Friday, March 26, 2021/ 12:50PM / United Capital Research / Header Image Credit: Worldbank Group
Anglophone West Africa
Ghana Rating agency, Fitch assigned Ghana’s (B/Stable) proposed senior unsecured foreign-currency bonds a ‘B’ rating. Fitch highlighted the bond’s sensitivity to certain factors such as public finances, external finances, and the general macro-environment in Ghana.
Ghana’s central bank held its benchmark interest rate for a sixth consecutive meeting as it monitors the impact of new tax measures on inflation. Ghana’s central bank choose to keep benchmark interest rates constant amid galloping inflationary pressures.
Ghana has received 167,000 doses of the 7 million doses of the Covid-19 vaccines, donated to the African Union’s vaccination program by telecoms Giant MTN.
Redbird, a Ghanaian health start-up that allows easy access to convenient testing for doctors and patients, announced that it had raised a $1.5 million seed investment.
Nigeria The Debt Management Office of Nigeria (DMO) held its Mar-2020 bond auction. FGN bonds worth N150.0bn were auctioned across three tenors. The bonds were oversubscribed by 1.2x. Stop rates closed marginally higher across all tenors as marginal rates closed at 10.5% (prev. 10.25%), 11.5% (prev.11.25%) and 12.0% (prev.11.8%) for the FGN Mar-2025, FGN Mar- 2037 and FGN Jul-2045 respectively.
The Central Bank of Nigeria (CBN) held its second monthly policy meeting of the year. As expected, the CBN held all monetary policy rates constant.
ding Nigeria cement player Dangote cement released its audited FY2020 financials; the result showed revenue increased by 16.0%, y/y, whilst PAT was up by 37.7% y/y in the period under review. The firm proposed a N16 per share dividend payment.
Lafarge Africa also reported an 8.0% y/y growth in revenue and a 98.8% y/y increase in PAT in 2020. The firm proposed a N1 per share dividend payment to its shareholders.
Lastly, Stanbic IBTC released its audited financials for FY-2020. The result showed the firm’s Gross earnings remained flat, printing a 0.3% growth y/ y. However, PAT increased by 10.9% y/y in the period under review. It announced a dividend payment of N3.60 per share and a bonus issue of one for every six shares (1 for 6) held in the company. At the current price of N52.90, it implies a total yield of 23.5%. Gambia A recent world bank report on Covid-19 impact on remittance inflows showed that 84.3% of households in Gambia experienced a drop in remittance inflows […]
