The Editorial Team |

Nigeria to Partner Schlumberger on Chad Basin Oil Exploration

LAGOS (Capital Markets in Africa) – Nigeria’s state oil explorer said it’s on the verge of a deal with Schlumberger Ltd. to help in its search for commercial deposits in inland basins away from the restive Niger River delta region. Nigerian National Petroleum Corp. and the world’s largest oil-services provider will carry out joint exploration and risk assessment studies in the frontier basins, including the Chad basin, Babatunde Adeniran, chief operating officer in charge of ventures, said…

Election Vexing Foreigners Makes Kenya Stocks Cheapest on Record

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NAIROBI (Capital Markets in Africa) – Investor trepidation seven months from Kenyan general elections has turned the country’s stocks into the worst-performers of 2017, and driven valuations to the weakest on record. The Nairobi Securities Exchange All-Share Index has fallen 6.9 percent to the lowest since September 2013, the biggest slump among 94 benchmarks tracked by Bloomberg. The looming Aug. 8 vote has prompted concerns of a repeat of violence that marked voting in 2007 and foreign investors, who…

Foreigners Dump S. African Stocks in Longest Streak for 5 Months

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JOHANNESBURG (Capital Markets in Africa) – Foreigners were net sellers of South African stocks for the first four days of this week, the longest sequence in almost five months, as they reduced holdings in companies including some of the country’s largest retailers. Retailers Shoprite Holdings Ltd., Mr. Price Group Ltd., and Woolworths Holdings Ltd. were among stocks most heavily sold by foreign investors, along with Richemont, Naspers Ltd. and MTN Group Ltd., figures from Johannesburg’s stock…

Emerging Markets Gain in Week as Investors Ponder Trump Policies

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LAGOS (Capital Markets in Africa) – Emerging-market currencies headed for their longest stretch of weekly gains in 20 months as investors questioned the pace of possible U.S. interest-rate increases. Ukraine’s hryvnia tumbled the most among peers and Turkey’s lira retreated after the biggest surge in more than a year. The MSCI gauge of developing-nation currencies climbed for a second day. A similar equity measure was little changed on Friday, on course for its third weekly advance. Brazil’s…

Cash Is King in Mugabe’s Zimbabwe as Dollar Supply Dries Up

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HARARE (Capital Markets in Africa) – Walk into Pedzai Nyika’s furniture factory in Zimbabwe’s capital and he’ll offer a 20 percent discount straight away — provided you pay in cash. He’s not alone. A shortage of banknotes gripping the southern African nation has become so dire that business are offering huge discounts to cash-paying customers and limiting the amounts they can charge on credit cards or refusing to accept them altogether. “I am desperate. Business is…

Sentiment Bearish as Nestle Drags Index Lower in Nigerian Equity Markets

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LAGOS (Capital Markets in Africa) – Sentiment was bearish today on the Nigerian Bourse as the All Share Index shed 0.2% to close at 26,330.39 points consequent on price declines in large cap stocks such as NESTLE (-2.4%), FORTE(-9.2%) and ETI (-3.0%). Accordingly, investors lost N19.1bn as market capitalization settled at N9.1tn. However, market activity was mixed as volume traded waned 9.2% to 179.3m units while value traded surged 42.4% to close at N1.5bn. Banking Sector Emerges Lone Gainer Performance…

IMF says plans to meet new Ghana government over aid programme

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ACCRA (Capital Markets in Africa) – The International Monetary Fund (IMF) plans to visit Ghana to hear the new government’s plans for implementing the country’s $918 million aid deal, the Fund said on Thursday. President Nana Akufo-Addo was sworn in on Saturday pledging to cut taxes, spend on development and boost annual growth to double digits as he seeks to return Ghana to its place as one of Africa’s most dynamic economies. He also inherits a…

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