Market Watch | - Part 26

Ivory Coast Said to Start Sucrivoire Share Sale Next Week

ABIDJAN, Capital Markets in Africa: Ivory Coast will start selling its stake in Sucrivoire SA next week, ahead of the sugar producer’s listing on the regional exchange in Abidjan, the commercial capital, according to a person familiar with the matter. The government will sell its 23 percent stake in Sucrivoire at 13,000 CFA francs per share, raising about 14.7 billion francs ($25.1 million), said the person, who asked not to be identified because the matter is…

Access Bank to Sell Nigeria’s First Eurobond for Two Years

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: Access Bank Plc will start an investor roadshow Tuesday as it prepares to issue the first Eurobond from Nigeria in almost two years. Nigeria’s fourth-largest lender by assets will meet investors in the U.S. and Europe through Oct. 3 and wants to sell five-year debt, according to Chief Executive Officer Herbert Wigwe. Barclays Plc, Citigroup Inc. and JPMorgan Chase & Co. will arrange the deal, he said. “It will be for working capital,…

Saudis Willing to Act on ‘Critical’ Oil Market, Algeria Says

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ALGEIRS, Capital Markets in Africa: Saudi Arabia, the world’s biggest oil exporter, has offered to cut its output to January levels, Algeria’s energy minister said as he prepared to host a meeting of OPEC producers later this week. Prices rebounded Monday after tumbling 3.7 percent on Friday as Saudi Arabia signaled that the Algiers meeting will be consultative and unlikely to reach a firm decision. While Noureddine Boutarfa’s comments don’t change that, they suggest OPEC’s leading member may still be willing…

Algeria to Ramp Up Gas Output While Putting Shale on Backburner

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ALGIERS, Capital Markets in Africa: Algeria plans to raise natural-gas production almost 30 percent by the end of the decade though won’t tap its vast shale reserves for now. The North African country aims to pump 122 billion cubic meters of gas by 2020, up from 96 billion cubic meters currently, Energy Minister Noureddine Boutarfa said in an interview in Algiers. Conventional production, rather than shale, is the “immediate priority,” he said. Africa’s largest gas producer has…

OPEC Members Take Up Positions on Freeze Before Algiers Talks

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LAGOS. Capital Markets in Africa: OPEC’s decision to hold informal talks in Algiers this week has fanned speculation that the group might be about to deviate from a two-year-old policy of pumping without limits, which succeeded in hurting rival suppliers but also sent prices into free fall. A previous attempt to agree on an output freeze, including non-OPEC member Russia, collapsed in Doha in April when Saudi Arabia walked away because Iran refused to participate. This…

South Africa’s Rand Shows a Little Local Strife Can’t Derail Emerging Gains

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JOHANNESBURG, Capital Markets in Africa: For evidence that fundamentals hardly matter in today’s world of easy money, look no further than the rand. In a quarter marked by a political feud between South Africa’s president and his finance minister, stagnant growth and mounting concern that the country may lose its investment-level credit status, the rand returned 11 percent for investors selling the dollar to chase higher yields — more than twice as much as its next-best peer….

Nigeria’s Currency Woes a Boon for Top Palm-Oil Producer

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LAGOS, Capital Markets in Africa: Nigeria’s ban on importers accessing foreign exchange for certain products is proving a boon for the country’s biggest palm-oil producer as it stokes demand for domestic goods. Profit at Presco Plc, a Benin City-based manufacturer of the edible oil, more than doubled in the six months through June as sales jumped 60 percent to 7.5 billion naira ($24 million), according to results published in July. The outlook for the next four…

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