The Markets | - Part 183

NTT Said to Mull Sale of African Business Worth $800 Million

JOHANNESBURG (Capital Markets in Africa) – Nippon Telegraph & Telephone Corp. is considering the sale of African operations it acquired with the takeover of Dimension Data Holdings Ltd. and is open to approaches from interested buyers, according to three people familiar with the situation. The assets are valued by Japan’s former phone monopoly at about $800 million, said two of the people, who asked not to be identified as the matter hasn’t been made public….

Parallel Market Emerges in Nigeria’s Currency-Trading World

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – A kind of parallel universe is taking shape in Nigeria’s foreign-exchange market. The African country’s traditional forwards market is facing competition from an upstart based on the new exchange-rate window policy makers opened six weeks ago. Bond investors and speculators are switching away from non-deliverable forwards that are linked to the main interbank exchange rate, which is tightly controlled by the central bank, and embracing the more liberal pricing…

British Pound Slides as U.K. Vote Springs Hung Parliament Before Brexit

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – The pound headed for the biggest drop in a year after it emerged that the ruling Conservative Party has fallen short of an overall majority, just 10 days before Brexit negotiations are set to begin. The currency slumped against all of its major peers as Theresa May’s Tories were set to miss the target of 326 seats needed to form a majority government, contrary to what many polls were predicting…

Nigeria Best Stock Performer Sees `Huge’ Growth on Vaccines

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LAGOS (Capital Markets in Africa) – May & Baker Nigeria Plc, which is establishing Nigeria’s sole vaccine-production facility in a partnership with the government, said it expects sales to soar when it starts manufacturing them within two years due to a shortage of supply in the region. “There is a huge potential for May & Baker,” Chief Executive Officer Nnamdi Okafor, 56, said in an interview in Lagos, Nigeria’s commercial capital. Revenue for the nation’s second-biggest pharmaceutical…

Nigeria’s Forcados Oil Comes Back in Fresh Blow to OPEC Curbs

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LAGOS (Capital Markets in Africa ) – Royal Dutch Shell Plc lifted restrictions on exports of a key Nigerian crude oil, 472 days after imposing them following militant attacks. The extra flows alone amount to about 20 percent of the supply OPEC has pledged to cut from world markets. Europe’s biggest oil company ended a force majeure of Forcados crude oil shipments at 4 p.m. on Tuesday, a spokesman said. The measure, which allows companies to miss…

PPC Reports Loss on Higher Finance Costs, Low Domestic Prices

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JOHANNESBURG (Capital Markets in Africa) – PPC Limited reported a full-year loss of 295 million rand ($22.9 million) as the South African cement maker incurred higher finance costs following the downgrade of the company’s debt and battled persistent low prices in its home market. Earnings per share excluding one-time items slumped 93 percent to 7 cents a share, the Johannesburg-based company said in a statement on Wednesday. Sales rose 5 percent to 9.6 billion rand, while capacity increased…

British Pound Is Seen Losing the Most If U.K. Vote Delivers No Winner

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – The pound could plunge to as low as $1.20 on Friday, a level last seen in January, should the U.K. snap election lead to a hung parliament, according to a Bloomberg poll of analysts. Such an outcome, though seen as unlikely, would be marginally more negative than even an electoral upset that sees the Labour Party defying odds to emerge the winner, according to the survey of 11 banks…

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