The Editorial Team |

Anglo Above 10 Pounds as Century-Old Miner Back From Brink

LONDON (Capital Markets in Africa) — A rally in Anglo American Plc pushed its stock above 10 pounds for the first time in more than a year after a rebound in commodity prices and cuts in its debt brought the century-old mining company back from the brink. Anglo gained as much as 3.4 percent to 1,029 pence a share, the highest since June 2015. The stock has more than tripled this year, the best performer in the…

Egypt stocks up on strategic commodities ahead of devaluation

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CAIRO (Capital Markets in Africa) – Egypt said it plans to build a six month reserve of essential food items, adding to other recent purchases of commodities such as oil and wheat, in what traders said was a move to build up stocks ahead of a currency devaluation. Prime Minister Sherif Ismail said late on Tuesday the country would look to import 500,000 tonnes of rice and 400,000 tonnes of sugar to boost reserves and keep…

Nigeria’s Bad Loans Soar as Banks Battle Slumping Economy

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LAGOS (Capital Markets in Africa) – Bad loans in Nigeria’s banking system soared to more than double the limit set by the regulator as the industry struggles with an economic downturn. The ratio of non-performing loans to total credit rose to 11.7 percent at the end of June from 5.3 percent at the end of 2015, the Abuja-based Central Bank of Nigeria, which requires banks to keep the measure below 5 percent, said in a report…

IMF Cuts 2017 GDP Growth Outlook for Africa’s Largest Economies

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LAGOS (Capital Markets in Africa) – The International Monetary Fund has cut its 2017 economic growth forecasts for Africa’s two largest economies as low commodity prices, policy uncertainty and weak investor confidence weigh on output. Gross domestic product in South Africa will probably expand 0.8 percent next year, compared with the 1 percent forecast in July, the Washington-based lender said in its World Economic Outlook Report Tuesday. Nigeria’s economy will contract 1.7 percent this year and expand 0.6 percent…

BP to Buy LNG From Eni’s Mozambique Field in 20-Year Accord

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MAPUTO (Capital Markets in Africa) – BP Plc has agreed to buy the entire liquefied natural gas production from a field off Mozambique over a period of 20 years. The London-based company will purchase cargoes from the Coral South Floating LNG plant being developed by partners including Italy’s Eni SpA, which is due to get final approval by the end of this year, BP said in a statement on Tuesday. The project is expected to have a…

OPEC Crude Output Rises to Record as Nigeria, Libya Boost Supply

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LAGOS (Capital Markets in Africa) – OPEC crude production rose to a record in September, according to a Bloomberg survey, driven by returning output from Libya and Nigeria, members who will likely be exempt from last week’s deal to cut supply. Overall production from the Organization of Petroleum Exporting Countries increased by 170,000 barrels a day from the previous month to 33.75 million barrels a day, the survey of analysts, oil companies and ship-tracking data showed. Nigeria…

South Africa Picks Ports for $3.7 Billion LNG Infrastructure

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JOHANNESBURG (Capital Markets in Africa) – South Africa will invest $3.7 billion at the ports of Richards Bay and Coega to build infrastructure for a gas-to-power program aimed at easing the country’s dependence on coal. A plant at Richards Bay will generate 2,000 megawatts of electricity from liquefied natural gas imports, and another at the Coega industrial development zone will produce 1,000 megawatts, the Department of Energy said Monday. The government will seek bidders to manage the…

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