The Markets | - Part 212

Newly floated Egyptian pound moves little as interbank trading begins

CAIRO (Capital Markets in Africa) – Egypt’s pound was almost steady early on Sunday as banks began trading freely for the first time since authorities ditched the currency’s peg in a policy shift designed to crush a black market and clinch an International Monetary Fund loan. Interbank trading began at 1030 a.m. (0830 GMT) but activity was extremely slow because banks were uncertain about the propects for supply and demand of U.S. dollars. The pound…

Ghana Selling Longest-Maturity Debt Yet to Help Deepen Market

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana is selling its longest-maturity local-currency bonds yet as the West African country looks to deepen capital markets and diversify its funding profile. The government is planning to sell as much as 200 million cedis ($50 million) in a book-build on November 10, the Finance Ministry said in a statement on its website. Initial price guidance will be released on Nov. 7, it said. Ghana’s longest-duration domestic existing debt…

Mozambique searches for options to stabilize debt

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – Mozambique will take “all necessary steps” to put its debt on a sustainable path in order to qualify for a resumption of International Monetary Fund aid, the country’s Finance Ministry said. The government wants its creditors — which include bondholders and other lenders — to organize into a single committee to start negotiations about debt restructuring, the ministry said in an e-mailed statement Thursday, responding to earlier reports that it…

South African rand’s upbeat mood to be short-lived, volatile 2017 expected

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – The South African rand’s gains after fraud charges against the finance minister were dropped will be short-lived, a poll showed, as concerns about possible credit rating downgrades and an African National Congress leadership election weigh. The rand is expected to weaken around 8 percent to 14.65 per dollar in 12 months, according to a Reuters poll taken before prosecutors dropped fraud charges against Pravin Gordhan on Monday. South Africa’s currency broke on…

Egypt’s domestic debt up 24%in FY15/16

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt’s domestic debt surged 24% or EGP503.25 billion during the fiscal year 2015/16, according to the monthly bulletin of the Central Bank of Egypt. The country’s general debt amounted to EGP2.619 trillion by the end of June 2016 compared with EGP 2.116 trillion a year earlier. The country’s governmental domestic debt reached EGP 2.29 trillion, while the net debt of the economic entities and National Investment bank amounted to…

World Bank Raises 2017 Oil Price Forecast at $55 per barrel

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The World Bank is raising its 2017 forecast for crude oil prices to $55 per barrel from $53 per barrel as members of the Organization of the Petroleum Exporting Countries (OPEC) prepare to limit production after a long period of unrestrained output. Energy prices, which include oil, natural gas and coal, are projected to jump almost 25 percent overall next year, a larger increase than anticipated in July. The…

Investment Philosophy | Good Growth Hunting with Long-term Thinking

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Companies that have the ability to re-invest capital for growth over long periods of time, while still generating great returns, are well worth the hunt. The incremental compounding of shareholders’ wealth that results from effectively re-investing in growth can generate spectacular returns for long-term investors. However, growth alone is not enough; it needs to be ‘good growth’ that increases per share value for investors. A fast growing company often…

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