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UK Expresses Commitment to Drive Investments to Egypt

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Investment to Egypt

UK Expresses Commitment to Drive Investments to Egypt

By Dipo Olowookere

UK Prime Minister’s Trade Envoy, Sir Jeffrey Donaldson MP and over 40 delegates from British companies arrived to Egypt to visit Cairo and Alexandria to assess new trade and investment opportunities and identify potential Egyptian partners.

UK Trade Envoy Sir Jeffrey Donaldson said: This is the first time a majority of these companies have visited Egypt, showing the UK is putting its money where its mouth is in regard to new business. 2016 saw investments from UK companies reaching over $30 Billion, and 2017 is already delivering on the UK’s commitment to further deepen cooperation and help support the Egypt’s economic growth efforts through increased British investments.

British Ambassador to Egypt, John Casson said: 2017 is big year for business in both Egypt and Britain to drive economic success. So it is big news that we are starting 2017 with three British business delegations in one week bringing new companies into new sectors in Egypt.

“We are seeing growing British appetite as Egypt implements its economic reform programme. This new growth builds on strong foundations: Egypt and Britain are natural economic partners with $2bn of trade each year and $30.5bn of investment powering the Egyptian economy since 2011.”

The delegation includes the Invest Northern Ireland Trade mission, whose companies cover numerous sectors including Energy, Healthcare, Food and Drink, Environment, Waste Management, Construction and Engineering. Nine other companies brought under the auspices of the Egyptian British Chamber of Commerce (EBCC) focussed on infrastructure and construction, with regard to trade and investment opportunities in projects such as the Cairo Capital and development of the Suez Canal Economic Zone. Two other Missions organised by the Scottish Development International (SDI) and the Energy Industries Council (EIC) addressed the evolving opportunities in the Egyptian energy arena. The visit coincided with the largest Oil and Gas event to happen in Egypt, Egypt Petroleum Show (EGYPS), attended by Sir Jeffrey Donaldson as well as the British Ambassador to Egypt, John Casson and the Director for International Trade, Jason Ivory.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

Economy

Dangote Says N300bn Bond Listing Reflects Nigerian Capital Market Depth

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Nigerian capital market Dangote Industries Limited

By Aduragbemi Omiyale

The listing of Dangote Industries Limited’s N300 billion series 1 and 2 bonds on the Nigerian Exchange (NGX) Limited has been described as an indicator of the depth of the Nigerian capital market.

The Group Chief Executive Officer of the conglomerates, Mr Olakunle Alake, said this on Wednesday when a closing gong ceremony was held to celebrate the completion of the listing of the corporate debt instrument on the local stock exchange.

Mr Alake, represented by the Group Chief Finance Officer, Mr Mustapha Ibrahim, said, “We are pleased to have showcased the depth and liquidity of the domestic capital market whilst we reflect the strong quality of the issuer, despite the current global market realities.”

According to him, the depth of the market was reflected in the successful issuance of the bond, which was the largest aggregate local currency bond issued in the capital market so far within the year.

He further noted that the listing of the bond recorded participation from a wide range of investors, including domestic pension funds, asset managers and insurance companies and further demonstrated investors’ confidence in Nigeria’s credit reality.

On his part, the Divisional Head of Capital Markets at NGX, Mr Jude Chiemeka, speaking at the event, applauded the listing of the bond, which provides corporates with the opportunity to raise capital.

“The listing of this transaction on our platform not only allows for a more liquid capital market, but it also shows our capacity to facilitate large transactions towards enabling a more robust ecosystem,” Mr Chiemeka said.

He further noted that NGX remains committed to fostering similar transactions through its digital gateways such as this and a confident market where corporates and investors can achieve their respective objectives.

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Economy

Unlisted Securities Market Closes Flat at Midweek

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Unlisted Securities Market

By Adedapo Adesanya

Trading activities ended in a stalemate on the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, with no single price gainer or a price loser at the close of business.

As a result of this development, the market capitalisation of the bourse remained intact at N1.03 trillion, as the NASD Unlisted Securities Index (NSI) also remained unchanged at 743.15 points.

The unlisted securities market closed flat in the midweek session amid low investor appetite for the market, as attention shifted to the fixed-income market, where the Central Bank of Nigeria (CBN) sold treasury bills at the primary market, with the stop rate over 14 per cent.

Data from the bourse showed that the volume of securities traded yesterday was abysmally low as it went down by 99.9 per cent to 8,299 units from the 20.1 million units transacted a day earlier.

Likewise, the value of shares traded during the session dropped to N1.2 million, 97.3 per cent lower than the N44.5 million posted in the preceding trading day.

These transactions were carried out yesterday in nine deals, 75 per cent lower than the 36 deals executed on Tuesday.

Geo-Fluids Plc remained the most traded stock by volume on a year-to-date basis with a turnover of 482.1 million units valued at N544.1 million, UBN Property Plc occupied second place with the sale of 365.8 units worth N309.5 million, while Industrial and General Insurance (IGI) Plc was in third place with the sale of 71.1 million units valued at N5.1 million.

Also, VFD Group Plc ended the session as the most traded stock by value on a year-to-date basis with a turnover of 7.3 million units worth N1.7 billion, Geo-Fluids Plc was in second place with a turnover of 482.1 million units worth N544.1 million, while UBN Property Plc was in third place with the sale of 365.8 million units valued at N309.5 million.

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Economy

Naira Sells N461.24/$1 at I&E, N764/$1 at P2P, N747/$1 at Black Market

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Fake Naira notes banknotes

By Adedapo Adesanya

The Nigerian Naira appreciated against the US Dollar in the Peer-2-Peer (P2P) and the Investors and Exporters (I&E) windows of the foreign exchange market on Wednesday, March 30, but depreciated in the black market.

In the P2P segment, it gained N3 against its American counterpart to quote at N764/$1, in contrast to the N767/$1 it was traded on Tuesday as the demand for cryptos, which most traders in this category use the funds to buy, was relatively mild.

In the I&E window or the spot market, the Naira appreciated against the greenback yesterday by 51 Kobo or 0.11 per cent to settle at N461.24/$1 compared with the previous day’s N461.75/$1, according to data obtained from FMDQ Securities Exchange, with the forex turnover put at $74.31 million.

But in the parallel market, the domestic currency depreciated against the US Dollar in the midweek session by N4 to trade at N747/$1 versus Tuesday’s exchange rate of N743/$1.

Also, in the interbank window, the Naira lost N1.93 against the Pound Sterling to sell at N567.68/£1 versus Tuesday’s N565.52/£1, and against the Euro, it slid by N2.25 to at N499.21/€1 compared with the preceding day’s N496.66/€1.

Meanwhile, the digital currency market swayed to the bulls yesterday as most of the tokens tracked by Business Post ended in the green territory amid better-than-expected consumer confidence figures from the United States.

Data from the US Conference Board showed that its monthly survey rose to a reading of 104.2 basis points, better than the 101 mark expected, lifting Bitcoin (BTC) by 4.2 per cent to $28,519.76, as Ethereum (ETH) rose by 0.5 per cent to $1,788.52.

Solana (SOL) grew by 2.1 per cent to $21.08, Dogecoin (DOGE) gained 1.4 per cent to sell at $0.0751, Litecoin (LTC) increased by 0.6 per cent to $90.14, while Cardano (ADA) chalked up 0.5 per cent to quote at $0.3797.

However, Ripple (XRP) dropped 0.4 per cent to trade at $0.5336, Binance Coin (BNB) lost 0.2 per cent to settle at $313.02, and Binance USD (BUSD) and the US Dollar Tether (USDT) traded flat at $1.00 apiece.

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