Kokkie Kooyman: Use the slump to grab bargains. Like Citigroup.
Kokkie Kooyman explains the current trade-off between quality financial stocks & those trading at obvious discounts but where quality may be less.
Citigroup
Alibaba promoting IPO
September seems to be an exciting month for investors with the launch of Appleâs products tomorrow and the announcement that Alibaba has finalised its IPO price range for its listing on the New York Stock Exchange which is expected to be the biggest IPO in US history. But even giants such as Alibaba need to … Read more
Woolworths plans $940m rights offer
JOHANNESBURG (Reuters) – South Africa’s Woolworths plans to raise 10 billion rand ($940 million) through a rights offer to help repay financing for its acquisition of Australia’s David Jones, the company said on Friday. Woolworths, an upscale retailer of food and clothing, this month finalised its A$2.2 billion ($2 billion) purchase of Australia’s second-largest apparel retailer to create a global … Read more
Gold retains sharp losses, trades near 4-week low
By A. Ananthalakshmi SINGAPOREÂ (Reuters) – Gold was trading near its lowest level in almost four weeks on Tuesday, struggling to get past sharp overnight losses triggered by profit-taking and stronger global equities that dented the metal’s safe-haven appeal. Spot gold had ticked up slightly to $1,308.90 an ounce by 0637 GMT, after sliding more than … Read more
Asian shares gain, count on Fed’s support
By Hideyuki Sano TOKYO (Reuters) – Asian shares rose on Tuesday after Citigroup’s earnings and a fresh round of merger and acquisition activity in the U.S. healthcare sector lifted global stock prices. Yet, with elevated prices on Wall Street and elsewhere relying substantially on support from low interest rates, many investors were now focusing on … Read more
Citibank: Foreign investors shrug off Nigeria security risk
By Chijioke Ohuocha LAGOS (Reuters) – Worsening security in Nigeria has not deterred foreign investors from buying its assets, Citigroup’s country head said on Wednesday, citing $1.1 billion worth of Eurobonds it had traded for three local lenders so far this year. But any spread of attacks further south or to the commercial hub of Lagos could start to put … Read more
Old Mutual files to list US asset management business
From Old Mutual: BOSTON; June 30, 2014âOM Asset Management Limited (OMAM), a newly formed holding company for Old Mutual plcâs US-based institutional asset management business, today has filed an S-1 registration statement with the US Securities and Exchange Commission (SEC) in preparation for the proposed Initial Public Offering of a minority of the ordinary shares … Read more
EU Commission charges HSBC, JPMorgan, Credit Agricole with rigging
By Foo Yun Chee BRUSSELS, May 20 (Reuters) – European Union antitrust regulators charged Europe’s biggest bank HSBC, U.S. peer JPMorgan and France’s Credit Agricole on Tuesday with rigging financial benchmarks linked to the euro, exposing them to potential fines. The European Commission also said it would charge broker ICAP soon for suspected manipulation of the yen Libor financial benchmark. U.S. and … Read more
US tapering: Why it could hammer assets in South Africa and other emerging markets
Quantitative Easing, or QE, was good for emerging markets. The US central bank policy of buying assets as a way to increase money supply in an era of low interest rates had positive spin-offs for other countries. Now that the US is going in the opposite direction by reducing the pace at which it is buying … Read more