The Markets | - Part 197

African Bank Investments Makes a Come Back After 30-Month Hiatus

JOHANNESBURG (Capital Markets in Africa) – African Phoenix Investments Ltd., the holding company resurrected from the remnants of failed African Bank Investments Ltd., started trading 30 months after being suspended, with volumes far exceeding all other shares on the Johannesburg Stock Exchange. The securities started trading at 55 cents, before falling to 50 cents as of 10:19 a.m. in Johannesburg, giving the company a market value of 751 million rand ($56 million). Almost 24 million shares…

Ghanaians Hoarding Dollars Put Cedi on Course for 19-Month Low

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghanaians are holding on to their dollars after government data showed the nation’s budget deficit was wider than expected, setting the currency on track for the weakest close since June 2015. The cedi was among the worst performers in the world this year after data showed the nation’s budget shortfall in the first 11 months of 2016 was more than 2 percentage points higher than the government’s target. The cedi declined 0.7…

West Africa Oil Floods to Asia in Latest Sign of OPEC Impact

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – West African oil producers will next month send the most crude to Asia in at least five years, the latest sign of how refineries in the world’s biggest demand region are scouring the world to replace supplies cut by OPEC’s Middle East producers. Shipments on the trade route, among the longest for supertankers, are set to soar to 2.19 million barrels a day in February, the highest level since…

Record Egypt-Tied Note Issuance Highlights IMF Loan Cheer

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CAIRO (Capital Markets in Africa) – Investors are rushing back to structured notes tied to Egypt following a currency float and an International Monetary Fund loan last quarter, six years after a revolution that had scared them off. Citigroup Inc. issued all four of the recorded credit-linked notes this month raising a total of 2.3 billion Egyptian pounds ($121 million), the most for a single month on record, according to data compiled by Bloomberg. The biggest was…

Lonmin Drops Most in a Year as Output Falls at Biggest Shaft

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JOHANNESBURG (Capital Markets in Africa) – Lonmin Plc, the world’s third-largest platinum miner, plunged the most in more than 12 months after stoppages at its biggest shaft caused output to slide. Lonmin dropped as much as 19 percent in London on Thursday, the largest intraday decline since Dec. 18, 2015, and traded at 143.5 pence as of 1:32 p.m. local time. It was the worst performer on the FTSE SmallCap Index. Fiscal first-quarter ore production at…

Tunisia to start roadshow for 1 bln Eurobond on Feb. 5

Posted on by The Editorial Team

TUNIS (Capital Markets in Africa) – Tunisia will start a road show for a Eurobond worth one billion euros on Feb. 5 with pricing set for Feb. 14 at 5-6 percent, a government source told Reuters on Thursday. Tunisia had announced in late November plans to issue a Eurobond worth 1 billion euros as it seeks funding to cover its deficit after the economy was hard hit following militant attacks against its tourism industry. Since…

Nigeria’s woes won’t deter investors from buying dollar bonds

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Investors are lining up to buy dollar bonds Nigeria is expected to issue soon despite the country’s first recession in a quarter of a century, a currency crisis and budget shortfalls driven by low oil prices. On the face of it, the $1 billion of bonds Nigeria hopes to sell by the end of March might seem unattractive, especially at a time sentiment towards African debt has soured after…

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