The Markets | - Part 145

Angola’s Devaluation Is Just the Start as Investors Expect More

LUANDA (Capital Markets in Africa) – Angola may have devalued its currency by more than 10 percent, but it will take more than that to end dollar shortages and revive the OPEC member’s battered economy. The kwanza weakened 11 percent to 187.95 per dollar by 2:34 p.m. in Luanda, the capital, a day after the central bank let it drop in an auction of foreign exchange, its first since saying last week it would end an almost…

Nigeria SE Rises 2.2% to 41,241.55; Guaranty Trust Leads Advance

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LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index rose for the fifth day, climbing 2.2 percent, or 878.58 to 41,241.55. The index advanced to the highest level in at least a year. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 1 percent. Guaranty Trust Bank Plc contributed the most to the advance, rising 5 percent. Dangote Flour Mills Plc increased 10 percent, the biggest gain. Newrest Asl Nigeria Plc fell 4.9 percent,…

Egyptian Financial & Industrial Rises 5%; Trading Volume Surges

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CAIRO (Capital Markets in Africa) – Egyptian Financial & Industrial Co. rose 4.6 percent, the biggest gain since Oct. 8, 2017 compared with end-of-day price changes and 30 times the country’s benchmark index. The shares climbed to EGP 18.10 from EGP 17.31. Trading volume was almost seven times the 30-day average of 132,061 for this time of day. Egyptian Financial & Industrial’s move compares with little change in the Egyptian Exchange EGX 30 Price Index, which was up 0.15…

Angola Is Said to Plan Currency Sale Tuesday as It Ends Peg

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LUANDA (Capital Markets in Africa) – Angola’s central bank will hold an auction on Tuesday to sell foreign currency to commercial banks, its first since saying it will abandon a dollar peg, according to three people familiar with knowledge of the matter. The kwanza will probably be allowed to depreciate at the auction as the central bank shifts to a trading band, the people said, asking not to be identified because they aren’t authorized to…

Cryptocurrencies Slide as Regulation, Demand Concerns Linger

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LAGOS (Capital Markets in Africa) – Bitcoin slumped as much as 17 percent, helping to drag down smaller rivals such as ripple and litecoin, as the world’s largest cryptocurrency continues to be whipsawed by concerns about regulation and demand from Asia. “The fuss about regulators tightening screws in South Korea is pushing the price of bitcoin,” said Naeem Aslam, chief market analyst at TF Global Markets in London. “This and the Chinese news is going to bring…

Nigeria SE Rises 2.1% to 39,746.29; Dangote Cement Leads Advance

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LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index rose for the third day, climbing 2.1 percent, or 823.03 to 39,746.29. The move was the biggest since rising 2.4 percent on Aug. 1. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 0.3 percent. Dangote Cement Plc contributed the most to the advance, rising 3.1 percent. Conoil Plc increased 10 percent, the biggest gain. Fidson Healthcare Plc fell 5 percent, the biggest loss. The…

Egypt’s EGX 30 Up Most Since Nov. as Investors Target Dividends

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CAIRO (Capital Markets in Africa) – Egypt’s EGX 30 rises 1.2% to 14,953.17 in Cairo on Monday, the most since Nov. 28; Investors looking for income in the form of dividends, says Sherif Shebl, equities trader at Pharos Holding for Financial Investments in Cairo. 18 shares advance, nine drop and three are unchanged CIB up 3.2%, contributes most to index gain Biggest increase in almost a year Highest level since Nov. 2 NOTE: Lender is the biggest…

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