The Editorial Team |

Citigroup, JPMorgan Favour Zambia’s Dollar Debt in Bet on IMF Aid

ZAMBIA, Nigeria, Capital Markets in Africa: Citigroup Inc. and JPMorgan Chase & Co. are among investors stocking up on Zambian dollar debt, anticipating that a growth revival and an International Monetary Fund aid package will help the southern African nation plug its yawning budget deficit. Citigroup started adding Zambian debt on June 10, while JPMorgan moved its holding of the nation’s dollar bonds to overweight, seeing room to “earn considerable pickup” amid signs of an improving economy….

Ghana Cuts Growth Outlook to Lowest in More Than 30 Years

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ACCRA, Capital Markets in Africa: Ghana cut its economic growth forecast for 2016 to the lowest rate in more than three decades as the country reduced its targets for oil and gold production. West Africa’s largest economy after Nigeria will likely expand 3.2 percent this year after growing 3.9 percent in 2015, Finance Minister Seth Terkper said in a statement on the ministry’s website. That will be the slowest rate since 1983, when the economy contracted 4.6 percent, according…

Nigerian Regulator Ousts Skye Bank Board Over Capital Concerns

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s central bank replaced almost all the members of Skye Bank Plc’s board for repeatedly failing to meet minimum thresholds on liquidity and capital adequacy ratios. Chief Executive Officer Timothy Oguntayo and three of the bank’s eight other executives quit, along with Chairman Olatunde Ayeni and seven other non-executives, Governor Godwin Emefiele told reporters in Lagos on Monday. Alhaji Ahmad was named as new chairman and Adetokunbo Mukhail Abiru, a former Harvard Business School graduate…

Brent Oil Trades Near $50 as Nigeria Militants Carry Out Attacks

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NIGERIA, Capital Markets in Africa: Brent crude traded near $50 a barrel as Nigerian militants carried out attacks on oil production sites, threatening to deepen the country’s biggest output losses in decades. September futures rose as much as 0.8 percent in London after advancing 1.3 percent Friday. The Niger Delta Avengers said they attacked five crude-pumping facilities overnight Sunday, dealing a blow to a government effort to enforce a cease-fire. Shale drillers in the U.S. brought back the most oil rigs…

Egypt Stocks Jump Most Since March on Currency Devaluation Hints

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CAIRO, Egypt, Capital Markets in Africa: Egyptian stocks advanced the most since March after the central bank hinted it may devalue the local currency. The EGX 30 Index rose 2.9 percent to 7,182.8 at the close in Cairo. About 609 million Egyptian pounds ($69 million) of shares traded, the most since May. The rally came a day after Central Bank Governor Tarek Amer said that the policy of defending the pound in the past five years was a “grave mistake,”…

Oil Rally Threatened as Gasoline Supply Surge Swamps U.S. Demand

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LAGOS, Nigeria, Capital Markets in Africa: American drivers’ seemingly insatiable thirst for gasoline is running into a flood of supply. Refineries across the nation are operating full-out and imports are pouring into the East Coast, boosting gasoline supplies to a record. At the same time, consumption has turned out to be less robust than thought. That’s weighed on prices, threatening to stem oil’s rebound from a 12-year low. “Earlier this year there was a lot of hope that…

INTO AFRICA July Edition: PRIVATE EQUITY:- AFRICA’S TRUMP CARD!

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LAGOS, Nigeria, Capital Markets in Africa: Welcome to the July edition of INTO AFRICA, a publication with fresh insight into Africa’s emerging capital markets. Please download by clicking INTO AFRICA PUBLICATION: JULY EDITION. African countries experienced an exponential growth trajectory over the past ten years and will continue to demonstrate strong fundamentals that signal continued growth in the medium-term and long-term. Despite recent short-term volatility over the growing austerity, slow growth in Europe and Britain (the Brexit…

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