The Editorial Team |

Nigeria Stock Market Consumer Goods Index Marginally Drives Index Higher, NSE ASI up 3bps

LAGOS (Capital Markets in Africa) – The Nigerian bourse opened the week slightly positive as bargain hunting in the Brewers drove the index to a close of 26,231.37 points, up 3bps. Although sustained sell-down pressure on NESTLE (-3.4%) remained a drag, renewed investor interest in NIGERIAN BREWERIES (+1.7%), GUINNESS(+2.2%) and OANDO (+3.9%) buoyed market performance as market capitalization added N2.7bn to close at N9.0tn. Similarly, activity level strengthened as volume and value traded improved 12.5% and 27.5% to 228.6m units and…

Ghana Leaves Key Rate Steady as Policy Makers Seek Stable Cedi

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ACCRA (Capital Markets in Africa) – Ghana’s central bank unexpectedly kept its benchmark rate unchanged as it balanced the risks to inflation and economic growth. The Bank of Ghana’s Monetary Policy Committee left the rate at 25.5 percent, Governor Abdul Nashiru Issahaku told reporters Monday in the capital, Accra. Only two of six economists in a Bloomberg survey said the central bank would keep borrowing costs unchanged, while the remaining four predicted a rate cut of 50 to…

OPEC Shrugs Off Threat Trump’s America Will Cut Oil Imports

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LAGOS (Capital Markets in Africa) – OPEC’s two biggest suppliers to the U.S. shrugged off a vow by President Donald Trump to end dependence on the group’s oil, saying the world’s biggest economy would continue to need crude from abroad. The U.S. is “closely integrated in the global energy market,” Saudi Arabia’s Energy and Industry Minister Khalid Al-Falih said, while his Venezuelan counterpart Nelson Martinez said he expects his country’s crude exports to the world’s top consumer to remain stable. “The…

Mauritian Premier Succeeded by Son as Opposition Plans Protest

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Port Louis (Capital Markets in Africa) – Pravind Jugnauth took over as Mauritius’s new prime minister, a day after his father resigned and bequeathed the premiership to his son, as the opposition announced plans to demonstrate against the transfer of power. Jugnauth, 55, was sworn in Monday at a ceremony in the capital, Port Louis, and said he would retain his portfolio in the Finance Ministry. Opposition parties will gather in the city on Friday to…

Equatorial Guinea Offers to Join OPEC After Agreeing to Oil Cuts

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MALABO (Capital Markets in Africa) – Equatorial Guinea said it has offered to become a member of the Organization of Petroleum Exporting Countries after agreeing to cut oil output in cooperation with the group and several other major producers. “There is a consensus amongst producers that an oversupply of oil has been dragging down the price of the barrel,” Minister of Mines, Industry, and Energy Gabriel Mbaga Obiang said in a statement Monday. “We firmly believe that Equatorial…

China Moly Poised to Acquire All of Congolese Copper Project

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CONGO (Capital Markets in Africa) – China Molybdenum Co. reached an agreement to increase its control of one of the Democratic Republic of Congo’s biggest copper and cobalt mines, giving the Chinese miner a powerful position in the market for the two metals. China Moly agreed in May to acquire a 56 percent stake in Tenke Fungurume from Freeport-McMoRan Inc., before Toronto-based Lundin Mining Corp. in November said it was selling its 24 percent stake to Chinese private-equity…

Gambia’s Ex-leader Made Off With Millions, Luxury Cars

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Banjul (Capital Markets in Africa) — Exiled Gambian ruler Yahya Jammeh stole millions of dollars in his final weeks in power, plundering the state coffers and shipping out luxury vehicles by cargo plane, a special adviser to the new president said Sunday. Meanwhile, a regional military force rolled in, greeted by cheers, to secure this tiny West African nation so that democratically elected President Adama Barrow could return home. He remained in neighboring Senegal, where he took…

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