What’s driving capital market developments in South Africa and Namibia? December 9, 2019 CFA Institute has examined Africa’s 10 largest capital markets in a major report compiled by Heidi Raubenheimer, CFA, our senior director for journal publications. Here we highlight key developments in different countries, starting with neighbours South Africa and Namibia. South Africa: Johannesburg Stock Exchange facing competition South Africa – the second-largest economy in Africa after Nigeria [...]
Google founders to step down as executives of parent firm Alphabet December 3, 2019 Larry Page and Sergey Brin, the two co-founders of Google, have announced their intention to step down as executives of parent firm Alphabet. The reins will be passed on to current Google chief Sundar Pichai, who will hold the role of chief executive at both Google and Alphabet going forward. “With Alphabet now well-established, and [...]
Alibaba IPO: E-commerce giant’s shares jump on blockbuster Hong Kong debut November 26, 2019 Alibaba, the Chinese online retail giant, has enjoyed a surge in its share price after floating on the Hong Kong stock exchange, in one of the year’s most hotly anticipated Initial Public Offerings. The firm, which is already listed in the US, raised around £8.8bn in its secondary listing, with chairman Daniel Zhang cheering on [...]
Alibaba to raise up to $12.9bn in landmark Hong Kong listing November 20, 2019 Alibaba is set to raise up to $12.9bn (£10bn) from its record-breaking second listing in Hong Kong, pricing its shares at a 2.8 per cent discount to their New York close. The Chinese e-commerce giant is set to officially announce the terms of the deal later on Wednesday, but investors have been told 176 Hong [...]
Saudi Aramco bets on local demand as it cancels European IPO roadshow November 18, 2019 Saudi Aramco this morning cancelled plans for its European roadshow for its long-delayed initial public offering (IPO), a day after doing the same for investor meetings in the US and Asia. The decision, which was reported by the Financial Times, means that shares will not be formally marketed outside of the Gulf. Read more: Saudi [...]
Wework faces US markets regulator inquiry after failed flotation November 16, 2019 The US markets regulator will undertake an inquiry into Wework’s failed attempt to float on the New York Stock Exchange this summer. The office space company will be scrutinised by the Securities and Exchange Commission to determine whether it broke the law as it went ahead with a public listing, reports claim. Read more: Wework [...]
Alibaba poised to launch record-breaking $13.4bn Hong Kong listing November 13, 2019 Alibaba has launched the share sale for its Hong Kong listing, in a $13.4bn (£10.4bn) fundraising effort that’s set to be the biggest cross-border secondary listing ever. The Chinese online retail giant opened the books for institutional investors looking to buy the shares during trading in New York on Wednesday after winning approval for the [...]
Alibaba’s secondary Hong Kong listing gets exchange approval November 13, 2019 Alibaba has been given the green light by the Hong Kong stock exchange (HKEX)for a secondary listing in the city that could raise up to $15bn (£11.7bn), in what is set to be one of the biggest fundraisings in the world this year. The Chinese online retail giant is set to begin a week-long investor [...]
FTSE 100 climbs as Experian and utility stocks boost index November 12, 2019 The FTSE 100 today bounced back after sinking into the red yesterday, with mainstay utility stocks and Experian and Vodafone’s pushing up the index. London’s blue-chip index climbed by almost a third – 0.29 per cent – to stand 21 points higher at 7,349.9 in early trading. Read more: Vodafone improves 2020 guidance but lowers [...]
UK mulls change in IPO rules to attract tech startups November 5, 2019 Downing Street has reportedly held discussions with representatives from the investment industry about changing the UK’s listing rules to encourage high-growth firms such as tech startups to float in London. The talks were part of a push by Number 10 to help boost the City after the UK leaves the EU at the end of [...]