Market Watch | - Part 29

Nigeria Offers Three-Year Tax Holiday to Mining Investors

LAGOS, Capital Markets in Africa: Nigeria offered a three-year tax holiday to mining investors as the West African nation seeks to raise as much as $7 billion to develop its minerals and steel industries. The tax incentive will start “from the date the investor commences mining operations in the country,” Mines and Steel Development Minister Kayode Fayemi told prospective investors at a meeting in Perth, Australia, according to a statement posted on the ministry’s website. He confirmed deposits…

Emerging Assets Retreat Second Day as Fed Rate Concern Deepens

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Emerging-market currencies and stocks fell for a second day as commodities declined and comments from a Federal Reserve official fuelled speculation that there will be a U.S. interest-rate increase this year. Russia’s ruble and other currencies of oil-exporting nations declined as Brent crude fell below $50 a barrel and Fed Vice Chairman Stanley Fischer indicated that a 2016 rate move is still under consideration. Raw-material producers including Vale SA dragged the IBOVESPA…

Emerging Markets Head for Weekly Decline on Fed Rate Concern

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: Emerging-market stocks were poised for the first weekly decline in more than a month and currencies dropped as caution prevailed among investors struggling to assess the outlook for higher U.S. interest rates. Consumer stocks led declines among all 10 industry groups in the MSCI benchmark as the gauge dropped from a one-year high. The South African rand and South Korean won posted the biggest losses among currencies, weakening at least 0.9 percent. Turkish bonds…

Emerging Assets Resume Rally on Fed as Samsung Surges to Record

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: Emerging-market currencies rebounded and a gauge of stocks rose to a one-year high as Federal Reserve minutes tempered speculation U.S. interest rates will rise this year, spurring demand for riskier assets. South Africa’s rand led currencies higher as Russia’s ruble and Malaysia’s ringgit gained with crude oil. South Korea’s won rose after its worst one-day loss in almost two months. Equities from Indonesia, Thailand to Turkey and India gained. Tencent Holdings Ltd….

Emerging Markets Extend Losses as Fed Wake-Up Call Halts Rally

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks fell for a second day and currencies retreated from a 13-month high as renewed prospects for a U.S. interest-rate hike this year sapped risk appetite. Saudi Arabian shares dropped the most in almost three months and futures on Ibovespa declined on lower commodity prices. Egypt’s benchmark index slid for a second day as Commercial International Bank, which accounts for 40 percent of the gauge by weight, headed for…

Emerging Stocks Extend Rally as Earnings Buttress Stimulus Bets

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks headed for the longest streak of weekly gains since Russia’s Crimean invasion ended a similar run in March 2014, on signs corporate earnings are recovering even as central banks extend measures to nurture economic growth. Chinese shares rallied the most in a month as property companies advanced on speculation merger deals will accelerate. Hungary led gains in eastern European equities as the nation’s economy grew more than forecast….

Emerging Markets Advance as Fed Optimism Sparks Dollar Weakness

Posted on by The Editorial Team

JOHANNESBURG, Capital Markets in Africa: Emerging-market currencies and bonds rallied as traders pushed back forecasts for when the Federal Reserve will increase U.S. interest rates, bolstering demand for higher-yielding assets. Most developing-nation currencies trading on Wednesday strengthened against the dollar, led by the South Korean won, Malaysian ringgit and South African rand. Russia’s ruble fell as oil declined for a second day, while the yuan strengthened the most in almost two weeks. Government bonds rallied, with Polish and…

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