Nigeria

Capital raising

Africa-focused Vivo Energy soars after £548m IPO on London SE

Africa’s £1.98 billion ($2.68bn) megalisting Vivo Energy (VVO) soared in its first 2 days of trading on the London Stock Exchange (dual-listed in Johannesburg ) on 10-11 May after a successful initial public offer (IPO) raised £548m.

Capital raising

London Stock Exchange financing African growth

There are 108 African companies listed or trading on the London Stock Exchange with total market capitalization of over $200 billion ($271bn). In the last 10 years they have raised more than $16 bn on London’s markets.

Cote d’Ivoire

Sub-Saharan Africa investment banking deals in Q1

Mergers and acquisitions (M&A) in sub-Saharan Africa in Q1 of 2018 at $4.7 billion were 63% down on a year earlier, according to investment banking analysis for sub-Saharan Africa by Thomson Reuters, but there were $2.7bn in equity follow-on issues and $13bn in debt issues.

Exchange news

More hires at leading Africa and frontier investment bank Exotix Capital

Leading emerging and frontier markets investment bank and stockbroker Exotix Capital continues to add senior hires in key African markets, adding to the strengthening of the team to harness increased investor interest in the world’s highest-growth economies.

Cote d’Ivoire

Egypt is Africa’s new #1 investment destination

Rand Merchant Bank’s (RMB) Where to Invest in Africa 2018 report shows changes in the top investment destinations in Africa. Egypt is the new number 1, pushing South Africa to 2nd, while Nigeria and Algeria crashed out of the top 10. But African countries are still at the lower end of global performance as investment destinations.

Exchange news

Nigerian Stock Exchange’s new Nasdaq market surveillance

The Nigerian Stock Exchange has gone live with a new market-surveillance IT platform powered by SMARTS, a solution supplied by Nasdaq.

Capital raising

Africa IPO round-up

Roundup of some recent initial public offers (IPOs) of shares which raised capital for businesses listed on Africa’s stock exchanges.

Exchange news

Building African Financial Markets seminar

The 5th Building African Financial Markets (BAFM) capacity-building seminar is coming to the Nigerian Stock Exchange Event Centre in Lagos on 28-29 April, organized with the African Securities Exchanges Association.

Funds

Will Interswitch be Africa’s first $1bn tech “unicorn”?

Nigeria’s digital payments and payment card giant Interswitch Ltd could become Africa’s first tech “unicorn” or technology company valued at over $1 billion. Private equity firm Helios is aiming to exit.

Exchange news

Soaring trading on Nigeria’s FMDQ market for fixed income and fx

Nigeria’s booming fixed interest and currency securities exchange FMDQ OTC Plc (“over-the-counter”) recorded market turnover of NGN93.9 trillion ($471.7 billion) for the 8 months to 31 August.

Nigeria

IMF cuts African growth forecast

Africa’s growth is slowing dramatically, says the International Monetary Fund, and is likely to be 3.75% this year and 4.25% next year. It could get worse if the global economy does not grow.

Cote d’Ivoire

Cross-exchange trading between Ghana and Nigeria stock exchanges

Brokers on the Ghana and Nigerian Stock Exchanges in July achieved a first cross border securities trade under the stage “sponsored access” of West Africa’s capital markets integration first launched 2013. This opens the way for more cross-border deals.

Capital raising

AfDB $400,000 seed equity to central depositories link Africlear Global

The central depositories of Kenya and Nigeria have formed a joint venture Africlear Global with a custodian which is part of Altree Financial Services Group.

Exchange news

Nigeria’s SEC asks for comments on exchange demutualization

Nigeria’s Securities and Exchange Commission published rules on demutualization of securities exchanges on 20 February, with a 2-week deadline for comments.

Capital raising

IPOs soar as Africa’s capital markets raise $11bn

• US$11bn IPO and FO proceeds raised in 2014 in African equity markets • US$37.4bn proceeds raised from 2010 to 2014 • 24 African IPO …

Exchange news

4 priorities from new head of African stock exchanges

The new President of the African Securities Exchanges Association (ASEA) put forward 4 strategic objectives for the member bourses. Oscar Onyema, CEO of the Nigerian Stock Exchange, was elected President at this week’s ASEA conference in Kenya.

Exchange news

Nigerian Stock Exchange signs links to London SE Group

The Nigerian Stock Exchange signed a capital markets agreement with the London Stock Exchange Group (LSEG) to support African companies seeking dual listings in London and Lagos, after earlier this year implementing a new settlement process to boost listings.

Exchange news

London Stock Exchange offering to Africa

According to London Stock Exchange, there are 115 listings of companies focused on sub-Saharan African markets including 26 on the Main Market and 84 on AIM, the growth market.

Exchange news

JSE launches futures trading for 3 African currencies

South Africa’s JSE launches 3 new currency future instruments which are the first to track exchange rate between the rand (ZAR) and Nigeria’s Naira (NGN), Kenya Shilling (KES) and Zambia Kwacha (ZMW).

Exchange news

Direct market access links West Africa securities exchanges

The framework for linking West African securities exchanges starts with direct market access (DMA). A stockbroker on one West African exchange can transact on the Nigerian market through the system of an approved Nigerian stockbroker.