Kenyan Business Feed
No Result
View All Result
Sunday, April 18, 2021
Subscribe
  • Home
  • News
    How to apply for the latest police vacancies

    How to apply for the latest police vacancies

    CBK okays liquidation of Chase Bank

    CBK okays liquidation of Chase Bank

    LG Opens “Restaurant” In Kenya

    LG Opens “Restaurant” In Kenya

    Emirates commences IATA Travel Pass trials

    Emirates commences IATA Travel Pass trials

    Jubilee Insurance profits rise to 4 billion

    Jubilee Insurance profits rise to 4 billion

    Absa Bank Launches An Asset Management Subsidiary

    Absa Bank Launches An Asset Management Subsidiary

    CIC feted as the winner of Decade of Excellence Insurance Kenya

    CIC feted as the winner of Decade of Excellence Insurance Kenya

    Government to reintroduce monthly Contributions to Kenyans affected by new Covid-19 measures

    Government to reintroduce monthly Contributions to Kenyans affected by new Covid-19 measures

    Tough times for Kenyans as Tomato retails for Ksh 25

    Tough times for Kenyans as Tomato retails for Ksh 25

  • Markets
    Absa Bank Launches An Asset Management Subsidiary

    Absa Bank Launches An Asset Management Subsidiary

    Tough times for Kenyans as Tomato retails for Ksh 25

    Tough times for Kenyans as Tomato retails for Ksh 25

    AKADEMIYA2063, African Economic Research Consortium sign MOU to Support Evidence-based Policymaking

    AKADEMIYA2063, African Economic Research Consortium sign MOU to Support Evidence-based Policymaking

    Defiant Digital Taxi App Operators Given 30 Days Notice to Comply

    Defiant Digital Taxi App Operators Given 30 Days Notice to Comply

    Maize Flour Prices to Rise Millers Association Warns

    Maize Flour Prices to Rise Millers Association Warns

    Eat’N’Go joins Kenyan Market after acquiring Dominos Pizza

    Eat’N’Go joins Kenyan Market after acquiring Dominos Pizza

    Network International appoints Hany Fekry as Regional President

    Network International appoints Hany Fekry as Regional President

    SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

    SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

    Nokia to launch 6 cheaper and durable smartphones today

    Nokia to launch 6 cheaper and durable smartphones today

  • Real Estate
    Mi Vida bets on 200 Years Experience To Bring Affordable Housing to Kenya

    Mi Vida bets on 200 Years Experience To Bring Affordable Housing to Kenya

    Nairobi Ranked the Best City in Africa

    Nairobi Ranked the Best City in Africa

    Investors still Consider Land A Good Investment Asset in the Long Term

    Investors still Consider Land A Good Investment Asset in the Long Term

    Residential rents declined by 19% says new report

    Residential rents declined by 19% says new report

    This is how to get awarded Sh50,000 by Cytonn Real Estate

    The Kenyan retail sector performance softened in 2019 with rental yields declining 1.6%

    Cytonn’s Affordable Housing Investment Plan (CAHIP)

    17% of Kenyan Billionaires looking to buy a house in 2021

    17% of Kenyan Billionaires looking to buy a house in 2021

    Kenyan Firm awarded Most Innovative Community Developer 

    #OmokaNaAlma: This is how you get awarded Sh50,000 by Cytonn Real Estate

    Developing Countries Set To Lose Sh22 Trillion Due to COVID-19

    Commercial office rents fall 13pc in quarter 3 & 4 of 2020

  • Tech
    OPPO Reno5 named official smartphone partner of PUBG MOBILE Esports

    OPPO Reno5 named official smartphone partner of PUBG MOBILE Esports

    Cryptocurrency: Bitcoin is the Fastest Asset to Reach a $1 Trillion Market Cap

    Cryptocurrency: Bitcoin is the Fastest Asset to Reach a $1 Trillion Market Cap

    You Can Now Buy Airtime Using Fuliza From Safaricom

    You Can Now Buy Airtime Using Fuliza From Safaricom

    Nokia to launch 6 cheaper and durable smartphones today

    Nokia to launch 6 cheaper and durable smartphones today

    Safaricom Appoints Sitoyo Lopokoiyit As Head of New Mpesa Africa Joint Venture

    Sitoyo Lopokoiyit takes over as M-pesa Africa Managing Director

    60 graduate from Multichoice Talent Factory academy

    60 graduate from Multichoice Talent Factory academy

    Digital Partnership: Mastercard,Uber to boost payment digitization, advance financial inclusion across MEA region

    Digital Partnership: Mastercard,Uber to boost payment digitization, advance financial inclusion across MEA region

    Kenyans abandon 500million in their mobile accounts for fear of being known

    Kenyans send 11.4 billion daily over mobile phone

    Drake and Sauti Sol are the most streamed artists in Kenya

    Drake and Sauti Sol are the most streamed artists in Kenya

  • World Business
    Businessman Makes Ksh 2 trillion, Then Lost It All in Just 2 Days

    Businessman Makes Ksh 2 trillion, Then Lost It All in Just 2 Days

    SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

    SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

    IMF maintains Kenyas debt is still sustainable, Says loan is for the good of Kenyans

    IMF maintains Kenyas debt is still sustainable, Says loan is for the good of Kenyans

    Facebook Fined Ksh67 Million In Cambridge Analytica scandal

    Sensitive data of 533 million Facebook users have been leaked online

    Realme C11 a ‘hot cake’ as it makes top sales in Kenya

    Realme C11 a ‘hot cake’ as it makes top sales in Kenya

    How a religious festival turned into a massacre

    How a religious festival turned into a massacre

    Fire destroys servers at Europe’s largest cloud services firm

    Fire destroys servers at Europe’s largest cloud services firm

    1ST Commonwealth women’s Entrepreneurship Summit launched

    1ST Commonwealth women’s Entrepreneurship Summit launched

    OPPO Announces Global Partnership with Volkswagen

    OPPO Announces Global Partnership with Volkswagen

  • KBF
    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
    CBK okays liquidation of Chase Bank

    CBK okays liquidation of Chase Bank

    LG Opens “Restaurant” In Kenya

    LG Opens “Restaurant” In Kenya

    Emirates commences IATA Travel Pass trials

    Emirates commences IATA Travel Pass trials

    Absa Bank Launches An Asset Management Subsidiary

    Absa Bank Launches An Asset Management Subsidiary

    Tough times for Kenyans as Tomato retails for Ksh 25

    Tough times for Kenyans as Tomato retails for Ksh 25

    Mi Vida bets on 200 Years Experience To Bring Affordable Housing to Kenya

    Mi Vida bets on 200 Years Experience To Bring Affordable Housing to Kenya

    Capital Markets weekly review

    Beauty e-commerce firm to list on the NSE

    Government Suspends Issuance of Development permits

    Government Suspends Issuance of Development permits

    OPPO Reno5 named official smartphone partner of PUBG MOBILE Esports

    OPPO Reno5 named official smartphone partner of PUBG MOBILE Esports

    • Agribusiness
    • Banking
      CBK okays liquidation of Chase Bank

      CBK okays liquidation of Chase Bank

      Absa Bank Launches An Asset Management Subsidiary

      Absa Bank Launches An Asset Management Subsidiary

      SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

      SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

      Equity beat KCB as Kenyas’ most profitable lender

      Equity beat KCB as Kenyas’ most profitable lender

      Government looking to re introduce loan relief measures

      Government looking to re introduce loan relief measures

      Family Bank defy pandemic to grow profits to Ksh1.4 B

      Family Bank defy pandemic to grow profits to Ksh1.4 B

      Stima Sacco announce a Ksh.1.02 billion profit

      Stima Sacco announce a Ksh.1.02 billion profit

      KCB Receives Global Finance Award for The Best Bank in Kenya

      KCB Receives Global Finance Award for The Best Bank in Kenya

      Family Bank officially joins the United Nations Global Compact Network

      Family Bank officially joins the United Nations Global Compact Network

    • Insurance
      AAR Insurance Net profits down 55 percent

      AAR Insurance Net profits down 55 percent

      The Association of Insurance Brokers of Kenya (AIBK) appoints Anthony Mwangi as board chairman

      The Association of Insurance Brokers of Kenya (AIBK) appoints Anthony Mwangi as board chairman

      Stima Sacco announce a Ksh.1.02 billion profit

      Stima Sacco announce a Ksh.1.02 billion profit

      Faulu eyeing lucrative agribusiness ecosystem in Limuru

      Faulu eyeing lucrative agribusiness ecosystem in Limuru

      Trouble at Britam as top executives face sack one month after new CEO takes office

      Trouble at Britam as top executives face sack one month after new CEO takes office

      AAR Insurance embrace paperless model with new mobile app

      AAR Insurance embrace paperless model with new mobile app

      Minet feted Insurance Broker of the Year

      Minet feted Insurance Broker of the Year

      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      Pension Schemes Maintain Positive Performance in Q4 of 2020

      Pension Schemes Maintain Positive Performance in Q4 of 2020

    • Manufacturing
    • Opinion
      OPINION: Energy Efficiency Will Decide Whether We Meet Our Global Climate Targets!

      OPINION: Energy Efficiency Will Decide Whether We Meet Our Global Climate Targets!

      Opinion: Now is The Time to Redeem the Nursing Profession

      Opinion: Now is The Time to Redeem the Nursing Profession

      IoT predictions for 2021: Smarter tech will make better business

      IoT predictions for 2021: Smarter tech will make better business

      KRA Goes After Rich Individuals, Firms Over Sh250 Billion

      Digital Services Tax a desperate move caused by bad governance

      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

      Why Digital Services Tax is a retrogressive policy

      Why Digital Services Tax is a retrogressive policy

      How Citizen TV Became The Most Watched in Kenya

      How Citizen TV Became The Most Watched in Kenya

      This is the new Safaricom logo

      Fail or win? Mixed Reactions over Safaricom’s new logo

      After fuliza, Safaricom introduces another way to borrow money

      OPINION: Why Safaricom’s Fuliza is a rip off!

Kenyan Business Feed
  • Home
  • News
    How to apply for the latest police vacancies

    How to apply for the latest police vacancies

    CBK okays liquidation of Chase Bank

    CBK okays liquidation of Chase Bank

    LG Opens “Restaurant” In Kenya

    LG Opens “Restaurant” In Kenya

    Emirates commences IATA Travel Pass trials

    Emirates commences IATA Travel Pass trials

    Jubilee Insurance profits rise to 4 billion

    Jubilee Insurance profits rise to 4 billion

    Absa Bank Launches An Asset Management Subsidiary

    Absa Bank Launches An Asset Management Subsidiary

    CIC feted as the winner of Decade of Excellence Insurance Kenya

    CIC feted as the winner of Decade of Excellence Insurance Kenya

    Government to reintroduce monthly Contributions to Kenyans affected by new Covid-19 measures

    Government to reintroduce monthly Contributions to Kenyans affected by new Covid-19 measures

    Tough times for Kenyans as Tomato retails for Ksh 25

    Tough times for Kenyans as Tomato retails for Ksh 25

  • Markets
    Absa Bank Launches An Asset Management Subsidiary

    Absa Bank Launches An Asset Management Subsidiary

    Tough times for Kenyans as Tomato retails for Ksh 25

    Tough times for Kenyans as Tomato retails for Ksh 25

    AKADEMIYA2063, African Economic Research Consortium sign MOU to Support Evidence-based Policymaking

    AKADEMIYA2063, African Economic Research Consortium sign MOU to Support Evidence-based Policymaking

    Defiant Digital Taxi App Operators Given 30 Days Notice to Comply

    Defiant Digital Taxi App Operators Given 30 Days Notice to Comply

    Maize Flour Prices to Rise Millers Association Warns

    Maize Flour Prices to Rise Millers Association Warns

    Eat’N’Go joins Kenyan Market after acquiring Dominos Pizza

    Eat’N’Go joins Kenyan Market after acquiring Dominos Pizza

    Network International appoints Hany Fekry as Regional President

    Network International appoints Hany Fekry as Regional President

    SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

    SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

    Nokia to launch 6 cheaper and durable smartphones today

    Nokia to launch 6 cheaper and durable smartphones today

  • Real Estate
    Mi Vida bets on 200 Years Experience To Bring Affordable Housing to Kenya

    Mi Vida bets on 200 Years Experience To Bring Affordable Housing to Kenya

    Nairobi Ranked the Best City in Africa

    Nairobi Ranked the Best City in Africa

    Investors still Consider Land A Good Investment Asset in the Long Term

    Investors still Consider Land A Good Investment Asset in the Long Term

    Residential rents declined by 19% says new report

    Residential rents declined by 19% says new report

    This is how to get awarded Sh50,000 by Cytonn Real Estate

    The Kenyan retail sector performance softened in 2019 with rental yields declining 1.6%

    Cytonn’s Affordable Housing Investment Plan (CAHIP)

    17% of Kenyan Billionaires looking to buy a house in 2021

    17% of Kenyan Billionaires looking to buy a house in 2021

    Kenyan Firm awarded Most Innovative Community Developer 

    #OmokaNaAlma: This is how you get awarded Sh50,000 by Cytonn Real Estate

    Developing Countries Set To Lose Sh22 Trillion Due to COVID-19

    Commercial office rents fall 13pc in quarter 3 & 4 of 2020

  • Tech
    OPPO Reno5 named official smartphone partner of PUBG MOBILE Esports

    OPPO Reno5 named official smartphone partner of PUBG MOBILE Esports

    Cryptocurrency: Bitcoin is the Fastest Asset to Reach a $1 Trillion Market Cap

    Cryptocurrency: Bitcoin is the Fastest Asset to Reach a $1 Trillion Market Cap

    You Can Now Buy Airtime Using Fuliza From Safaricom

    You Can Now Buy Airtime Using Fuliza From Safaricom

    Nokia to launch 6 cheaper and durable smartphones today

    Nokia to launch 6 cheaper and durable smartphones today

    Safaricom Appoints Sitoyo Lopokoiyit As Head of New Mpesa Africa Joint Venture

    Sitoyo Lopokoiyit takes over as M-pesa Africa Managing Director

    60 graduate from Multichoice Talent Factory academy

    60 graduate from Multichoice Talent Factory academy

    Digital Partnership: Mastercard,Uber to boost payment digitization, advance financial inclusion across MEA region

    Digital Partnership: Mastercard,Uber to boost payment digitization, advance financial inclusion across MEA region

    Kenyans abandon 500million in their mobile accounts for fear of being known

    Kenyans send 11.4 billion daily over mobile phone

    Drake and Sauti Sol are the most streamed artists in Kenya

    Drake and Sauti Sol are the most streamed artists in Kenya

  • World Business
    Businessman Makes Ksh 2 trillion, Then Lost It All in Just 2 Days

    Businessman Makes Ksh 2 trillion, Then Lost It All in Just 2 Days

    SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

    SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

    IMF maintains Kenyas debt is still sustainable, Says loan is for the good of Kenyans

    IMF maintains Kenyas debt is still sustainable, Says loan is for the good of Kenyans

    Facebook Fined Ksh67 Million In Cambridge Analytica scandal

    Sensitive data of 533 million Facebook users have been leaked online

    Realme C11 a ‘hot cake’ as it makes top sales in Kenya

    Realme C11 a ‘hot cake’ as it makes top sales in Kenya

    How a religious festival turned into a massacre

    How a religious festival turned into a massacre

    Fire destroys servers at Europe’s largest cloud services firm

    Fire destroys servers at Europe’s largest cloud services firm

    1ST Commonwealth women’s Entrepreneurship Summit launched

    1ST Commonwealth women’s Entrepreneurship Summit launched

    OPPO Announces Global Partnership with Volkswagen

    OPPO Announces Global Partnership with Volkswagen

  • KBF
    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
    CBK okays liquidation of Chase Bank

    CBK okays liquidation of Chase Bank

    LG Opens “Restaurant” In Kenya

    LG Opens “Restaurant” In Kenya

    Emirates commences IATA Travel Pass trials

    Emirates commences IATA Travel Pass trials

    Absa Bank Launches An Asset Management Subsidiary

    Absa Bank Launches An Asset Management Subsidiary

    Tough times for Kenyans as Tomato retails for Ksh 25

    Tough times for Kenyans as Tomato retails for Ksh 25

    Mi Vida bets on 200 Years Experience To Bring Affordable Housing to Kenya

    Mi Vida bets on 200 Years Experience To Bring Affordable Housing to Kenya

    Capital Markets weekly review

    Beauty e-commerce firm to list on the NSE

    Government Suspends Issuance of Development permits

    Government Suspends Issuance of Development permits

    OPPO Reno5 named official smartphone partner of PUBG MOBILE Esports

    OPPO Reno5 named official smartphone partner of PUBG MOBILE Esports

    • Agribusiness
    • Banking
      CBK okays liquidation of Chase Bank

      CBK okays liquidation of Chase Bank

      Absa Bank Launches An Asset Management Subsidiary

      Absa Bank Launches An Asset Management Subsidiary

      SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

      SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

      Equity beat KCB as Kenyas’ most profitable lender

      Equity beat KCB as Kenyas’ most profitable lender

      Government looking to re introduce loan relief measures

      Government looking to re introduce loan relief measures

      Family Bank defy pandemic to grow profits to Ksh1.4 B

      Family Bank defy pandemic to grow profits to Ksh1.4 B

      Stima Sacco announce a Ksh.1.02 billion profit

      Stima Sacco announce a Ksh.1.02 billion profit

      KCB Receives Global Finance Award for The Best Bank in Kenya

      KCB Receives Global Finance Award for The Best Bank in Kenya

      Family Bank officially joins the United Nations Global Compact Network

      Family Bank officially joins the United Nations Global Compact Network

    • Insurance
      AAR Insurance Net profits down 55 percent

      AAR Insurance Net profits down 55 percent

      The Association of Insurance Brokers of Kenya (AIBK) appoints Anthony Mwangi as board chairman

      The Association of Insurance Brokers of Kenya (AIBK) appoints Anthony Mwangi as board chairman

      Stima Sacco announce a Ksh.1.02 billion profit

      Stima Sacco announce a Ksh.1.02 billion profit

      Faulu eyeing lucrative agribusiness ecosystem in Limuru

      Faulu eyeing lucrative agribusiness ecosystem in Limuru

      Trouble at Britam as top executives face sack one month after new CEO takes office

      Trouble at Britam as top executives face sack one month after new CEO takes office

      AAR Insurance embrace paperless model with new mobile app

      AAR Insurance embrace paperless model with new mobile app

      Minet feted Insurance Broker of the Year

      Minet feted Insurance Broker of the Year

      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      Pension Schemes Maintain Positive Performance in Q4 of 2020

      Pension Schemes Maintain Positive Performance in Q4 of 2020

    • Manufacturing
    • Opinion
      OPINION: Energy Efficiency Will Decide Whether We Meet Our Global Climate Targets!

      OPINION: Energy Efficiency Will Decide Whether We Meet Our Global Climate Targets!

      Opinion: Now is The Time to Redeem the Nursing Profession

      Opinion: Now is The Time to Redeem the Nursing Profession

      IoT predictions for 2021: Smarter tech will make better business

      IoT predictions for 2021: Smarter tech will make better business

      KRA Goes After Rich Individuals, Firms Over Sh250 Billion

      Digital Services Tax a desperate move caused by bad governance

      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

      Why Digital Services Tax is a retrogressive policy

      Why Digital Services Tax is a retrogressive policy

      How Citizen TV Became The Most Watched in Kenya

      How Citizen TV Became The Most Watched in Kenya

      This is the new Safaricom logo

      Fail or win? Mixed Reactions over Safaricom’s new logo

      After fuliza, Safaricom introduces another way to borrow money

      OPINION: Why Safaricom’s Fuliza is a rip off!

No Result
View All Result
Kenyan Business Feed
No Result
View All Result
Home African

African capital market activity declines further in 2019, PWC

by Kenyan Business Feed
March 6, 2020
in African, Markets
0
168
SHARES
2k
VIEWS
Share on FacebookShare on TwitterShare On Whatsapp
Loading...

Overall, African equity capital market (ECM) activity in 2019 declined sharply both in volume and value from 2018, with 2019 posting the lowest proceeds raised in ten years.

 The general slowdown in equity markets was largely driven by a series of macroeconomic factors including an ECM deceleration in global markets, caution in the period leading up to key local elections, which took place in both Nigeria and South Africa in 2019, and more specifically in South Africa, growing political gridlock and economic stagnation.

These are some of the key findings from PwC’s 2019 African Capital Markets Watch publication, which analyses equity and debt capital market transactions on an annual basis. This report lists all new primary market equity initial public offerings (IPOs) and further offers (FOs) by listed companies, in which capital was raised on Africa’s principal stock markets and market segments. The report also includes IPO and FO activity on international exchanges or non-African companies on African exchanges.

Andrew Del Boccio, PwC Africa Capital Markets leader, noted: “A state of uncertainty seems to have become the ‘new normal’, and we expect some degree of volatility and caution to continue to affect Africa’s capital markets activity in 2020.

“This sentiment is also reflected in PwC’s annual 2019 Global CEO Survey, in which African CEOs noted their expectations for a slowdown in economic growth as well as their top concerns, which included political risk, over-regulation, and worries about finding top talent to fill the skills-gap.”

African equity markets

2019 ECM value was the lowest seen over the past decade, while the volume of deals was only lower in 2012. Overall ECM activity in 2019 declined in value and volume by 44% and 29% respectively, compared to 2018. The decline was mainly related to activity in South Africa, where ECM activity dropped by 69% in terms of value and 46% in terms of volume compared to 2018, and where Africa’s largest bourse saw no capital raised through IPOs in 2019.

Between 2010 and 2019, there were 927 African ECM transactions, raising a total of $88 billion. The highest volume of transactions was recorded in 2015 and 2017, with 125 deals each, while 2012 recorded the lowest volume of transactions with 65 deals.

African IPO market

Over the past ten years, there have been 215 IPOs by African companies on both African and international exchanges, raising $16.9 bn. 2019 saw the lowest volume in IPO activity over the past ten years, recording a decline of 47% compared to 2018 activity.

No capital was raised via IPOs on the JSE in 2019. However, South Africa still dominated during the decade under review, with seven of the top ten IPOs between 2010-2019, and accounted for the two largest IPOs by value – the $1.2 billion Steinhoff Africa IPO in 2017 and the $819 million Vivo Energy dual listing on the Johannesburg Stock Exchange (JSE) and London Stock Exchange (LSE) in 2018.

Aside from the decreased levels of activity in 2019, there were some other notable events in specific markets. IPO activity resumed in Nigeria after four years, with Airtel Africa Plc’s dual listing on the Nigerian Stock Exchange (NSE) and the LSE, raising $687 million. Mozambique also recorded its first IPO in six years with the listing of Hidroeléctrica de Cahora Bassa on the Bolsa de Valores de Moçambique.

Between 2010 and 2019, total IPO proceeds of $15.9 billion were raised on exchanges in Africa in 202 IPOs. Sub-Saharan African exchanges accounted for 133 IPOs (or 66%) and $12.3 billion (or 77%) of the value raised.  The remainder was raised on the North African exchanges.

Loading...

Of the amount raised on the sub-Saharan African exchanges, the JSE accounted for 71% or $8.7 billion, while the NSE accounted for 13% or $1.5 billion. In terms of IPO volume, the JSE and the Botswana Stock Exchange recorded 64 IPOs and 10 IPOs, respectively, while the Ghana Stock Exchange, Bourse Régionale des Valeures Mobilières (BRVM) and the Dar es Salaam Stock Exchange each had 9 IPOs. The Egyptian Exchange accounted for the largest proportion of the IPO proceeds raised on North African exchanges, at 60% or $2.2 billion raised from 23 IPOs.

African FO market

In 2019, FO activity declined significantly in terms of transaction volume and value, by 25% and 44%, respectively, over the prior year. Low levels of activity in South Africa fueled the decline, with the volume of FOs on the JSE decreasing by 42% from 38 deals recorded in 2018 to 22 deals in 2019, and the value decreasing by 58% from $3.8 billion in 2018 to $1.6 billion in 2019.

Over the past ten years, a total of 712 FO deals were recorded on African exchanges and by African companies on international exchanges with a total of $71.1 billion raised.

2019 saw the lowest FO proceeds raised on African exchanges in the past ten years with $3.5 billion from 59 FOs. Over the past decade, a significant proportion of FO activity took place in South Africa, with the JSE accounting for 58% and 79% of total FO volume and value, respectively. Egypt accounted for the next-largest amount of FO volume and value at 10% and 6%, respectively, followed by Nigeria with 4% of both FO volume and value.

African inbound, outbound, domestic and cross-border activity, 2010-2019

African ECM activity in 2019, similar to prior years, was led by domestic deals, comprising 71% of both ECM volume and value. Outbound ECM saw a marginal increase in the value of transactions between 2018 and 2019, with 11 transactions raising $225.4 million in 2018 versus 11 transactions valued at $244.9 million in 2019.

The JSE led inbound activity in 2019, with ECM funding raised largely by global companies with primary South African operations or historical market ties.

African debt markets

Egypt was the largest sovereign issuer of non-local currency debt in 2019, raising a total of $8.2 billion. South Africa was the second-largest sovereign issuer, raising $5.0 billion in September in its largest ever Eurobond issuance, as the country seeks liquidity to address budget deficits and broader systemic issues stifling economic growth.

African issuers have raised $245.9 billion of non-local currency debt from 759 issues over the past ten years, with almost 50% of that value raised in the past three years. South African corporate issuers accounted for 52% of non-local currency corporate debt issued between 2010 and 2019, including energy utility, Eskom, which accounted for the largest cumulative non-local currency debt value raised by a single issuer over the past decade at $5.5 billion, largely intended to fund the company’s capital expansion programmes, such as the construction of its coal-powered Medupi and Kusile power stations.

The Outlook

Consistent with prior years, we expect governments across the African continent to continue to implement strategies towards building robust capital markets. Some recent examples include Ethiopia’s plan to launch a local stock market during this year, and Angola’s roadmap to privatise its state-owned companies by 2022. In addition, we can expect to see other announced privatisations in Nigeria, Malawi and Ghana.

Alice Tomdio, PwC Africa Capital Markets Director, said: “Despite the lacklustre activity in 2019, we saw significant progress in various capital markets initiatives during the year, including the drive for sustainable finance through the issuance of social, green and infrastructure bonds in South Africa, Kenya, and Nigeria. Together with a move towards more local currency and blended financing, we expect this trend to continue, and to unlock new sources of capital for African issuers.”


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]

Comments

comments

Loading...
Tags: PwC
Loading...

Popular Articles

  • Journalists Mourn Their Departed Colleague Chemjor

    237 shares
    Share 125 Tweet 47
  • The First Alcohol Supermarket Opened in Kenya

    152 shares
    Share 61 Tweet 38
  • Trending
  • Comments
  • Latest
How the sinking Tuskys Titanic hit an iceberg

How the sinking Tuskys Titanic hit an iceberg

July 3, 2020

Fuel Prices: Consumer lobby group criticises oil marketers for being greedy

May 12, 2020
Kenyans paying billions for insurances covers that don’t exist

Kenyans paying billions for insurances covers that don’t exist

November 19, 2019

Journalists Mourn Their Departed Colleague Chemjor

November 21, 2019
How to apply for the latest police vacancies

How to apply for the latest police vacancies

April 16, 2021
CBK okays liquidation of Chase Bank

CBK okays liquidation of Chase Bank

April 16, 2021
LG Opens “Restaurant” In Kenya

LG Opens “Restaurant” In Kenya

April 16, 2021
Emirates commences IATA Travel Pass trials

Emirates commences IATA Travel Pass trials

April 16, 2021


© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • News
  • Markets
  • Real Estate
  • Tech
  • World Business
  • KBF
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion