Market Watch | - Part 18

Foreign Purchases of Local Egypt Debt May Reach $11 Billion

CAIRO (Capital Markets in Africa) – Egypt sees foreigners buying as much as $10 billion to $11 billion in local Treasury bills and bonds in the coming period, Finance MinisterAmr El-Garhy told reporters Sunday. Government moves to reform the economy and growing investor confidence are underpinning the gradual return to levels achieved before the 2011 uprising that ousted President Hosni Mubarak, he said. Foreign holdings of Egyptian debt rose by as much as $900 million after authorities floated…

Foreigners Dump S. African Stocks in Longest Streak for 5 Months

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Foreigners were net sellers of South African stocks for the first four days of this week, the longest sequence in almost five months, as they reduced holdings in companies including some of the country’s largest retailers. Retailers Shoprite Holdings Ltd., Mr. Price Group Ltd., and Woolworths Holdings Ltd. were among stocks most heavily sold by foreign investors, along with Richemont, Naspers Ltd. and MTN Group Ltd., figures from Johannesburg’s stock…

Emerging Markets Gain in Week as Investors Ponder Trump Policies

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Emerging-market currencies headed for their longest stretch of weekly gains in 20 months as investors questioned the pace of possible U.S. interest-rate increases. Ukraine’s hryvnia tumbled the most among peers and Turkey’s lira retreated after the biggest surge in more than a year. The MSCI gauge of developing-nation currencies climbed for a second day. A similar equity measure was little changed on Friday, on course for its third weekly advance. Brazil’s…

Sentiment Bearish as Nestle Drags Index Lower in Nigerian Equity Markets

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Sentiment was bearish today on the Nigerian Bourse as the All Share Index shed 0.2% to close at 26,330.39 points consequent on price declines in large cap stocks such as NESTLE (-2.4%), FORTE(-9.2%) and ETI (-3.0%). Accordingly, investors lost N19.1bn as market capitalization settled at N9.1tn. However, market activity was mixed as volume traded waned 9.2% to 179.3m units while value traded surged 42.4% to close at N1.5bn. Banking Sector Emerges Lone Gainer Performance…

South Africa’s rand jumps to 2-month high, stocks flat

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand gained more than two percent on Thursday to hit its strongest level in two months as the dollar plunged on concerns over U.S. President-elect Donald Trump’s economic strategy. Stocks were flat overall but luxury goods group Richemont gained 6 percent to reach a 10-month high after posting stronger than expected sales. By 1501 GMT the rand had gained 2.2 percent to 13.4475 per dollar, following most currencies…

MTN Drops Most in Month as Naira Traders Plan Weaker Rate vs USD

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) — Telecom operator’s shares drop after currency traders in MTN’s biggest market, Nigeria, announce plans to introduce parallel exchange rate of 399 per dollar for naira from January 16. Stock falls as much as 4.6%, trades 3% lower at 129.89 rand as of 11:57 am in Johannesburg; biggest drop since Dec. 15. Nigerian retail currency traders will set the FX rate before the central bank meeting and they’ve set it…

Nigerian Equity Market Sustains Uptrend and the All Share Index up 1.3%

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – After depreciating on the first three trading days of the year, Nigerian equities sustained the uptrend observed last Friday as the All Share Index recorded a 1.3% appreciation at the close of trade today. Performance today was largely driven by a rebound in the prices of DANGCEM (+1.2%), UCAP (+9.6%), TOTAL (+0.3%) and GUARANTY (+4.9%). Consequently, market capitalization improved N113.1bn to settle at N9.2tn. Activity, however, waned as volume and value traded declined 0.6% and 7.4% to…

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