The Markets

LAGOS (Capital Markets in Africa) – Danish money manager Morten Bugge, battered by three months of carnage in frontier bond markets, says his appetite is intact — especially for Africa. Bugge, who’s beaten 96 percent of peers in five years, succeeded in betting exclusively on these less-developed markets by buying mostly local-currency debt. His theory: most foreigners steer clear and low duration makes it less sensitive to twitchy U.S. Treasuries. Though his $343 million Global Evolution Emerging…

HARARE (Capital Markets in Africa) – Zimbabwean stocks are rising before Monday’s election. But in the topsy-turvy world of the country’s equities market, that’s not necessarily a sign of investor confidence. The Harare exchange’s benchmark index has climbed 10 percent since the election date was set on May 30. The gains suggest Zimbabweans are continuing to use equities as a refuge to preserve their wealth, concerned that there is a risk of inflation as the…

JOHANNESBURG (Capital Markets in Africa) – Brazil, Russia, India, China and South Africa, representing about 40 percent of the world’s population and almost a quarter of its output, think it’s time for a change in how things are done. After a three-day summit in Johannesburg, the BRICS nations said they want a fairer, more representative global order in diplomacy and trade just as China, the biggest member, faces billions of dollars of extra U.S. tariffs. They…

JOHANNESBURG (Capital Markets in Africa) – After almost three months of unabated selling, foreign investors are making a cautious return to South Africa’s bond market. Non-residents were net buyers of the country’s government debt for the second week running last week as emerging-market sentiment improved and inflation in South Africa fell short of analysts’ estimates. The inflows have been small: about 1.6 billion rand ($119 million) since July 9, compared with almost 60 billion rand of outflows in the…

LAGOS (Capital Markets in Africa) – Emerging-market equities climbed to a one-month high as China’s efforts to support its economy spurred a rally in risk assets. MSCI’s gauge of stocks headed toward its best month since January, while seventeen of 24 developing-nation currencies advanced. South Africa’s rand gained after President Cyril Ramaphosa said he secured about $15 billion in Chinese investments, and Chile’s peso rose with copper. The Turkish lira sank to a record low as the central…

LAGOS (Capital Markets in Africa) – Lafarge Africa Plc plans to raise as much as 90 billion naira ($249 million) through a share sale in Nigeria, with the continent’s second-biggest cement producer using the funds to lower its debt levels. The sale will take place by the fourth quarter, Chief Financial Officer Bruno Bayet said by phone Tuesday after the company reported a loss. The move by the Lagos-listed unit of Switzerland-based Lafarge Holcim Ltd. would be on top of…