The Markets | - Part 143

Egyptian Exchange EGX 30 Price Index Rises, South Africa FTSE/JSE Breadth Strengthens

CAIRO (Capital Markets in Africa) – Market breadth for the FTSE/JSE Africa All Share Index strengthened as the number of companies that rose exceeded declining shares by 114 to 40, the most since Feb. 15. The South Africa FTSE/JSE rose for the second day, climbing 2.3 percent, or 1,330.46 to 59,242.86. Bloomberg’s market breadth function helps you analyse the main stock indexes around the world, highlighting when an unusual percentage of index members breach technical levels ranging from…

It’s Much Ado About Nothing as Tanzania Frets Over Credit Rating

Posted on by The Editorial Team

DAR ES SALAM (Capital Markets in Africa ) – Tanzania may be less than enamoured with its first credit rating, but there’s little to suggest the gas-rich East African nation would be blocked from the Eurobond market that it’s long been tempted to tap. After discussing plans to get a rating for at least a decade, Tanzania obtained one of B1, four steps into junk territory, from Moody’s Investors Service on Friday. Government officials weren’t impressed. Dotto James, the…

Egypt Bourse Expects Up to Seven IPOs This Year, Most Since 2011

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – The Egyptian stock exchange is expecting as many as seven initial public offerings this year, starting as soon as this month, which would be the highest number of share sales since the 2011 uprising that ousted President Hosni Mubarak. An IPO this month is likely to be followed by another in April, and a further four or five share sales before year-end, Egyptian Exchange Chairman Mohamed Farid said in an…

Nigeria SE Rises 2.8% to 44,062.47; Dangote Cement Leads Advance

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index rose for the second day, climbing 2.8 percent, or 1,186.24 to 44,062.47. The move was the biggest since rising 2.9 percent on Jan. 11. The MSCI Emerging Markets Europe, Middle East and Africa Index advanced 1.1 percent. Dangote Cement Plc contributed the most to the advance and had the biggest gain, increasing 9.4 percent. PZ Cussons Nigeria Plc fell 4.9 percent, the biggest loss. The biggest movers also included:…

Carry Trades With Emerging FX Are Entering Bearish Momentum

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Emerging-market carry trades are losing their appeal and they could be in for more losses, if technical indicators are any guide. A Bloomberg gauge of carry trades in eight developing-nation currencies declined 1.7 percent since reaching the most since August 2014 on Jan. 25 amid the latest market turmoil that sent volatility to the highest level since 2015 this week. The carry-trade measure fell below the 21-day moving average on Wednesday. At…

Yields Speak Louder Than Ratings for Emerging-Market Investors

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Emerging-market investors aren’t worrying much about the opinion of ratings companies these days as the hunt for yield outweighs what they consider rear-view assessments. Most of the developing nations that were downgraded in the past six months, including Brazil, Colombia and South Africa, saw their risk premium rise just briefly following the decision before quickly resuming their downward march amid a strong risk-on mood. Part of the explanation is simple. Investors have been…

Iron Ore Imports Boom as China Mills Go Big Before Curbs End

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – China’s just imported a gargantuan volume of iron ore. Shipments topped 100 million metric tons in January, the second-highest volume ever and a record for the month, as mills bought more cargoes amid expectations steel output will rebound when winter curbs are lifted. Purchases swelled to 100.3 million tons, 9.3 percent higher than a year ago, and well above the 84.1 million tons seen in December, according to customs data on Thursday. The…

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