The Markets | - Part 211

South Africa’s rand rallies, stocks slide to 10-month low

JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand rallied to its firmest in nearly a month on Tuesday, brushing off a poor economic growth print as a weaker dollar and bets on improvement in commodity prices boosted appetite for emerging currencies. Stocks ended lower in a broad-based sell-off that sent the benchmark index to its lowest level in nearly 10 months as weaker metal prices pressured heavily weighted mining shares. By 1530 GMT the…

Oil dips as OPEC joins Russia in upping output ahead of production cut

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Oil prices eased on Tuesday as crude output rose in virtually every major export region despite plans by OPEC and Russia to cut production, triggering fears that a fuel glut that has dogged markets for over two years might last well into 2017. International Brent crude oil futures were trading at $54.75 per barrel at 0807 GMT, down 19 cents, or 0.3 percent, from Monday’s close. U.S. West Texas…

How much will OPEC’s decision to cut 1.2 million b/d bolster oil price?

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – In what has been described as a ‘historic decision,’ OPEC member nations have agreed to cut production by 1.2 million barrels per day (b/d) for six months, beginning 1 January 2017. The group has stated that to rebalance the oil market, cuts are necessary not only from OPEC, but also from other key producers. OPEC stated that these non-OPEC producers can achieve at least 600,000 b/d in additional production cuts, with…

Mozambique bondholders call debt-restructuring deadline a “pipe dream”

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MAPUTO (Capital Markets in Africa) – Debt-ridden Mozambique has no chance of meeting its year-end deadline for a restructuring deal, according to investors who are preparing to dig in their heels until the country comes clear on what it owes and to whom. The southern African country, one of the world’s poorest, has seen its currency and investor confidence collapse since April, when the International Monetary Fund halted a loan after uncovering previously undisclosed debts that…

Citi Makes a Clarion Call for Commodity Bulls With 2017 View

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Citigroup Inc. has given a clarion call for commodity bulls, predicting that most raw materials are expected to perform strongly next year as global economic growth picks up, the oversupply that’s dogged markets finally dissipates and investors plow in more funds. The bank is bullish on oil, copper, zinc, and wheat on a six to 12-month horizon, with global growth seen at 2.7 percent from 2.5 percent in 2016, according to an e-mailed…

Nigeria Third Quarter 2016 Trade Deficit Narrows on Currency Controls and Weaker FX Rate

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The National Bureau of Statistics (NBS) released Q3: 2016 Foreign Trade Statistics on 1st December 2016. The report showed Q-o-Q improvement in trade deficit which narrowed to the lowest in 2016 as an impact of the weaker exchange rate in the period inflated exports data (reported in Naira) while currency controls pared growth in imports. Trade deficit improved 78.5% Q-o-Q to N104.1bn from N484.2bn in Q2:2016 while Merchandise trade (sum…

Egypt’s Banque Misr seeks central bank-guaranteed syndicated loan

Posted on by The Editorial Team

biggest lenders by assets, is raising a five-year syndicated loan guaranteed by the country’s central bank, sources close to the situation said. The bank has mandated ADIB Capital and Credit Suisse to arrange the transaction, which was launched to syndication in the second half of November. ADIB Capital is the investment banking arm of Abu Dhabi Islamic Bank’s Egyptian subsidiary. The loan, an amortising facility, is expected to be about $350 million and offers a…

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