GDRs

Zenith Bank, Nigeria’s second largest bank by market share, has successfully listed on the London Stock Exchange on Thursday. The bank has listed 125m global depository receipts – but the move is not capital raising, as the bank has bought back shares in Nigeria to make the move.

So why the switcheroo? And what does it say about listing in Nigeria? Continue reading »

IGSS Rosneft oil field SiberiaEnergy-related stocks aren’t just about selling oil and gas – you have to find the stuff in the first place. For investors looking for exposure to the Russian market, IG Seismic Services this week listed global depostitary receipts on the London Stock Exchange. However, it’s also a matter of finding the right price – and someone to trade with.

On launch, things were a little quiet, to say the least – there was no trading on Wednesday. The first trade was on Thursday afternoon for 100 GDRs at $20 – giving the company a guideline market cap of $208m. This is a company with over half the Russian surveying market. So why the lack of investor action? Continue reading »