The Markets

LAGOS (Capital Markets in Africa) – The Republic of Congo’s oil minister denied allegations he embezzled state funds, as the government clamps down on corruption to secure International Monetary Fund aid. National Commission for the Fight Against Corruption Chairman Lamyr Nguele said Hydrocarbons Minister Jean-Marc Thystere-Tchicaya is suspected of being involved in the disappearance of at least $2.73 million between 2015 and 2017. The funds were intended for use in a building project in the…

LAGOS (Capital Markets in Africa) – Emerging markets struggled to gain traction amid heightened trade-war rhetoric and a slide in commodities. The largest stock ETF in developing nations started the month lower, and most currencies fell after China warned the U.S. against “blackmailing and pressuring” it over trade. Chile’s peso slumped with copper, while miner Vale led losses in raw-material peers. South Africa’s rand rose amid bets that the ruling party’s proposal to speed up land redistribution will reduce uncertainty,…

LAGOS (Capital Markets in Africa) – Nigeria’s benchmark stock index fell the most in six weeks Wednesday, as earnings from some of the country’s biggest companies proved disappointing and some investors opted to move money out of equities. The Nigerian Stock Exchange All Share Index dropped 1.1 percent, the most since June 21. Royal Exchange Plc declined 10 percent to be the worst performer. Dangote Cement Plc, the largest share by market value, fell 1.3…

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…