The Markets | - Part 126

Foreign Money Is Trickling Back Into South Africa’s Bonds

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…

Emerging-Market Stocks Rally on China as Turkish Assets Tumble

Posted on by The Editorial Team

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…

Lafarge Africa Plans $249 Million Share Sale to Trim Debt

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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…

Eye of the Emerging-Market Storm May Have Passed the Rand

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JOHANNESBURG (Capital Markets in Africa) – The tide may have turned for South Africa’s battered rand. The currency slumped 14 percent in the second quarter, its worst three-month period in more than six years, amid an emerging-market sell-off sparked by rising U.S. rates and escalating trade tensions. It didn’t help that South Africa’s economy is struggling to emerge from a contraction, leaving the central little room for policy tightening. And the euphoria that followed Cyril Ramaphosa’s election…

Dis-Chem Climbs Most in Six Months as Pharmacy Chain Takes Share

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CAIRO (Capital Markets in Africa) – Dis-Chem Pharmacies Ltd. rose the most since January after South Africa’s second-biggest pharmacy chain gained market share as sales growth outstripped several local retailers. Retailers in Africa’s most-industrialized economy have struggled as higher taxes and fuel prices curb consumer spending. Dis-Chem’s sales for the four months through June rose 11 percent to 7 billion rand ($520 million), the Johannesburg-based company said in a statement on Thursday. That compares with Shoprite Holdings…

Emerging-Market Currencies Sink to One-Year Low on Dollar Gains

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LAGOS (Capital Markets in Africa) – Emerging-market currencies deepened their slide to the lowest level in a year and stocks retreated amid a U.S. dollar advance. Every developing-nation currency tracked by Bloomberg fell, and an MSCI gauge of equities extended its selloff from a January peak to 17 percent. South Africa’s rand slipped as the central bank warned of a “challenging” growth outlook, while Chile’s peso joined a slide in copper. The Chinese yuan sank…

Copper Tumbles Below $6,000 as China Sends Metals Into Freefall

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LAGOS (Capital Markets in Africa) – A new round of trade war tensions is sending metal markets into a tailspin. Copper crashed through $6,000 a metric ton for the first time in a year and is headed for its biggest monthly drop since 2015. Zinc, lead, nickel and aluminium tumbled as the dollar rose for a third day. An index of copper-mining companies headed for the lowest close since 2016, paced by losses in First Quantum Minerals Ltd. and Freeport-McMoRan Inc. Metals…

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