The Editorial Team |

Afren defaults on its debt, shares drop 50% in one day

Debt-laden oil producer Afren Plc has defaulted on its 2016 bonds after declining to make a $15 million interest payment in order to preserve cash pending completion of a review of its capital structure. The company said any restructuring or additional funding deal with bondholders could result in the issue of new equity, which would “substantially dilute the interests of the company’s current shareholders”. Afren’s shares fell as much as 50 percent in early trading…

Orascom Construction offers 11 pct of shares in $185 mln IPO

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CAIRO (Reuters) – Orascom Construction plans to offer 11 percent of its shares on the Cairo bourse to raise 1.41 billion Egyptian pounds ($185 million). The company is being spun off from OCI NV, which will retain its fertiliser and chemicals operation. The construction business is seeking a dual listing on the Egyptian stock market and NASDAQ Dubai. In a statement published in Egypt’s Al-Ahram newspaper, Orascom said the stock would be offered in two…

Managing risk and expectations: Average True Range

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TRADING always involves risks and rewards. Your position has a potential upside (it’s the reason you trade), yet to be able to take advantage of it, you need to accept some risk. One simple way to assess this is to use the Average True Range (ATR) indicator. The indicator gives you the average range over the time frame you are trading. Say that you hold a bearish euro-dollar view. What would be a good profit…

MTN’s FY earnings up nearly 9 pct after Nigeria revenue boost

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JOHANNESBURG (Reuters) – Africa’s largest telecom provider MTN Group posted an 8.7 percent rise in full-year earnings on Wednesday after a revenue boost from Nigeria, but warned of possible headwinds as weaker oil prices bring economic doubts to its key market. While Nigeria’s performance was below MTN’s own expectations after regulatory and operational challenges, its revenue increased by more than 12 percent. “In Nigeria some level of uncertainty remains with regards to the implications of…

South Africa’s Central Bank says interest rates to be unchanged in short term

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PRETORIA (Reuters) – South Africa’s central bank will keep interest rates unchanged in the short term as it lowered its inflation outlook but will monitor European and U.S economic events closely, deputy governor Daniel Mminele said on Tuesday. “The more benign projected inflation path… gives the Bank some room to pause in its interest rate normalisation process,” Mminele told an annual gathering at the South African Reserve Bank.

South Africa’s rand still vulnerable after Fitch warning

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JOHANNESBURG (Reuters) – South Africa’s rand recouped some of the previous day’s sharp losses on Wednesday, but remained on shaky ground after Fitch ratings agency warned of a possible credit downgrade this year.At 0714 GMT the local unit was trading at 11.7600 to the dollar, from Tuesday’s New York close at 11.7615. The local unit had fallen nearly 1 percent to 11.8175 on Tuesday, the softest it has been since Feb. 12 according to Thomson…

Nigeria likely to lower estimate for 2015 GDP after naira drops

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LAGOS (Reuters) – Nigeria expects to lower its forecast for 2015 economic growth again, after cutting its forecast to 5.54 percent in January, after oil prices fell and the currency weakened further last month, the country’s statistics bureau said. Yemi Kale told the Reuters Africa Investment Summit on Tuesday he did not expect a reduction of more than 1 percent in the 5.54 percent forecast. Final figures will be released by half-year, he said. Nigeria…

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