The Editorial Team |

Crude Oil | OPEC Ministers Say Oil Market Moving in Right Direction

LAGOS, Nigeria, Capital Markets in Africa: OPEC ministers gathering in Vienna for the group’s biannual meeting said the oil market is moving in the right direction as a supply glut dissipates. While Saudi Arabia — the architect of the Organization of Petroleum Exporting Countries’ current policy — remained silent, ministers from the United Arab Emirates and Nigeria signalled that the strategy of letting low prices eradicate surplus production is working. Some of the world’s biggest oil traders…

Nigerian Equity Markets | 31 May 2016: Stocks Tumble on Panic Selling …NSE-ASI down 4.3%

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LAGOS, Nigeria, Capital Markets in Africa: The Bullish trend in the Nigerian equities market was reversed as the All Share Index plunged 4.3% amid profit taking and FX uncertainty following the Democracy Day Speech. After touching a year high of 28,902.25 points on Friday, the benchmark index tumbled to 27,671.08 points today, sending YTD return (-3.4%) back to the negative region. Market capitalization also shrank N425.6bn settling at N9.5tn. Today’s sharp decline was broadly driven…

Impressions from the World Economic Forum on Africa —- RMB Morgan Stanley

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The 26th World Economic Forum on Africa was held in Kigali, Rwanda last week: We attended the gathering and provide feedback on the conference and the investable themes coming out of it. Connecting Africa’s Resources through Digital Transformation: The theme of this year’s forum builds on that of the World Economic Forum held in Davos this January, by honing in on how Africa sees itself participating in the so-called Fourth Industrial Revolution. Rwanda, a continental…

Ghana’s Regulator Orders Investor Refund in Biggest IPO

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s securities regulator instructed the nation’s biggest agricultural lender to refund investors after it rejected bids in an initial public offering that closed in March. The Agricultural Development Bank Ltd. refused 435.1 million cedis ($112 million) of the 437.9 million cedis in bids it received, the West Africa nation’s Securities and Exchange Commission said in a statement sent Tuesday by text message. The lender informed the regulator of its intention to reopen…

Buhari Gives Nigeria Central Bank Go-Ahead on Flexible Naira

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LAGOS, Nigeria, Capital Markets in Africa: Faced with an economy nearing recession and inflation at the highest in almost six years, Nigerian President Muhammadu Buhari has backed down on his refusal to allow the naira to weaken. Buhari has given the central bank the go-ahead to introduce a more flexible exchange-rate system even as he remains opposed to devaluation of the naira, said Garba Shehu, his spokesman. “The president is opposed to devaluing the naira, he has said…

Market Watch: Emerging Stocks Rise as China Rallies on MSCI Index Speculation

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks rose to a three-week high as Chinese equities rallied amid speculation MSCI Inc. will include yuan-denominated shares in its global benchmarks and concern eased that higher U.S. interest rates will squelch global economic growth. The Shanghai Composite Index surged 3.3 percent, the most since March. South African stocks headed toward a fourth month of gains as a slump in the rand in May boosted the outlook for companies with revenue in foreign currencies such…

Nigeria Records First Trade Deficit in at Least Seven Years

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria recorded its first quarterly trade deficit in at least seven years in the three months through March as exports of crude oil dropped, adding to the nation’s economic distress. The trade balance of Africa’s largest economy swung to a deficit of 184.1 billion naira ($925 million) from a revised surplus of 364.6 billion naira in the previous quarter, the Abuja-based National Bureau of Statistics said in an e-mailed statement on Tuesday….

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