The Markets | - Part 208

Interswitch Delays IPO Over Nigerian Dollar Supply Concerns

LAGOS (Capital Markets in Africa) – Interswitch Limited, which processes payments for banks and owns a brand of debit cards in Nigeria, suspended plans to raise as much as $1 billion in an initial public offering as investors fret over further potential weakness in the naira and a shortage of foreign currency. The company, which operates in five African countries, said last year it met with banks including Bank of America Corp., Barclays Plc and Standard Bank…

OPEC Deal Creates Chance for $70 Oil Next Year, Citigroup Says

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – OPEC’s agreement to reduce oil production may help send prices above $70 a barrel next year, according to Citigroup Inc. Output cuts agreed by the Organization of Petroleum Exporting Countries and other producers may reduce swollen inventories as early as the first quarter, reducing the surplus by about one-third, the bank predicts. OPEC finalized a deal with 11 fellow producers, including Russia and Kazakhstan, on Dec. 10 to curb output by…

Oil Trades Near $52 as Investors Eye Libyan Crude Output Return

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LAGOS (Capital Markets in Africa) – Oil hovered near $52 a barrel as investors eyed the potential return of crude volumes from Libya and await output cuts in January as part of an OPEC and non-OPEC deal. Futures were little changed in New York after swinging between gains and losses. Libyan oil-facility guards backtracked on an agreement to allow supply to flow from the El Feel and Sharara fields, two of the country’s biggest fields. Investors await production…

Egypt 3-month, 9-month bills rises, Ghana 91-day bill yield eases

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LAGOS (Capital Markets in Africa) – Yields on Egypt’s three- and nine-month Treasury bills rose at an auction on Sunday, central bank data showed. Yields on the 91-day bill rose to an average of 18.917 percent from 18.513 percent at the previous action. Yields on the 266-day bill rose to 19.103 percent from 18.814 percent. Whereas, the Bank of Ghana said the yield on its weekly 91-day bill fell to 16.6759 percent at an auction…

Nigeria’s distributable revenue fell by 7.8 percent in November

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s distributable revenues to the government fell in November by 7.8 percent to 387 billion naira ($1.27 billion) as militant attacks shut down Niger Delta oil pipelines and cut earnings, the accountant general has said. Nigeria, which has Africa’s biggest economy, is an OPEC member that relies on crude oil sales for two-thirds of government revenue. As a result, it has been hit hard by the fall in global…

Dollar Rises to 13-Year High as U.S. Stocks Rebound, Gold Sinks

Posted on by The Editorial Team

The dollar climbed to the highest level since 2003 against the euro and gold plunged as the prospect of a steeper path for U.S. interest rates filtered through markets. U.S. stocks rebounded from the worst day in two months. Financial shares led gains in major American equity benchmarks, while rate-sensitive stocks slipped after U.S. 10-year yields reached the highest level in more than two years. The greenback extended its advance against major and emerging-market peers after the Federal Reserve’s…

Nigeria cuts size of domestic bond auction as yields rise

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria sold far fewer bonds than it offered on Wednesday, as investors worried about rising inflation demanded higher yields from a government looking to spend its way out of recession. Africa’s largest economy raised 69.2 billion naira ($227 mln) in bonds maturing in five, 10 and 20 years’ time, less than the 95 billion naira it had wanted. Investors were demanding yields of up to 18 percent for the…

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