Market Watch | - Part 28

Bidvest, Life Healthcare Rise After JSE Top40 Index Inclusion

JOHANNESBURG, Capital Markets in Africa: Bidvest Group Ltd. and Life Healthcare Group Holdings Ltd. gained for the first time in three days in Johannesburg trading after the companies were added to the stock exchange’s Top40 index. Bidvest, the diversified South African industrial group, advanced as much as 1.4 percent to 152.59, while hospital operator Life Healthcare climbed 1.1 percent to 38.15 rand. The companies and Sibanye Gold Ltd. and Gold Fields Ltd. joined the FTSE/JSE Top40 Tradeable Index…

Emerging Markets Bounce Back as Fed Seen Holding Rates Steady

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: Emerging-market stocks rebounded from their biggest weekly drop in four months as optimism that the Federal Reserve will delay raising U.S. interest rates rekindled risk demand. Taiwan’s benchmark equity index jumped the most in a year on speculation demand for Apple Inc.’s latest iPhone model will boost earnings for the island’s suppliers. Hungarian bonds rose for a second day as S&P Global Ratings upgraded the country to investment grade. Russia’s ruble and…

Egypt expects 2-3 IPOs in first year of privatisation plan

Posted on by The Editorial Team

CAIRO, Capital Markets in Africa: Egypt expects to privatise two or three state-owned companies via listings on the stock exchange in the first year of a privatisation programme, the chief executive of government-owned NI Capital said on Monday. The programme will last for three to five years and will start with state-owned oil companies but will also include state-owned banks, said Ashraf El-Ghazaly. NI Capital is a government-owned, privately managed financial institution that is part…

Oil Falls to 1-Month Low as Nigeria, Libya Poised to Swell Glut

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LAGOS, Capital Markets in Africa: Oil fell to a one-month low in New York on speculation that the resumption of shipments from Libya and Nigeria may add to the global surplus. Futures dropped as much as 2.7 percent on the New York Mercantile Exchange. Libya and Nigeria, whose supplies have been reduced by domestic conflicts, are preparing to boost exports within weeks. A tanker that’s supposed to collect crude from a key Libyan terminal for the first time in…

Oil Glut Set to Worsen as Nigeria and Libya Fields Restart

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LAGOS, Capital Markets in Africa: Amid the most enduring global oil glut in decades, two OPEC crude producers whose supplies have been crushed by domestic conflicts are preparing to add hundreds of thousands of barrels to world markets within weeks. Libya’s state oil company on Wednesday lifted curbs on crude sales from the ports of Ras Lanuf, Es Sider and Zueitina, potentially unlocking 300,000 barrels a day of supply. In Nigeria, Exxon Mobil Corp. was…

MTN Gains After Raising $1.3 Billion of Loans Before Bond Sale

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Johannesburg, Capital Markets in Africa: MTN Group Ltd., Africa’s largest mobile-phone operator by sales, climbed for a second day after raising more than $1.3 billion in loans before the potential sale of bonds. The shares jumped 2.2 percent to 121.49 rand as of 12:29 p.m. in Johannesburg on Wednesday for the biggest two-day advance since June 29 and valuing the company at 225 billion rand ($16 billion). MTN is being provided with $1 billion and 4.8 billion rand…

Deal or No Deal, OPEC’s Freeze Talks Are Already Succeeding

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LAGOS, Nigeria, Capital Markets in Africa: Even as speculation builds over whether OPEC will clinch an output deal with Russia this month, their negotiations are already paying off. Hedge funds and other investors reversed their bets on falling oil prices at the fastest pace in five months after producers said they would meet in Algiers, data from the U.S. Commodity Futures Trading Commission show. While skepticism has grown about whether the Organization of Petroleum Exporting Countries,…

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