The Editorial Team |

Oil Halts Gain Near $49 Before U.S. Stockpile Data, Brexit Vote

LAGOS, Nigeria, Capital Markets in Africa: Oil halted gains near $49 a barrel as markets awaited weekly U.S. stockpile data, while the U.K. referendum on membership of the European Union remained too close to call. Futures slid as much as 1 percent in New York. U.S. inventories probably fell by 1.5 million barrels last week, keeping them more than 100 million barrels above the five-year average, according to a Bloomberg survey before government data Wednesday. Separate polls showed leads…

Congo Franc Hits New Low Against Dollar on Parallel Market

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Congo, Capital Markets in Africa: The Democratic Republic of Congo’s franc fell to a record low against the dollar on the parallel market as the slump in commodity prices takes its toll on Africa’s biggest copper producer. The Congolese franc traded at an average of 1,001 to the dollar on the parallel market on June 16, the Prime Minister’s office said Monday in an e-mailed statement, bringing its decline this year to 7 percent. On the official market, the…

Nigerian Equity Markets | 20 June 2016: Equities Buck Gaining Trend…NSE ASI down 163bps

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LAGOS, Nigeria, Capital Markets in Africa: In a complete reversal of the bullish trend which began after the Press briefing of the CBN Governor – where the guidelines for the operation of the flexible exchange rate were released- the Nigerian Equities market closed in the red today. Despite the increasing expectation of foreign investors’ return to the market, profit taking thrived as investors sold off on stocks that gained significantly in the previous week. As…

Banking | Pan-African lender Ecobank may close some operations

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LOME, Togo, Capital Markets in Africa: Ecobank is reviewing its expansion strategy following a decline in profits and may pull out of some African countries to focus on its most promising markets, chairman Emmanuel Ikazoboh told Reuters. Ecobank is based in Togo and operates in 36 African countries, making it a rare example of a pan-African bank that has developed outside South Africa, home to giants such as Standard Bank and FirstRand. But falling global…

Emerging-Market Assets Rally on Signs Britain to Remain in EU

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market assets rose for a second day on signs the campaign for the U.K. to stay in the European Union was gaining momentum. South Africa’s rand led a rally in developing currencies after a poll showed the campaign for the U.K. to remain leading by three percentage points before the referendum on Thursday. Stocks from Sao Paulo to Moscow advanced as Brent crude sold for more than $50 a barrel. Nigeria’s currency plunged after…

Nigeria’s Naira Plummets in Shift to Free Float After Oil Slump

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s naira tumbled as the central bank ended a 16-month-long currency fix that caused investors to flee and sent the economy to the brink of a recession. The currency of Africa’s biggest economy fell 24 percent to a record 260.5versus the dollar, from Friday’s rate of 199, before paring the decline to trade 22 percent weaker at 255 by 12:51 p.m. in Lagos, the commercial capital. The naira was quoted at 254…

Rand, South African Assets Rally on Fading Prospects for Brexit

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Johannesburg, South Africa, Capital Markets in Africa: South African markets rallied as diminished risks that British voters will favor an exit from the European Union in the June 23 referendum prompted investors to buy developing-nation assets. The rand headed for its biggest gain in more than two weeks as government bonds advanced for a fourth day and stocks in Johannesburg for a third. The currency strengthened 2.2 percent, the most since June 3 on a closing basis, to 14.8162…

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