Market Watch | - Part 27

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

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

Posted on by The Editorial Team

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…

Nigerian Lawmakers to Probe Claim $17 Billion of Oil Stolen

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LAGOS, Capital Markets in Africa: Nigeria’s lower house of parliament ordered an investigation into whether $17 billion of fuel exports were stolen. Most of the oil and liquefied natural gas ended up in the U.S. and some went to China and Norway between 2011 and 2014, Johnson Agbonayinma, a lawmaker, told the House of Representatives in the capital, Abuja, on Thursday. The missing products include about 58 million barrels of oil and 727,000 metric tons…

OPEC Under Pressure to Act in Algiers as Surplus Triples

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LAGOS, Capital Markets in Africa: As OPEC prepares to meet in Algiers next week, the oil market is reminding the group’s members what’s at stake if they fail to reach a deal. More than 800,000 barrels a day of additional crude is pouring into the global market this month compared with August as Russia pumps at an all-time high while Libya and Nigeria restore disrupted supplies, according to statements from their ministry officials. That would…

Richest African Says Nigeria Needs $15 Billion for Economy

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LAGOS, Capital Markets in Africa: Nigeria needs $15 billion from asset sales and borrowing to revive a slumping economy and boost foreign reserves, according to Aliko Dangote, Africa’s richest man. “Through sales of assets, through loans from Bank of China or wherever, we need something like $15 billion,” Dangote, a Nigerian national, said in a Bloomberg TV interview at the U.S.-Africa Business Forum in New York on Wednesday. “We’re having a problem as the reserves are low….

Indian Summer Comes to Emerging Markets as Fed Spurs Fresh Gains

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LAGOS, Capital Markets in Africa: The Federal Reserve has given fresh impetus to emerging markets. As Russia joined Argentina in announcing Eurobond sales, stocks from Istanbul to Johannesburg rallied at least 1.6 percent, South Africa’s rand extended its longest winning streak since 2013 and Standard Chartered Plc recommended buying the lira, this quarter’s worst-performing major currency outside of Latin America. Pledges to keep monetary policy accommodative from the Fed and Bank of Japan this week have emboldened the…

Morocco’s Managem posts 63 pct slide in first-half net profit

Posted on by The Editorial Team

CASABLACA, Capital Markets in Africa: Morocco’s biggest mining company Managem posted a 63 percent drop in first-half net profit to 52 million dirhams ($5.35 million) on Thursday, citing weak global commodities prices. Managem said it was hit by a 12 percent slide in silver prices, a 21 percent drop in both copper and cobalt and a 16 percent decline in zinc during the first six months of 2016. Controlled by the Moroccan royal family’s holding…

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