The Editorial Team |

Oil Rises to Six-Month High as Nigeria, U.S. Supply Tightens

LAGOS, Nigeria, Capital Markets in Africa: Oil advanced to its highest intraday level in six months as supply reductions around the world, from the U.S. and Canada to Nigeria, helped whittle away the global surplus. Futures gained 1.2 percent in New York after climbing 6.4 percent the previous two sessions. U.S. inventories dropped by 3.4 million barrels last week, government data showed Wednesday. Nigeria said militants have curbed the country’s oil output by about 30 percent. The global surplus in…

Market Watch | Emerging Currencies Gain as Rousseff Ouster Spurs Brazil Stocks

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market currencies and energy shares rose as oil traded above $48 a barrel, bolstering the outlook for commodity exporters. Brazilian equities rallied after President Dilma Rousseff was suspended from office. The Ibovespa headed for its highest level in more than a week. Currencies in Colombia, Mexico and Russia appreciated at least 0.6 percent as a drop in U.S. crude stockpiles and supply outages from Canada to Nigeria supported oil. Wagers for a devaluation…

Angola’s Central Bank Maintains Rates on stable inflation in April 2016

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Luanda, Angola, Capital Markets in Africa — National Bank of Angola (BNA, Banco Nacional de Angola) Monetary Policy Committee (CPM) held a meeting on 29 April 2016, decided to maintained the Basic Interest Rate at 14.oo%, BNA said in a statement on its website on Thursday. In addition, the central bank left the standing lending facility rate at 16% and kept the overnight standing liquidity absorption facility rate at 2.25%. In March 2016, the monthly inflation…

Tanzania Plans Foreign Loans in Next Fiscal Year, Ndulu Says

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Dar es Salaam, Tanzania, Capital Markets in Africa: Tanzania plans to borrow offshore in the next fiscal year, central bank Governor Benno Ndulu said. “We will be guided by what’s needed and what is reasonable in the market to do,” Ndulu said in an interview Wednesday at the World Economic Forum on Africa in the Rwandan capital, Kigali. The “firm numbers will still come out. If it’s a Eurobond, typically you cannot issue less than $500 million.” The…

Kenyan Central Bank Has `Room to Adjust’ Tight Monetary Policy

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NAIROBI, Kenya, Capital Markets in Africa: Kenya’s central bank has room to adjust interest rates in East Africa’s biggest economy as inflation falls back within the government’s target range, Governor Patrick Njoroge said. “One can say comfortably that there is room to adjust from the tight monetary stance that was there,” Njoroge said in an interview Thursday at the World Economic Forum on Africa in the Rwandan capital, Kigali. “I think that it is a decision that the…

Commodity Rout Hits Home as South Africa Has Record Output Drop

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s mining production fell the most since at least 1980 after the country’s biggest gold and platinum mines halted unprofitable output. Production declined 18 percent in March from a year earlier, accelerating February’s revised contraction of 8.3 percent, Statistics South Africa spokesman Juan-Pierre Terblanche said by phone Thursday. Expectations were for a drop of 12 percent, according to a Bloomberg survey of eight analysts. “This is a radical structural shift for…

Investment | Africa Investors Look East as Commodity-Driven Boom Withers

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LAGOS, Nigeria. Capital Markets in Africa: Investors targeting Africa are looking east, as depressed commodity prices and slowing growth in China put the brakes on a two-decade growth surge in the world’s poorest continent. Kenya, Tanzania and host Rwanda are the countries in vogue at the World Economic Forum’s annual confab of Africa’s business and political leaders that began Wednesday in Kigali. All three economies should expand at least 6 percent this year, double the…

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