The Markets | - Part 195

African market outlook for 2017: Opportunities and challenges

LAGOS (Capital Markets in Africa) – The global risk backdrop has been relatively supportive for emerging market (EM) FX and fixed income in early January 2017, as investors downplayed previous concerns about fiscal stimulus in the US under a Trump administration. This has underpinned the South African rand and local bonds and reinforced a receiving bias in swaps. However, there is a risk that upward pressure on UST yields and a bull USD cycle may…

Central Bank of Kenya to float 12-year infrastructure bond

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NAIROBI (Capital Markets in Africa) – Kenya has floated treasury bond worth US$288 million to fund infrastructure projects coming two weeks after it cancelled a similar bid, Central Bank of Kenya (CBK) has said. The 12-year infrastructure bond, which is up for sale for the next two weeks and will later be listed at the Nairobi Securities Exchange’s secondary market from February 28. “The Central Bank, acting as a fiscal agent for the Republic of…

Nigerian Equities Unable To Sustain Gains …NSE ASI Sheds 54bps

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LAGOS (Capital Markets in Africa) – The local bourse was unable to sustain gains recorded in the previous trading session as a result of sell-offs in Consumer Goods stocks – NESTLE (-3.3%), NB (-1.0%) and PZ (-9.7%). Thus, the All Share Index slid 54bps to close at 25,322.30 points, bringing YTD loss to –5.8%. Investors, in turn, lost N10.9bn as market capitalization settled at N8.8tn. Activity level stayed mixed as volume traded declined 58.9% to 143.2m units while value traded increased…

African mining hopes are distant from uncertain reality: Russell

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CAPE TOWN (Capital Markets in Africa) – It should be a match made in heaven. Developing Africa’s vast mineral resources to meet the needs of the resource-hungry economies of China and the rest of Asia. But if there is one message to take away from this week’s Mining Indaba conference in Cape Town, it’s that there remains a large gap between hopes and reality, and that in much of sub-Saharan Africa mining investment remains challenging,…

Gold Fields has $1 billion available for M&A – CEO

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CAPE TOWN (Capital Markets in Africa) – South African bullion producer Gold Fields has a $1 billion loan facility to draw on if it wants to pursue mergers or acquisitions, but no deals are on the immediate horizon, its chief executive said on Wednesday. “We have a $1 billion committed, unutilised facility,” Nick Holland told Reuters on the sidelines of an African mining conference in Cape Town. But he said the company did not feel…

How African Equities and Currencies feared in 2016

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LAGOS (Capital Markets in Africa) -African equity markets settled in the South Pole 2016 was a difficult year for African markets, each in varying degrees. Most of the African equity index ended in negative zone at the end of 2016, with six positive growths and twelve negative returns on a local currency basis. The performance was more disheartening on a US-dollar adjusted basis, with just four equity markets produced a positive return and average return across markets…

Egypt Says Remittances, Foreign Inflows Jump After Float

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CAIRO (Capital Markets in Africa) – Remittances from Egyptians working abroad are surging and foreigners bought more than $250 million in local assets on Sunday alone, further signs of growing confidence in the nation’s economy after it floated the currency and secured a $12 billion IMF loan. Expatriate workers sent home $4.6 billion in the fourth quarter of 2016, up 12 percent from a year earlier, and most of it transferred after the pound was…

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