The Editorial Team |

Naira Forwards Jump by Record as Traders See Nigeria Devaluation

LAGOS, Nigeria, Capital Markets in Africa: Naira forwards surged by the most on record as traders bet that the ability of Nigerian authorities to maintain their almost 15-month-long currency peg is waning. Three-month naira non-deliverable forwards rose by 14 percent, the most on a closing basis since the contracts began trading in March 2011, to a record 267 against the dollar at 4:06 p.m. in London. One-month forwards jumped 11 percent to 238, bringing their implied yield —…

Goldman Surprised by Sudden Oil-Market Turn as Glut Vanishes

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: The global oil market has flipped to a deficit sooner than Goldman Sachs Group Inc. had expected. A decline in production driven by unexpected supply disruptions, as well as sustained demand, have resulted in a “sudden halt” to the output surplus, Goldman analysts Damien Courvalin and Jeffrey Currie wrote in a report dated May 15. Other banks such as Morgan Stanley, Barclays Plc and Bank of America Corp. also noted that supply losses are leading markets to…

Nigeria Inflation Quickens to Fastest Pace in Almost 6 Years

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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….

« 1 … 908 909 910 911 912 … 1,078 »