The Editorial Team |

Oil Trade Gives Clearest Sign Yet Nigeria’s Forcados to Return

LAGOS (Capital Markets in Africa) – The oil market gave the clearest sign yet that Nigeria’s Forcados crude is about to flow again for the first time in eight months, after Royal Dutch Shell Plc was among companies said to have purchased the grade halted by militant attacks in February. Axion Energy Argentina SA, Pampa Energia SA, and Shell, operator of the Forcados export terminal, together bought about 1 million barrels of the grade for delivery to refineries…

Sun of Mauritius Expects to Return to Profitability in 2017

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PORT LOUIS (Capital Markets in Africa) – Sun Ltd, Mauritius’ third-biggest hotel group by market value, expects to swing back into the black in 2017 after posting a 567 million-rupee ($16 million) loss in the year through June, Chief Executive David Anderson said. The loss followed higher finance costs related to acquisitions and renovation work, Anderson told analysts near the capital, Port Louis, on Thursday. Sun’s net debt increased by 2.35 billion rupees to 9.8 billion…

Early Signs of OPEC Supply After Algiers Deal Show Saudi Dilemma

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ALGIERS (Capital Markets in Africa) – Just days after OPEC agreed the framework for its first production cut in eight years, initial estimates of the group’s output this month show the potential bind faced by its most powerful member. While Saudi Arabia lowered output this month — following the typical seasonal shift as local consumption sags at the end of summer — the group’s overall output remained steady as Nigeria and Libya restored disrupted supplies and Iran continued its…

Tullow Oil Confirms Insurance for Jubilee Field Output Losses

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ACCRA (Capital Markets in Africa) – Tullow Oil Plc confirmed that insurance would cover losses associated with a technical issue that disrupted output at its flagship asset in Ghana. The Africa-focused oil explorer and producer received confirmation from its lead insurers that they accept there is a recoverable claim, according to a statement Friday. The London-based company did not disclose the scale of losses caused when production was halted at the Jubilee field from March 20…

South Africa Seals Lowest Dollar-Borrowing Costs Yet in Sale

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JOHANNESBURG (Capital Markets in Africa) – South Africa achieved its lowest borrowing costs yet for dollar-denominated debt, taking advantage of demand for emerging-market debt to raise $3 billion as rating companies prepare to review the country’s creditworthiness. In its second foray into international debt markets this year, the country sold $2 billion of 12-year notes and $1 billion of 30-year securities with investors in Asia, Europe and the U.S. who placed orders for 2.5 times the amount,…

Kenya Economy Expands 6.2% in Second Quarter as Tourism Recovers

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NAIROBI (Capital Markets in Africa) – Kenya’s economic grew more quickly in the three months through June as tourism rebounded and agriculture grew at a faster pace. Gross domestic product expanded 6.2 percent from a year earlier in the second quarter compared with 5.9 percent in the previous three months, the Kenya National Bureau of Statistics said in a statement e-mailed from the capital, Nairobi. Growth was faster than the 5.9 percent recorded in the same period…

Locals on Sidelines as Foreigners Reap South Africa Debt Reward

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JOHANNESBURG (Capital Markets in Africa) – South Africa is looking better from the outside than the inside, judging by the behaviour of bond investors. Foreign holdings of South African government securities are at the highest in two years, with inflows of 62 billion rand ($4.5 billion) this year, compared with 6 billion rand in the corresponding period last year. By contrast, domestic pension funds, historically the biggest investors in government debt, in August reduced their stock to…

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