The Markets | - Part 178

Saudis Focus on Oil-Export Curbs as Libya, Nigeria Pump More

LAGOS (Capital Markets in Africa) – Saudi Arabia promised deep cuts to crude exports next month, emphasizing its commitment to eliminating a global supply glut even as fellow OPEC members Libya and Nigeria were told they are free to keep increasing output. Shipments from the Organization of Petroleum Exporting Countries’ largest producer will be capped at 6.6 million barrels a day in August, 1 million lower than a year earlier, Saudi Arabia’s Energy and Industry Minister Khalid Al-Fali…

Interest Rate Cut May Fuel Rally That Made Ghana Stocks World’s Best

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ACCRA (Capital Markets in Africa) – Ghana’s central bank has likely given the world’s best-performing stocks this quarter a boost. It cut its key interest rate for a third straight meeting on Monday and has now reduced borrowing costs this year by 4.5 percentage points to the lowest level since early 2015. That eases funding costs for companies and boosts the appeal of their shares, according to IC Securities Limited, the country’s biggest broker. “Investors are…

Libya, Nigeria Oil Output Caps Said to Be Ruled Out for Now

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LAGOS (Capital Markets in Africa) – Limiting oil output from Nigeria and Libya won’t be on the agenda when OPEC and other producers meet on Monday, with both African nations saying they’ll need to keep pumping at a higher level before they can join a global effort to stem a supply glut, according to two people familiar with the planned talks. Nigeria is ready to cap or even reduce supply if it can maintain output of 1.8 million…

It Isn’t Tesla That’s Driving German Cars Off the Road

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LAGOS (Capital Markets in Africa) – Just as Germany’s car industry seemed to be turning a corner after the diesel emissions scandal, along comes another potentially credibility-shredding story. Volkswagen AG (and its Porsche and Audi subsidiaries), BMW AG and Daimler AG may have colluded for decades to agree on technical standards, thereby impeding competition, Der Spiegel reported on Friday. While the scope of any wrongdoing or potential fines are very unclear, these cartel allegations may yet impose a heavy financial…

Mining Clash Heats Up as South Africa Seeks Rights Freeze

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s mines minister has struck back at attempts by the industry to fight his controversial new industry rules with a proposal to indefinitely freeze granting and renewing mining rights. Minister Mosebenzi Zwane said Thursday that the moratorium is necessary to ensure that no rights are approved without being subject to the new regulations, which he has agreed to suspend pending an initial court judgment. The Chamber of Mines, which represents the industry, will…

Market Watch: Egyptian Major Equity Indices End in Red, Market Cap up EGP1bn

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Cairo (Capital Markets in Africa): The benchmark EGX30 index of the Egyptian Exchange (EGX) fell at Wednesday’s close by 0.08% or 10.4 points to the level of 13,707.13 points. Similarly, the EGX70, EGX100, and EGX50 indices declined by 0.25%, 0.10%, and 0.23%, respectively. The market capitalization increased by EGP 1 billion to EGP 708.99 billion. Trading volume reached 276.79 million shares exchanged at EGP 804.6 million through 23,200 transactions. Foreign and Arab traders were net…

Kenya Bond Rally Fueled by Investors Who Are Out of Options

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NAIROBI (Capital Markets in Africa) – Kenya’s best bond rally in at least five years has less to do with faith in the sovereign than finding a place to hide. An index of the government’s local-currency debt has advanced for 68 straight days, the longest run since Bloomberg began tracking the data in 2012, as an increase in non-performing loans and high charges on investments by insurance companies outside of government debt boost demand for the bonds….

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