The Editorial Team |

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

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,…

Kenya Shilling Seen Weakening Further as Forex Reserves Drop

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NAIROBI (Capital Markets in Africa) – The Kenyan currency could weaken at a much faster pace this year, compared with 2016, as falling foreign-exchange reserves impede the central bank’s ability to intervene in support of the shilling. Kenya’s central bank, which has been selling dollars to boost the shilling, has stayed away from the market this year after frequent intervention throughout 2016 that kept the unit fairly stable, according to Faith Atiti, an economist at Commercial Bank…

Nigerian Equities Down by 46bps, Profit-Taking in GTBank Continues

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LAGOS (Capital Markets in Africa) – The Equities market closed negative today as the All Share Index (ASI) lost 46bps to settle at 26,495.04 points while YTD loss worsened to -1.4%. Consequently, investors lost N41.9bn as market capitalization settled at N9.1tn. The negative close can be attributed in sustained profit-taking in banking stocks – GUARANTY (-4.6%) and ETI (-2.4%) – and weaker appetite for WAPCO (-2.3%). Activity level was also thin as volume and value traded fell 41.7% and 36.5% to…

Oil Trader Gunvor Suing Cerberus Over Failed Chevron Africa Bid

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LAGOS (Capital Markets in Africa) – Oil trader Gunvor Group is suing Cerberus Capital Management alleging that the private equity firm is refusing to pay its share of costs incurred when the two companies made a failed $650 million bid for Chevron Corp. assets in South Africa. While a relatively small amount of money is at stake, the suit sheds light on the acquisition campaign now under way after Gunvor sold the bulk of its Russian…

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