The Editorial Team |

Commodities Set to Break Into Bull Market After Four-Year Rout

LAGOS, Nigeria, Capital Markets in Africa: The four-year bear market that pushed commodities to the lowest level in a quarter century is coming to end as supply constraints drive a recovery in everything from soybeans to zinc. The Bloomberg Commodity Index, which tracks returns from 22 raw materials, is on track to close more than 20 percent above its low on Jan. 20, meeting the common definition of a bull market. While the index has come close to…

South African Bonds Gain Most in Two Months With Rand on S&P

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Johannesburg, South Africa, Capital Markets in Africa: South African bonds gained, driving yields down the most in more than two months, after the country escaped a downgrade that would have left its debt rated so-called junk. Yields on benchmark rand bonds due December 2026 dropped 15 basis points, the most since March 13, to 9.04 percent by 3:23 p.m. in Johannesburg, adding to an 11-point decline on Friday after S&P Global Ratings affirmed South Africa’s…

Nigerian Ex President Goodluck Jonathan Defends Record on Curbing Corruption

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LAGOS, Nigeria, Capital Market in Africa: Former Nigerian President Goodluck Jonathan defended his government’s record on fighting corruption and denied his successor’s assertion that the country’s Treasury was left empty when he handed over power last year. Jonathan, 58, was succeeded in May 2015 by President Muhammadu Buhari, who accused the previous administration of looting billions of dollars and leaving the country’s finances “virtually empty.” “There’s no way he would have inherited an empty Treasury,” Jonathan said in…

South Africa’s S&P Rating Respite Strengthens Gordhan’s Hand

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Johannesburg, South Africa, Capital Markets in Africa: South African Finance Minister Pravin Gordhan emerged in a stronger position in his tug of war with President Jacob Zuma after S&P Global Ratings decided not to cut the nation’s credit rating to junk. “This means that Gordhan will not be going anywhere for the time being, unless he takes a personal decision to go,” said Susan Booysen, a politics professor at the University of the Witwatersrand’s School of Governance. “This is another…

South Africa Needs Improvement in Next Six Months, S&P Says

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s government needs to implement the reforms it promised to boost growth between now and December, S&P Global Ratings sovereign analyst Gardner Rusike said. “We are looking at improvements between now and the next six months,” Johannesburg-based Rusike said on a conference call with reporters on Monday. If the “government moves on to clarify some of the policy areas, it helps on confidence and it helps on investment, which…

Mozambique Plans to Reorganize or Sell 20 State Companies

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MAPUTO, Mozambique, Capital Markets in Africa: Mozambique’s debt crisis has destabilized government operations and the country will have to reorganize 20 state-owned companies, privatize them or shut them down, President Filipe Nyusi said. The nation admitted in April to having $1.4 billion in loans it hadn’t disclosed to investors and last month failed to make a $178 million interest payment on one of the debts. “You are aware about the increase in our debt,” Nyusi told businessmen over…

Market Watch | Emerging Markets Rally as Traders Scale Back Bets on Fed Rate

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market currencies headed toward the steepest advance in more than two months while stocks and bonds climbed as the weakest U.S. jobs data since 2010 boosted optimism the Federal Reserve will delay raising interest rates. The MSCI Emerging Markets Currency Index added 0.9 percent at 12:55 p.m. in London, led by Indonesia’s rupiah and Malaysia’s ringgit. A measure of developing-market stocks rose for a third day, topping its 50-day moving average. Philippine…

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