The Editorial Team |

Nigeria Inflation Quickens to Fastest Pace in Almost 6 Years

LAGOS, Nigeria, Capital Markets in Africa: Nigerian inflation accelerated for a sixth consecutive month in April and at the highest pace since August 2010, after an increase in gasoline and electricity prices in Africa’s largest economy. The inflation rate rose to 13.7 percent from 12.8 percent the month before, the Abuja-based National Bureau of Statistics said in an e-mailed statement, the same median estimate of 14 economists surveyed by Bloomberg. Prices rose 1.6 percent in the month. Rising fuel and electricity…

Oil Climbs to Highest Since November as European Shares Retreat

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LAGOS, Nigeria, Capital Markets in Africa: Brent crude rose to a six-month high, leading a rebound in commodities and boosting the ruble and mining companies, as supply disruptions in Nigeria added to production woes. Oil extended last week’s gains as Goldman Sachs Group Inc. increased its price forecast, saying the market had moved into a supply deficit earlier than expected. Precious metals rallied with aluminium and commodity producers climbed, while almost all of the other industry groups in the Stoxx Europe 600…

Ghana’s Central Bank Holds Benchmark Rate as Inflation Burden Eases

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s central bank maintained its benchmark interest rate as the cedi stabilized and inflation eased. The monetary policy committee of the Bank of Ghana held the rate at 26 percent, Governor Abdul Nashiru Issahaku, who chaired the meeting for the first time, told reporters in Accra, the capital, on Monday. This was in line with the forecast of all eight economists in a survey compiled by Bloomberg. Former governor Kofi Wampah didn’t…

Algeria Signs Oil, Gas Deal as OPEC Member Boosts Sales

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Algiers, Algeria, Capital Markets in Africa: Algeria will supply oil and other energy products to Jordan for the first time under a memorandum of understanding signed on Monday, as the OPEC member seeks to diversify sales after years of stagnating oil production. Algeria’s state-run Sonatrach Group will start liquefied natural gas and liquefied petroleum gas shipments to Jordan in September, followed by crude oil, Algerian Energy Minister Salah Khebri said in an interview in Amman. Sonatrach and National Electric Power…

Ghana Interest Rates Seen Steady as Issahaku Holds First Meeting

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s new central bank governor, Abdul Nashiru Issahaku, will probably keep policy unchanged at his debut interest-rate announcement after inflation started to slow and the cedi stabilized. Issahaku, 54, appointed last month after the early retirement of Kofi Wampahin March, will probably leave the benchmark rate at 26 percent when he announces the first Monetary Policy Committee decision under his leadership on May 16, according to the median of eight economist estimates compiled by Bloomberg….

South Africa | SARB Serves Economy Best With Price Stability, Mminele Says

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Johannesburg, South Africa, Capital Markets in Africa: The Reserve Bank can best serve the South African economy by ensuring price stability, even if higher interest rates affect growth over the short term, Deputy Governor Daniel Mminele said. “The long-term interests of the South African economy are served by focusing on that price stability mandate and avoiding any temptation to try and play a short run trade-off between inflation and growth,” Mminele said Friday in an interview at the World…

Market Watch | Emerging Stocks Decline for Fourth

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks were set to extend their longest losing streak since August and currencies retreated on concern the pace of global growth remains sluggish. Shares in China posted their worst run of weekly declines in two years on speculation the government will refrain from adding fresh stimulus, while Hungarian shares fell and the forint slid to the lowest level since March after the economy unexpectedly contracted. South Africa’s rand slid more than 1…

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