The Editorial Team |

Bank of America Closes Long Nigeria Trades, Seeing Oil Correction

LAGOS, Nigeria, Capital Markets in Africa: Bank of America closes recommendation to short ZAR/RUB, long Russia 2043 Eurobond vs Turkey 2043, seeing crude oil “vulnerable to a correction” in short term, analysts David Hauner and Arko Sen say in note to clients. Also closes long Nigeria 2023s vs Ivory Coast 2024s trade. In long term Bofa remains positive on oil, seeing Brent “consistently above $50” from 4Q in 2017. In addition, Bofa continues to likes…

Investment | Orange Targets Expanding Nigerian Companies Adopting More IT

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LAGOS. Nigeria, Capital Markets in Africa: Orange SA’s business-services unit has opened its first sales office in Nigeria as local companies seek to expand outside their domestic market and cut technology costs amid an economic slowdown fueled by the fall in crude-oil prices. Orange Business Services is aiming for annual double-digit sales growth from its office in Lagos, Nigeria’s commercial capital, Giorgio Heiman, vice president in charge of Africa, told reporters in the city on Tuesday….

Opportunity | The Commodity That No One Knows About But Everybody Wants to Buy

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LAGOS, Nigeria, Capital Markets in Africa: The world’s mines and steel plants got so devalued during the commodity slump that some were just given away by owners struggling to cut losses or debt. But there’s at least one metal that’s been attracting a lot of attention. Niobium — named for a Greek goddess who became a symbol of the tragic mourning mother — is used to produce stronger, lighter steel for industrial pipes and aircraft parts. It is mined in…

Nigeria’s Currency Chaos Deepens as Bets on Devaluation Rise

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LAGOS, Nigeria, Capital Markets in Africa: As investors increasingly bet the bottom will drop out of the naira and the vice president hints at a devaluation, the man who calls the shots – President Muhammadu Buhari, who has resisted letting the currency weaken since coming to power a year ago, likening it to “murder” — has kept quiet. “I won’t believe it until I see presidential ownership of it,” Alan Cameron, an economist at Exotix Partners…

South African Rand Slumps as Gordhan Breaks Silence on Talk of Arrest, Firing

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Johannesburg, South Africa, Capital Markets in Africa: The rand slumped as much as 2 percent against the dollar and bonds fell as concern intensified around the role of South African Finance Minister Pravin Gordhan, who broke his silence over reports that he may be arrested and dismissed. The rand was 1.7 percent lower at 15.8106 by 12:26 p.m. in Johannesburg, the weakest since March 15 on a closing basis and the worst performance among 31 major and developing…

Gloves Off in South Africa Power Struggle as Gordhan Fights Back

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Johannesburg, South Africa, Capital Markets in Africa: A power struggle between South African President Jacob Zuma and Finance Minister Pravin Gordhan over control of the National Treasury is approaching a tipping point, unnerving investors and weighing on the rand. Gordhan, 67, on Tuesday accused government officials of conspiring to harass him and his family and described allegations that he had spied on taxpayers when he ran the national revenue service as “malicious rumors” that were “manufactured for other motives.”…

Investment | Ivory Coast Attracts $15.4 Billion in Pledges, Twice Its Budget

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Abidjan, Ivory Coast, Capital Markets in Africa: Ivory Coast received more than $15 billion in pledges from donors and lenders to fund its five-year development plan, almost double the amount it sought at a Paris meeting that showcased the world’s top cocoa grower as an investors’ favorite in Africa. The West African nation wanted to secure at least 4,425 billion CFA francs ($8.8 billion) in pledges to fund part of a $60 billion investment plan…

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