The Markets | - Part 168

Egypt’s $18 Billion Debt Inflows Seen Peaking as Rate Cut Looms

CAIRO (Capital Markets in Africa) – Foreign investors may be finally curbing their enthusiasm for Egyptian local-currency debt. After almost a year and $18 billion of purchases, some investors have allocated all they can to Egypt. The inflows from foreign funds are still growing, but the pace has slowed to an average of 2 percent a week since mid-August, down from 8 percent, as policy makers signaled they may lower record interest rates once inflation eases. The surge…

Bitcoin Breaches New Milestone by Smashing Past $5,000 Mark

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Bitcoin surged to a fresh record Thursday as the enthusiasm for cryptocurrencies showed little sign of abating. The world’s largest cryptocurrency rose as much as 8.4 percent and was trading 7.9 percent higher at $5,209 as of 12:34 p.m. in London, resuming gains after a one-day break. As recently as December, bitcoin was trading at less than $1,000 dollars. Bitcoin tumbled below $4,000 last month after China’s central bank banned initial…

South Sudan Targets Doubling Oil Output in 2018, First Refining

Posted on by The Editorial Team

SOUTH SUDAN (Capital Markets in Africa) – South Sudan targets more than doubling oil production to 280,000 barrels per day next year as it restarts output that was suspended at some fields because of an almost four-year civil war. The government is seeking to restore production to about 150,000 barrels per day by the end of 2017, from 130,000 barrels, Petroleum Minister Ezekiel Lul Gatkuoth told an energy industry conference in the capital, Juba, on Wednesday….

Upheaval Sends Kenya’s Yields Higher Than Ghana’s for First Time

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Bond investors are getting worried about the political upheaval in Kenya. Opposition leader Raila Odinga’s decision to pull out of an election rerun on Tuesday, which threatens a constitutional crisis, spurred the yield on the nation’s dollar bonds due 2024 to rise 13 basis points. The rate climbed to 6.48 percent as of 2:50 p.m. in Nairobi, above the yield on Ghana’s Eurobonds due 2023 for the first since 2014. Kenyan notes have lost…

How Deep Will Saudi Cut Its Oil Output? To the Lowest Since 2015?

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Saudi Arabia has promised to do “whatever it takes” to end the global oil glut. If it cuts supplies in November by as much as it pledges, the kingdom will reduce production and exports alike by more or less a million barrels a day compared with last year. And that’s about all the world’s biggest oil exporter — and linchpin of a global plan to bolster crude markets — can do…

Rand Bulls Snub Risks as ING Sees South African Currency Rising

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Analysts at Rand Merchant Bank and ING Groep NV predict the South African currency, the second-worst emerging-market performer in the past month, will rebound against the dollar by year-end as the pull of improving fundamentals and the hunt for yield support buyers amid lingering political and fiscal risks. The rand fell to a six-month low of 13.8618 per dollar this week as tepid economic growth, an African National Congress leadership…

Kenya Plans to Start Oil Exports, Award Blocks Early 2018

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya plans to ship its first oil at the end of February and award 17 new exploration blocks during the first quarter of 2018, the Energy Ministry said. While East Africa’s biggest economy was scheduled to export its first crude in June, it delayed the pilot program following a tussle between the Turkana community in Kenya’s northwest — where Tullow Oil Plc has discovered 1 billion barrels of oil — and the central government…

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