The Editorial Team |

Emerging Currencies Climb as Mexican Central Bank Steadies Peso

LONDON (Capital Markets in Africa) – A gauge of emerging-market currencies rose the most in more than three months and stocks indexes jumped as the Federal Reserve signaled a gradual pace of interest rate increases. Mexico’s peso halted a three-day slump after central-bank intervention. Fed’s minutes of its December meeting released on Wednesday showed uncertainty over the impact of President-elect Donald Trump’s policies. Emerging market stocks rallied while gold extended gains to three days and copper rose…

Gold Climbs to Four-Week High on Dollar’s Drop and Haven Demand

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LAGOS (Capital Markets in Africa) – Gold climbed to a four-week high as a weaker dollar and uncertainty over the impact of Donald Trump’s policies bolstered demand for a haven. Palladium rose, heading for the biggest five-day surge since November. Bullion has increased every trading session this year, with spot prices rising as much as 1.4 percent to $1,179.43 an ounce on Thursday. Gold is advancing as the Bloomberg Dollar Spot Index’s retreat from the highest in…

Libyan Oil Port Said to Re-Open as OPEC Nation Boosts Output

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TRIPOLI (Capital Markets in Africa) – Libya is re-opening its last major oil-export terminal and producing at the highest level in more than two years as the war-torn country benefits from an exemption from OPEC output cuts. The Zawiya terminal is preparing to resume exports after the pipeline supplying it was re-opened, an official at the state-run National Oil Corp. said, asking not to be identified for lack of authorization to speak to news media….

EFG-Hermes Halted in Cairo After Surging 10% on Revenue Outlook

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CAIRO (Capital Markets in Africa) — Egyptian investment bank EFG-Hermes halted after rising 10% to 8 1/2-year-high in Cairo, leading gains among 30 members of EGX 30 benchmark, as investors see continued benefit from dollar revenue and pick-up in brokerage business, says Sherif Shebl, an equities trader at Pharos Holding for Financial Investments. Stock suspended for 30 minutes after trading above 5%, under rules of exchange Advance supported by “high exposure to dollar; plus market…

OPEC Oil Output Slides in December Amid Nigeria Disruptions

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LAGOS (Capital Markets in Africa) – OPEC’s crude production fell by 310,000 barrels a day in December, as unplanned disruptions in Nigeria reduced the group’s supply before deliberate cuts take effect this month. Nigeria’s daily output dropped by 200,000 barrels to 1.45 million in December, ending three months of gains as the African nation struggled to restore capacity after a year of militant attacks on oil infrastructure. Saudi Arabia’s production fell by 50,000 barrels a day…

EFG-Hermes Hires Exotix Banker to Lead Frontier Market Expansion

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CAIRO (Capital Markets in Africa) – EFG-Hermes Holding SAE hired former Exotix Partners LLP banker Ali Khalpey to head its frontier division as it seeks to expand into new markets. The Cairo-based investment bank named Khalpey as chief executive officer of EFG-Hermes Frontier that will focus on securities brokerage, investment banking and research, the lender said in an e-mailed statement on Tuesday. Khalpey previously worked for Exotix Africa LLP, Blackrock Inc., Investec and Renaissance Capital LLC, it said. With growth in…

Oil Rises as U.S. Stockpiles Seen Falling While OPEC Starts Cuts

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LAGOS (Capital Markets in Africa) – Oil rose amid estimates that U.S. crude stockpiles declined, adding to signs that global crude markets are tightening as OPEC implements an agreement to cut production. Futures climbed as much as 1.2 percent in New York after tumbling 2.6 percent Tuesday. U.S. inventories probably dropped by 2.25 million barrels last week, according to a Bloomberg survey before an Energy Information Administration report Thursday. Libya, exempt from the OPEC deal to cut supply,…

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