Markets and investing

SA bank stocks outdid Nigerian and Kenyan banks in 2016

Stocks, forex, bonds, commodities update

South African banking stocks did well (up 25%) in a year when the country faced multiple economic challenges. By comparison, 15 listed Nigerian banks fell 33 percent on average and 11 listed lenders in Kenya slumped 29 percent.

It has emerged that Nigeria’s state oil company made a cumulative loss of N411.1 billion (about $1.3 billion) in 21 months between January 2015 and September 2016. At the same time, the country’s Economic and Financial Crimes Commission has filed suit against former petroleum minister Dan Etete among others. Meanwhile the rising oil price is seen as a positive trend for the oil-dependent west African state.

Egypt’s stock market is projected to be among the best performing Middle East stock markets in 2017.

The rand edged higher (0.2%) against the dollar on thin trade while South African bonds largely remained stagnant.

Nigeria stocks were lower after the close on Wednesday, as losses in the Oil & Gas, Banking and Food, Beverages & Tobacco sectors led shares lower.

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