Market Watch | - Part 29

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

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

Posted on by The Editorial Team

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,…

Nigeria’s Biggest Miller Says Firms Face Huge Challenges

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LAGOS, Capital Markets in Africa: Flour Mills of Nigeria Plc, the country’s biggest miller by market value, said manufacturers in Africa’s most populous country are finding profits under pressure from a fall in crude prices, a weak naira and rising input costs. “Taken together, these factors have contributed to a perfect storm,” Chairman John Coumantaros told investors at a meeting in the commercial hub, Lagos, on Thursday. Flour Mills was able to “offset the impact” of…

Emerging Assets Trim Weekly Rally After ECB Damps Stimulus Hopes

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LAGOS, Capital Markets in Africa: Emerging-market stocks and currencies trimmed the biggest weekly gain in a month after the European Central Bank refrained from pledging more stimulus and North Korea conducted its biggest-ever nuclear test. The won dropped and the Kospi index suffered its worst retreat for two months after North Korea’s fifth nuclear test. Malaysia’s ringgit and Russia’s ruble fell and stocks in Brazil were poised to open lower as Brent crude slid the most in more than a…

Nigeria Offers Three-Year Tax Holiday to Mining Investors

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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

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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…

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