The Editorial Team |

MSCI Win Bets Make Saudi Stocks Even Pricier Than New Peers

LAGOS (Capital Markets in Africa) – Emerging-market investors need increasingly deeper pockets as they prepare to add stocks from the region’s largest exchange. Saudi Arabian shares have climbed 14 percent this year, partly as foreign investors bet the country will win upgrades to emerging-market status, which they expect to trigger billions of dollars of inflows from funds tracking global benchmark indexes. The buying has pushed the capitalization of Riyadh’s market beyond that of South Africa in dollar terms for…

Equities Market Update |The Bulls Dominate Again …as NSEOILG5 Gains 4.89%

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LAGOS (Capital Markets in Africa) – The Nigerian bourse extended its bullish run, as the NSE All-Share index advanced by 0.83%, to settle the year-to-date return at +2.42%. The market turnover increased by 33.57%, however, the volume of transactions declined by 43.39%. The market breadth stood at 1.29x, indicating twenty-seven (27) gainers and twenty-one (21) laggards. SEPLAT emerged the top gainer, as its share price appreciated by 8.14% to close at NGN769.00. The top gainers’…

Park Your Money in Nigeria, a Haven Amid Emerging-Market Mayhem

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LAGOS (Capital Markets in Africa) – Investors looking for a haven amid the rout in emerging markets over the past two months would have found one in Nigeria’s domestic debt. Naira bonds issued by the government have returned 8.4 percent in dollar terms this year, the most in the Bloomberg Barclays Global EM Local Currency Index, which includes 25 countries from Argentina to Turkey. And it’s the only local-currency debt not to have made losses…

‘Looking for More Details’: Investors React to Trump-Kim Deal

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LAGOS (Capital Markets in Africa) – Investors have had the chance to review the details of Donald Trump and Kim Jong Un’s agreement to work toward the complete denuclearization of the Korean peninsula — and the verdict is in. “There aren’t any details,” said Kiyoshi Ishigane, chief strategist at Mitsubishi UFJ Kokusai Asset Management Co. in Tokyo. “They’re saying they’ll try. But we don’t know if this will actually materialize.” Markets across Asia barely reacted after U.S. President…

Steinhoff Gets Standstill Backing From More Than 75% Bondholders

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV won backing for a standstill on its debt from more than 75 percent of its convertible bondholders, a significant step toward reaching a restructuring deal. The beleaguered South African retailer said it has sufficient support from holders of each of the three convertible bonds issued out of its Austrian unit Steinhoff Finance Holding GmbH. Those are worth a combined 2.7 billion euros ($3.2 billion). The company…

Nigeria, Morocco Set Stage for Construction of Gas Pipeline

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LAGOS (Capital Markets in Africa) – Nigeria and Morocco set the stage for the construction of a pipeline that will connect Nigerian gas to customers elsewhere in Africa and make it available to European buyers. Nigerian President Muhammadu Buhari and King Mohammed VI of Morocco on Sunday signed an agreement in Rabat to start studies and consultations on the project, according to a statement by the Moroccan state agency MAP. The 5,660-kilometer (3,500-mile) conduit, which will follow onshore and…

OPEC Secretary General to be Honored as “Africa Oil Man of the Year”

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Africa Oil & Power will present H.E. Mohammed Barkindo, Secretary General of OPEC, with highest honors at annual Cape Town conference OPEC Secretary-General has restored global oil market stability through his strong leadership and guidance H.E the Secretary-General will provide the keynote address at Africa Oil & Power 2018 Cape Town — H.E. Mohammed Sanusi Barkindo, Secretary General of the Organization of the Petroleum Exporting Countries, will be bestowed with the “Africa Oil Man of the…

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