The Editorial Team |

Nigeria | Naira Devaluation Bets Jump Most on Record on Policy Review

LAGOS, Nigeria, Capital Markets in Africa: Traders raised bets on a devaluation of Nigeria’s naira by the most on record after the vice president of Africa’s biggest economy said it was carrying out a “substantial review” of its foreign-exchange policy. Naira three-month non-deliverable forwards weakened to 237 against the dollar, before paring losses to trade 7.2 percent lower at 230.5 by 12:41 p.m. in London, still the biggest drop since the contracts started trading in March 2011….

Transnet Turns to Retailers, Manufacturers as Commodities Falter

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s state rail and ports operator is considering entering new businesses, including warehousing and pitching its services to retailers and manufacturers, as it seeks to boost income and reduce its reliance on transporting coal and iron ore. Transnet SOC Ltd. plans to increase the volume of consumer and manufactured goods on its rail lines and may add distribution operations, Chief Executive Officer Siyabonga Gama, 48, said on Wednesday. While…

South Africa | Transnet Moving to Fixed-Rate Debt as Credit Downgrade Looms

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Johannesburg, South Africa, Capital Markets in Africa: Transnet Holdings SOC Ltd., South Africa’s state-owned transport company, is cutting its proportion of floating-rate debt to hedge against a rise in borrowing costs in the event of a downgrade of the country’s credit rating to junk, Chief Executive Officer Siyabonga Gama said. The possibility of South Africa’s national sovereign debt rating being cut to junk by S&P Global Ratings next month is “a big concern for the country, it’s…

Kenya | Barclays Leaves Kenya Feeling Like `Flowergirls’ in Africa Exit

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Nairobi, Kenya, Capital Markets in Africa: Central Bank of Kenya Governor Patrick Njoroge urged Barclays Plc and its Johannesburg-based unit to engage with regulators in the countries in which it operates as the British bank plans to exit the continent. “It feels like we are being treated like flowergirls” who have no real role to play in the transaction, he said in an interview at the World Economic Forum’s annual Africa conference in Kigali, Rwanda on Thursday, declining to say…

Nigeria Maintains Oil-Revenue Forecast Despite Output Decline

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria maintained revenue forecast for this year’s budget based on daily oil production of 2.2 million barrels despite output falling over the past month, reaching a 20 year low currently. The government of Africa’s biggest economy is keeping price assumptions at $38 per barrel, Budget Minister Udoma Udo Udoma told reporters in the capital, Abuja, on Thursday. Nigeria recently dropped to second place behind Angola as Africa’s largest oil producer following…

Angolan President Jose continues central bank shakeup

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LUANDA, Angola, Capital Markets in Africa: Angolan President Jose Eduardo dos Santos replaced two deputy central bank governors on Wednesday, his office said in a statement, the latest round of shake-ups at the bank as the oil-rich African country seeks assistance from the IMF. Dos Santos in March appointed little-known Valter Filipe da Silva as Angola’s new central bank governor after José Pedro de Morais resigned. His office said Gualberto Manuel Amaro Lima Campos and…

Nigerian Equity Markets | 11 May 2016: Nigerian Equities Market Closes Limp … NSE ASI down 6bps

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LAGOS, Nigeria, Capital Markets in Africa: The Nigerian bourse declined further at the end of today’s trading session, albeit marginally as the All Share Index eased 6bps to close at 25,630.62 points. Market capitalization settled at N8.8tn as investors lost N2.1bn. The benchmark index was dragged by the depreciation in DANGCEM (-2.1%), FLOURMILL (-4.9%), and WAPCO (-0.7%), offsetting the gains in NESTLE (+2.8%), GUARANTY (+1.2%), NIGERIAN BREWERIES (+0.4%) and TIGER BRAND (+10.0%). Market activity was…

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