The Markets | - Part 214

South Africa’s business confidence lowest in 30 years: survey

JOHANNESBURG (Reuters) – Business confidence in South Africa fell to its lowest in three decades in September, reflecting uncertainty about the outlook for Africa’s most industrialised economy, a survey showed on Wednesday. South African companies are struggling to stay afloat due to sluggish economic growth since a 2009 recession. The South African Chamber of Commerce and Industry’s (SACCI) monthly business index dipped to 90.3 in September from 92.9 in August, its worst showing since July 1985….

OPEC Crude Output Rises to Record as Nigeria, Libya Boost Supply

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – OPEC crude production rose to a record in September, according to a Bloomberg survey, driven by returning output from Libya and Nigeria, members who will likely be exempt from last week’s deal to cut supply. Overall production from the Organization of Petroleum Exporting Countries increased by 170,000 barrels a day from the previous month to 33.75 million barrels a day, the survey of analysts, oil companies and ship-tracking data showed. Nigeria…

RenCap Sees South African Rand Gaining 30% on Inflows

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand is set to extend gains, strengthening between 20 percent and 30 percent against the dollar over the next two years as relatively high yields continue to attract investment into Africa’s biggest economy, according to Renaissance Capital Ltd. An improvement in the current-account deficit, a risk factor for the currency, also bodes well for the rand, Charles Robertson, the London-based chief economist at RenCap, said at a conference…

Ghana Cedi Falls as Government Wage Bill Exceeds Projections

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ACCRA (Capital Markets in Africa) – Ghana’s currency retreated on Monday after government data showed the West African nation is overshooting key budget targets as it approaches elections in December. The government spent 58 percent of its full-year budget for state-worker pay in the first six months of 2016, exceeding annual allocations for local government and rural development employees, according to budget documents, raising questions about the country’s commitment to rein in the fiscal deficit as…

Oil Trade Gives Clearest Sign Yet Nigeria’s Forcados to Return

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LAGOS (Capital Markets in Africa) – The oil market gave the clearest sign yet that Nigeria’s Forcados crude is about to flow again for the first time in eight months, after Royal Dutch Shell Plc was among companies said to have purchased the grade halted by militant attacks in February. Axion Energy Argentina SA, Pampa Energia SA, and Shell, operator of the Forcados export terminal, together bought about 1 million barrels of the grade for delivery to refineries…

Early Signs of OPEC Supply After Algiers Deal Show Saudi Dilemma

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ALGIERS (Capital Markets in Africa) – Just days after OPEC agreed the framework for its first production cut in eight years, initial estimates of the group’s output this month show the potential bind faced by its most powerful member. While Saudi Arabia lowered output this month — following the typical seasonal shift as local consumption sags at the end of summer — the group’s overall output remained steady as Nigeria and Libya restored disrupted supplies and Iran continued its…

Tullow Oil Confirms Insurance for Jubilee Field Output Losses

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Tullow Oil Plc confirmed that insurance would cover losses associated with a technical issue that disrupted output at its flagship asset in Ghana. The Africa-focused oil explorer and producer received confirmation from its lead insurers that they accept there is a recoverable claim, according to a statement Friday. The London-based company did not disclose the scale of losses caused when production was halted at the Jubilee field from March 20…

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