Market Watch | - Part 24

South Africa’s rand gains as investors bet ECB will delay tapering

JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand firmed on Wednesday as investors ignored local factors and bet on the European Central Bank delaying plans to taper its asset buying programme. Gold mining stocks led the bourse weaker, still reeling from Tuesday’s drop in bullion prices. By 1519 GMT the rand had firmed 0.87 percent to 13.7100 per dollar, shrugging off September’s weak business confidence print. “The rand initially recovered during Wednesday’s European session as…

Cocoa Beans to Bring Ghana Foreign-Exchange Market to Life

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana’s foreign-exchange market is about to be spurred to life: by cocoa beans. Currency transactions by Ghanaian banks are set to double as the government starts to auction foreign exchange raised by the country’s cocoa-exporting body, allowing companies to bid for dollars rather than buy them from the black market or exchange bureaus. The first $1.8 billion, a loan raised by the Ghana Cocoa Board, is hitting the market this…

Anglo Above 10 Pounds as Century-Old Miner Back From Brink

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) — A rally in Anglo American Plc pushed its stock above 10 pounds for the first time in more than a year after a rebound in commodity prices and cuts in its debt brought the century-old mining company back from the brink. Anglo gained as much as 3.4 percent to 1,029 pence a share, the highest since June 2015. The stock has more than tripled this year, the best performer in the…

Egypt stocks up on strategic commodities ahead of devaluation

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt said it plans to build a six month reserve of essential food items, adding to other recent purchases of commodities such as oil and wheat, in what traders said was a move to build up stocks ahead of a currency devaluation. Prime Minister Sherif Ismail said late on Tuesday the country would look to import 500,000 tonnes of rice and 400,000 tonnes of sugar to boost reserves and keep…

Nigeria’s Bad Loans Soar as Banks Battle Slumping Economy

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Bad loans in Nigeria’s banking system soared to more than double the limit set by the regulator as the industry struggles with an economic downturn. The ratio of non-performing loans to total credit rose to 11.7 percent at the end of June from 5.3 percent at the end of 2015, the Abuja-based Central Bank of Nigeria, which requires banks to keep the measure below 5 percent, said in a report…

Egypt Stocks Surge on Bets Devaluation Will Drive Growth Rebound

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egyptian stocks advanced the most in more than two months as investors bet that policy makers may devalue the country’s currency as soon as this week, luring back foreign investors and giving a lift to an embattled economy. The EGX 30 Index gained 3.2 percent, the most among more than 90 indexes tracked by Bloomberg globally after Ghanaian equities, to close at 8,133.12. Financial stocks, such as Commercial International Bank Egypt, the country’s largest…

MTN’s Purchase of Visafone Said to Be in Doubt Without Spectrum

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – MTN Group Limited is considering abandoning the acquisition of Nigerian internet provider Visafone Communications Limited after the country’s industry regulator ruled that broadband spectrum shouldn’t be included in the deal, according to two people familiar with the matter. Africa’s biggest wireless carrier by sales is deciding whether acquiring the closely held company is worth it without the spectrum, said one of the people, who asked not to be identified as…

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