The Editorial Team |

A Recession Is Just One Reason Bund Yields Could Go Below Zero

LAGOS (Capital Markets in Africa) – Yields on benchmark German government bonds are within touching distance of zero percent for the first time in almost three years as Europe’s economic performance stalls and concerns over global trade spur investors toward havens. A no-deal Brexit, upheaval in Italian politics or a deteriorating labor market are among the risks that could turn bund yields negative, according to strategists. Sub-zero yields on 10-year bonds would mark a step…

Europe Is Emerging as the Real Weak Link for Global Economy

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LAGOS (Capital Markets in Africa) – For all the palpitations that the trade war between the U.S. and China will knock out their economies, it is Europe that increasingly looks like the biggest threat to global growth. Industrial production across the 19-nation euro area is falling at the fastest pace since the financial crisis, and deteriorating demand is evident as the region finds itself squeezed between international and domestic drags. That leaves expansion at risk of…

Namibia Holds Rate as Economy Seen Growing First Year in Three

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WINDHOEK (Capital Markets in Africa) – Namibia’s central bank held its key interest rate and said that the economy will probably expand in 2019 after two straight years of contraction. The Monetary Policy Committee maintained the rate at 6.75 percent, Deputy Governor Ebson Uanguta told reporters Wednesday in the capital, Windhoek. The economy of the world’s largest marine-diamond producer contracted last year, but the drop was smaller than in 2017, Uanguta said, adding that the…

Tullow Reinstates Dividend After Returning to Profit Last Year

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ACCRA (Capital Markets in Africa) – Tullow Oil Plc will pay a dividend for the first time since 2014 after returning to profit last year. “The board has decided to recommend a final dividend of 4.8 cents a share, representing a total shareholder return of about $67 million,” the oil producer said in its 2018 results statement. The payback follows success in cutting debt and reflects increased confidence after drilling in Guyana was brought forward. “We take…

Lagos Stocks’ Best Run Since 2017 Sees Investors Upbeat Pre-Vote

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LAGOS (Capital Markets in Africa) – Lagos stocks extended their winning streak to the longest since July 2017 before this weekend’s election, as investors stepped up their bets on a market-pleasing outcome. The benchmark Nigerian Stock Exchange Main-Board Index climbed 2.1 percent Tuesday, its best performance this year, rising for an eighth consecutive day to the highest in almost four months. Dangote Flour Mills Plc, Jaiz Bank Plc, Livestock Feeds Plc and NPF Microfinance Bank…

AllianceBernstein, Citigroup See Turn for Lagging Nigeria Assets

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LAGOS (Capital Markets in Africa) – The recent rally in Nigerian assets may pick up steam if there’s a change in government after this weekend’s presidential election, according to lenders and money managers including AllianceBernstein LP and Citigroup Inc. The main equity index in Africa’s biggest oil producer has risen for eight straight days. But its 3.3 percent gain in 2019 is still less than half the 8.4 percent jump for MSCI’s gauge of emerging-market stocks and 7.5 percent…

Shell’s History in Nigeria Comes to Haunt It on Its Home Turf

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LAGOS (Capital Markets in Africa) A two-decade fight over whether Royal Dutch Shell Plccontributed to the execution of nine Nigerian oil-industry critics has landed at the company’s doorstep. A court in The Hague, Netherlands heard its first arguments on Tuesday, as part of determining if Shell played any role when the military dictatorship ruling Nigeria convicted nine men, including well-known activist Ken Saro-Wiwa, of murder and then executed them in 1995. The escalation of the court battle…

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