Nigeria: FG, States, LGAS Share N563 Billion in April
[Leadership]
The three tiers of government are to share the sum of N563.089 billion from the Federation Account in the month of April, 2012.
Nigeria: Dangote Sugar to Acquire Savannah Sugar
[This Day]
The financial fortunes of Dangote Sugar Refinery(DSR) Plc would soon witness further boost as shareholders of the company yesterday approved the proposal to acquire Savannah Sugar Company(SSC) for its background integration objectives.
Zimbabwe: Cambria Seeks to Comply With Law in Celsys' Takeover
[Financial Gazette]
LONDON-listed Cambria Africa Plc is planning to take over the entire issued share capital of Zimbabwe Stock Exchange-listed Celsys Lim-ited, in which it already holds a 60 percent stake.
Nigeria: NSE Trading Ends on a Negative Note
[Leadership]
Activities on the Nigerian Stock Exchange closed for the week on negative note on Friday as major blue chips recorded price losses.
Kenya: NSE Close the Week on a Nine Month High
[The Star]
The NSE 20 rallied a further 21.88 points to close at 3699.69 and this is a fresh 9+ month closing high. The Nairobi All Share firmed 0.18 points to close at 80.09. The Market is bullish and has been gaining traction throughout 2012.Breadth continues to improve.
Nigeria: N44 Million Bribe Scandal - Hembe Arraigned, Refuses to Mount Dock
[Vanguard]
Abuja -
Trial of the former Chairman of the House of Representatives Committee on Capital Market and Other Institutions, Mr. Herman Hembe, kicked off on a dramatic note, yesterday, as the lawmaker declined to either mount the dock or enter his plea to a charge he said was grossly incompetent.
Rwanda: Bralirwa Shares Price Lose By Rwf2
[New Times]
YESTERDAY the Rwanda Stock Exchange (RSE) recorded a higher turnover compared to Thursday's trading session. The total turnover for the day was Rwf42,631,700 from 341,000 BK shares and 2,100 Bralirwa shares traded in ten deals compared to the previous day's session which recorded a turnover of Rwf25,546,700 from 201,300 BK shares and 2,400 Bralirwa shares traded in six deals.
Kenya: Public Secretaries Failing Companies, Says ICPSK
[The Star]
RECENT rise in boardroom wars have been blamed on failure by local firms to hire competent legal personnel to guide company management and board of directors in areas of corporate governance.
Zimbabwe: Embattled ZEC Boss Under Fire
[Zimbabwe Independent]
SUSPENDED Zimbabwe Stock Exchange (ZSE) CEO Emmanuel Munyukwi is set to appear before a disciplinary hearing next week, facing numerous charges which include, among other things, undermining the exchange's board and the Securities Commission of Zimbabwe (SEC) and incompetence.
Zimbabwe: PPC Rolls Out Ownership Plan
[The Herald]
Cement and lime manufacturer Portland Holdings Limited has successfully submitted its indigenisation plan in which the company ownership will be spread among the employees, the community and strategic partners. Apart from the workers and the community of the Bulawayo-based firm, one of the beneficiaries of changes in ownership structure is prominent lawyer and Zimra chairman Mr Sternford Moyo.
Nigeria: SEC Signs MoU With Middle-East Counterparts
[Daily Trust]
The 37th annual conference of the International Organisation of Securities Commissions (IOSCO) concluded yesterday with the signing of a Regional Memorandum of Understanding (MoU) by member-countries of the Africa/Middle East Regional Committee (AMERC) of the Organization.
Nigeria: Soludo - Stock Crashes Not Preventable
[This Day]
Former Governor of Central Bank of Nigeria (CBN), Prof Chukwuma Soludo, Tuesday admonished Nigerians to stop crying over split milk in the aftermath of the global financial meltdown and its impact on the Nigeria capital market. Instead, he said stock market crashes could not be prevented, irrespective of the amount of 'reforms' or 'regulation' injected into it.
Nigeria: Soludo - Political, Economic Instability Caused Capital Market Crash
[Daily Trust]
Former governor of Central Bank of Nigeria, Chukwuma Charles Soludo, has said that the economic and political uncertainties in Nigeria were responsible for the "near collapse" of the Nigerian capital market.
Nigeria: Banking Stocks Buoy Market Activities
[Daily Trust]
Lagos -
Activities in the banking sub-sector of the Nigerian Stock Exchange (NSE) boosted market performance yesterday after two days of downward trading.
Nigeria: Country Signs MoU With Mauritius On Securities Co-operation
[Leadership]
Nigeria's Securities and Exchange Commission (SEC) and the Financial Services Commission of Mauritius have signed a Memorandum of Understanding (MoU) to strengthen regulatory cooperation of both agencies.
Kenya: CIC Gets Nod to List On Bourse
[Capital FM]
Nairobi, Kenya -
The CIC Insurance Group has been cleared by the Capital Markets Authority (CMA) to list by introduction on the Nairobi Securities Exchange (NSE).
Nigeria: Oteh Seeks Re-Election As Chairperson of Regional Securities Committee
[Daily Trust]
Nigeria is seeking re-election as Chairperson of the Africa/Middle East Regional Committee (AMERC) of the International Organisation of Securities Commissions (IOSCO).
Kenya: EABL, Athi River Hit New All-Time Highs
[The Star]
The big news today was the GOK's signing of a $600m two-year syndicated loan at an interest rate of 4.75 percent above dollar Libor. Kenya is rated B+ by Standard & Poor's and Fitch. The NSE20 rallied 8.44 points to close at 3637.08 which is a Fresh 2012 and 9+ Month Closing High The Nairobi All Share firmed 0.21 points to close at 79.19. Market Cap was 1.013944 Trillion versus 1.011162 Trillion. Equity turnover was 481.777m versus 186.459m. Athi River Mining closed at an all-time high for the 2nd Cons
Zimbabwe: Delta Shares Net U.S.$3,5 Million
[The Herald]
FIVE million Delta shares valued at US$3,5 million changed hands on the market, boosting yesterday's turnover as the main index gained marginally. The mainstream industrial index closed 0,25 percent firmer at 130,49 points as the resources index fell a further 0,61 percent to close at 84,68 points.
Zimbabwe: No End in Sight to IPO Drought
[The Herald]
IMARA Zimbabwe recently predicted a flurry of corporate restructuring in the country and foreign investors took a very keen interest in this development. Due to lack of funding in the economy, foreign investors with deep pockets need to start taking positions.
Africa: Oteh Re-Elected Africa/Middle East Regional Committee Chair
[Daily Trust]
Ms Arunma Oteh, the Director-General, Securities and Exchange Commission (SEC), was yesterday re-elected as the Chairperson of Africa/Middle East Regional Committee (AMERC) of the International Organisation of Securities Commissions (IOSCO).
Nigeria: Reviving the Abuja Securities and Commodity Exchange
[This Day]
The conversion was premised on the need for an alternative institutional arrangement that would manage the effect of price fluctuations in the marketing of agricultural produce, which has adversely affected the earnings of farmers since the abolishment of commodity Boards in 1986.
Nigeria: Margin Loans - NSE Seeks Waiver for Market Makers
[This Day]
The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, has said the recently appointed market makers be exempted from the rule limiting banks' lending to the capital market in form of margin loans to 10 per cent.
East Africa: Companies Prepare for Ugandan Market
[Focus]
In the context of boosting local companies' trade within the East African Community, the Rwanda Development Board last week organized a training for entrepreneurs on how to do a successful market analysis to increase their competitiveness on the EAC market.
Nigeria: Stock Market - Okereke-Onyiuke Backs Calls for Fund Injection
[This Day]
Former Director-General of the Nigerian Stock Exchange (NSE), Mrs. Ndi Okereke-Onyiuke has supported calls for direct injection of funds into the nation's capital market as the best way forward for the market.
Zimbabwe: Liquidity Squeeze On Stocks Persists
[The Herald]
STOCKS opened the week on the backfoot, shedding a marginal 0,08 percent to finish at 130,17 points as the liquidity squeeze continues. Noticeable trades were only seen in Delta where a total of 3,1 million shares changed hands at US70c of which 2,5 million shares were a book over.
Nigeria: Capital Market Probe - I've Learnt My Lesson - Oteh
[Vanguard]
Following the revelations of the principal officers of the Securities and Exchange Commission (SEC) and the deluge of questions by the ad hoc committee of the House of Representatives probing the near collapse of the Nigeria capital market on Wednesday, Director-General of the SEC, Ms. Arunma Oteh, has admitted that there was division and rancour within the rank and file of the commission, saying that she has learnt her lesson.
Nigeria: A Stuck Exchange
[Vanguard]
Exchange by its accepted nature is a two way traffic with possible diversions. There is giving, there is taking. Where the Stock Exchange is involved, investors give their money in exchange for shares in organisations of their choice.
Nigeria: 'Hell Hath No Fury Like a Woman Scorned'
[This Day]
Ndi Okereke-Onyiuke loved her job as the director general of the Nigerian Stock Exchange. Having spent 27-odd years at the exchange, she had groomed and nurtured the institution into one of reckoning. Even as deputy director general, she was the brain and force behind Dr. Hayford Alile, her predecessor. At the height of her rein, she was undisputedly the most powerful woman in corporate Nigeria.
Nigeria: Profit-Taking Drags Down Equities
[This Day]
The Nigerian equities market failed to continue the positive run that started three weeks ago following massive drive by anxious investors to take profits and negative reports emanating from the House of Representatives Ad hoc Committee probing the near collapse of Nigerian capital market.