The Editorial Team |

Rand Snared and Ruble Spared Brexit Risk in U.K. Finance Web

Johannesburg, South Africa, Capital Markets in Africa: South Africa’s rand is among emerging-market currencies most vulnerable to upheaval if Britain votes to leave the European Union, while ruble investors may find some benefit from the isolation provided by sanctions on Russia. That’s a possible conclusion to draw from a ranking of countries in central Europe and Africa based on the depth of their financial ties with U.K. banks, compiled by analysts at UniCredit SpA. British lenders’…

Mozambique Raises Key Rate to 14.25% to Contain Inflation in June

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MAPUTO, Capital Markets in Africa: Mozambique’s central bank raised its key interest rate for a third time this year as a weakening currency led to soaring inflation in the southern African nation. Policy makers increased the benchmark policy rate by 150 basis points to 14.25 percent, the Maputo-based institution said in a statement on Monday. The interest rate on the standing deposit facility was raised to 7.25 percent from 5.75 percent. The annual inflation rate…

Nigerian Naira Devaluation Bets Surge Before Nigeria Unveils New Policy

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LAGOS, Nigeria, Capital Markets in Africa: Naira forward contracts surged to a record as traders anticipated Nigeria’s central bank would devalue the currency on Wednesday as part of a new foreign-exchange policy. Governor Godwin Emefiele will make a televised announcement from around 2 p.m. in Abuja, the capital, according to Isaac Okorafor, a central bank spokesman. Twelve-month non-deliverable naira forward contracts surged 3.3 percent to352 per dollar, a record on a closing basis, as of 11:27 a.m. in…

South Africa Current-Account Gap Widens as Dividends Paid Rise

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s current-account deficit widened to 5 percent of gross domestic product in the first quarter as dividend payments by local companies to foreign shareholders increased. The gap on the current account, the broadest measure of trade in goods and services, widened from a revised 4.6 percent in the fourth quarter of last year, the Reserve Bank said in its Quarterly Bulletin released on Tuesday in the capital, Pretoria. The…

Nigeria Oil Militants Give Talk Terms, Threaten Bloodshed

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LAGOS, Nigeria, Capital Markets in Africa: Nigerian militants whose attacks on oil infrastructure have sent output plunging to its lowest level in 27 years said for the first time that they are considering peace talks, even as they threatened to rethink their policy of avoiding bloodshed. The oil minister said Monday that negotiations with the Niger Delta Avengers had begun. After rejecting talks with the government last week, the militants said they would need “a…

Emerging Markets Halt Brexit Slump on Wagers for Fed Status Quo

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LAGOS, Nigeria, Capital Markets in Africa: Developing-nation stocks and currencies rebounded from a four-day slide as MSCI Inc.’s decision not to include Chinese mainland shares in its indexes buoyed smaller markets and investors wagered the Federal Reserve would adopt dovish language in its Wednesday statement. Equity benchmarks in Hungary, Romania, India and the Czech Republic advanced at least 1 percent each. Chinese stocks traded in Hong Kong also rose as the index provider’s decision late Tuesday meant there…

Yield Exceeding 10% May Lure Investors to Ghana’s Eurobond Sale

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ACCRA, Ghana, Capital Markets in Africa: With yields among the highest in Africa, Ghana may find plenty of takers searching for a premium in a coming round of Eurobond sales. The world’s second-largest cocoa grower plans to raise as much as $1 billion after the International Monetary Fund endorsed its efforts to consolidate debt and stabilize a volatile currency. A successful sale hinges on government officials persuading potential buyers that double-digit returns are adequate compensation for concerns…

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