Market Watch | - Part 33

Nigeria’s Naira Pulls Back From Record Low as Stocks Advance

LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s naira gained on the second day of trading without a peg after the central bank spent more than $4 billion on Monday to clear pent-up demand for foreign currency. Stocks advanced and dollar-bond yields fell to 10-month lows. The currency of Africa’s biggest economy strengthened 0.7 percent to 280.5 per dollar by 10:44 a.m. in Lagos, the commercial capital, after declining as much as 1.4 percent earlier to a record…

Nigerian Equity Markets | 20 June 2016: Equities Buck Gaining Trend…NSE ASI down 163bps

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: In a complete reversal of the bullish trend which began after the Press briefing of the CBN Governor – where the guidelines for the operation of the flexible exchange rate were released- the Nigerian Equities market closed in the red today. Despite the increasing expectation of foreign investors’ return to the market, profit taking thrived as investors sold off on stocks that gained significantly in the previous week. As…

Emerging-Market Assets Rally on Signs Britain to Remain in EU

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Emerging-market assets rose for a second day on signs the campaign for the U.K. to stay in the European Union was gaining momentum. South Africa’s rand led a rally in developing currencies after a poll showed the campaign for the U.K. to remain leading by three percentage points before the referendum on Thursday. Stocks from Sao Paulo to Moscow advanced as Brent crude sold for more than $50 a barrel. Nigeria’s currency plunged after…

Nigeria’s Naira Plummets in Shift to Free Float After Oil Slump

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s naira tumbled as the central bank ended a 16-month-long currency fix that caused investors to flee and sent the economy to the brink of a recession. The currency of Africa’s biggest economy fell 24 percent to a record 260.5versus the dollar, from Friday’s rate of 199, before paring the decline to trade 22 percent weaker at 255 by 12:51 p.m. in Lagos, the commercial capital. The naira was quoted at 254…

Rand, South African Assets Rally on Fading Prospects for Brexit

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa: South African markets rallied as diminished risks that British voters will favor an exit from the European Union in the June 23 referendum prompted investors to buy developing-nation assets. The rand headed for its biggest gain in more than two weeks as government bonds advanced for a fourth day and stocks in Johannesburg for a third. The currency strengthened 2.2 percent, the most since June 3 on a closing basis, to 14.8162…

Market Watch | Stocks Slide as Central Banks Fail to Reassure; Yen, Gold Climb

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Stocks slid with commodities after central banks in the U.S and Japan signaled increased concern about the global economic outlook. Gold and bonds rose on haven demand, while the yen climbed to the highest since 2014. The Stoxx Europe 600 Index fell to a four-month low and U.S. crude retreated for a sixth day in the longest losing streak since February. Bond yields sank to records in Germany, Australia after Japan as Federal Reserve…

Emerging Markets Halt Brexit Slump on Wagers for Fed Status Quo

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Developing-nation stocks and currencies rebounded from a four-day slide as MSCI Inc.’s decision not to include Chinese mainland shares in its indexes buoyed smaller markets and investors wagered the Federal Reserve would adopt dovish language in its Wednesday statement. Equity benchmarks in Hungary, Romania, India and the Czech Republic advanced at least 1 percent each. Chinese stocks traded in Hong Kong also rose as the index provider’s decision late Tuesday meant there…

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