwe, Business Daily Africa
Tanzania’s capital markets regulator is reviewing foreign investor restrictions that affect allocation and trading of shares for East African investors at the Dar-es-Salaam bourse.
Investors from Kenya, Uganda, Rwanda and Burundi are treated as foreign investors at the Dar- es- Salaam Stock Exchange, which subjects them to stringent rules that have been blamed for the illiquidity...
Stringent rules at Dar bourse turn Kenyans off TBL
Posted by Accountancy Africa on Jan 10, 2012 | Leave a Comment
By David Mugwe, Business Daily Africa
Kenyan investors shunned the recent Tanzania Breweries (TBL) share sale partly due to the restrictive investment rules that make it difficult for foreign investors to buy and sell shares at the Dar es Salaam Stock Exchange (DSE), arrangers of the transaction have said.
Tanzanians took up 55.24 per cent of the 59 million TBL shares that were on offer, foreign investors were allocated...
JSE seeks more African equity listings in 2012, targets telecoms, mining and financials
Posted by Accountancy Africa on Jan 10, 2012 | Leave a Comment
From African Capital Market News
The JSE Ltd (www.jse.co.za), South Africa’s securities exchange, is hoping to attract more listings from the rest of Africa in 2012 and to expand its range of products and services. This year should also see the JSE installing its equity trading system in Johannesburg, to avoid dependence on a transatlantic cable connecting it to the London Stock Exchange.
Nicky Newton-King, who took...
South Africa: JSE Outperforms Most Markets in 2011
Posted by Accountancy Africa on Jan 08, 2012 | Leave a Comment
From SouthAfrica.info
Comparing year-end values, South Africa’s stock exchange showed little movement overall in 2011, but held firm and in doing so was one of the better performers in a turbulent year for equities worldwide, Moneyweb reports.
The JSE’s benchmark Top 40 index gave a marginally negative return of 0.59% in 2011, while at close of play on 30 December 2011 its All Share index was down by 0.41%...
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