Market Watch | - Part 31

Egypt Stocks Rise Most in World as Bonds Rally on IMF Loan Talks

CAIRO, Egypt, Capital Markets in Africa: Egyptian stocks and bonds rallied after the government said it’s negotiating with the International Monetary Fund for a loan to help revive its battered economy. The EGX 30 Index advanced 4.7 percent to 7,894.03 at 11:08 a.m. in Cairo, the biggest gain among more than 90 gauges tracked by Bloomberg globally. Commercial International Bank Egypt was the largest contributor to the jump, climbing 6.8 percent, the most on a closing basis since…

Market Watch: Emerging-Market Stocks Advance With Volatility at 11-Year Low

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks rose toward the highest level since China’s currency devaluation last year, while volatility fell to an 11-year low, on optimism earnings are improving and central banks remain supportive of growth. Egyptian stocks rallied the most in the world after the government said it’s nearing the final stages of talks for an International Monetary Fund loan. Turkey’s benchmark index headed for a one-week high, rising with the country’s bonds and currency,…

Market Watch | Emerging-Market Currency Price Swings Widen as Lira Bounces Back

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: A rebound in the Turkish lira after a failed coup attempt helped boost some developing-nation exchange rates that were hurt by the turmoil as a gauge of emerging-market currency volatility rose from an 11-month low. The lira gained 1.7 percent, following a 4.6 percent plunge on Friday, helping to lift currencies such as South Africa’s rand. The JPMorgan Emerging Market Volatility Index, a gauge of price swings, jumped 1.3 percent from the lowest…

Nigeria’s Emefiele Said to Have Met Bond Investors in U.S., U.K

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s central bank Governor Godwin Emefiele and Deputy Governor Sarah Alade travelled to the U.S. and U.K. this week to try and entice bond investors to buy assets in Africa’s largest economy, according to two people with knowledge of the talks. Emefiele and Alade met investors in Los Angeles, Boston, New York and London, according to the people, who asked not to be identified as the discussions were private. Several investors in London…

Emerging Stocks Rise Sixth Day on Mounting Stimulus Speculation

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks headed for their longest winning streak since April and currencies rose to the strongest against the dollar in almost a year as optimism over prospects for stimulus in major economies boosted demand for riskier assets. Energy stocks led the MSCI Emerging Markets Index to a sixth consecutive gain as oil prices climbed. Turkey’s equity benchmark increased to the highest in two months. A gauge of mainland Chinese companies traded in Hong…

Nigeria’s Skye Extends Decline to Record Low as Diamond Falls

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s Diamond Bank Plc and Skye Bank Plc slumped for the straight third day after the central bank stepped in to remove Skye’s top management a week ago. Skye Bank plummeted 9.2 percent to 79 kobo, a fresh all-time low by the close of trading, and Diamond Bank slid by 8 percent to 1.85 naira, the lowest since May 19. Skye’s stock has fallen by 25 percent since the July 4 intervention by…

Market Watch | Emerging Markets Extend Losses as Concern Over Brexit Resurfaces

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks fell for a second day and currencies headed for the longest streak of losses in three weeks as investors switched to haven assets on concern the Brexit contagion is spreading. The MSCI Emerging Markets Index dropped 1.4 percent to 820.19 at 12:08 p.m. in New York, paring its gains this year to 3.3 percent. A gauge of currencies slid for a third day after Bank of England Governor Mark Carney said Tuesday the…

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