The Markets | - Part 214

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

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…

Nigerian pension funds shift to bonds as currency woes deter equity investors

Posted on by The Editorial Team

ABUJA (Capital Markets in Africa) – Nigerian pension funds have been selling equities and shifting to local bonds despite cheap valuations as illiquid currency markets limit foreign participation in the stock market. Dave Uduanu, who manages 220 billion naira ($724 million) for Pension Alliance Limited, said his fund had cut its exposure to Nigerian stocks to 10 percent this year, from 20 percent last year, and increased allocation to local treasury bills and government bonds. Nigeria,…

Kenya to sell 15-yr infrastructure bond from October 2016

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya will sell a 15-year infrastructure bond to raise up to 30 billion shillings ($296 million) this month to fund road, water and energy projects, the central bank said on Sunday. The bank said that the bond will have a 12 percent coupon. It will take bids until Oct. 18 and auction the paper on Oct. 19.

Anglo’s Top Shareholder Wants More South African Control

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Anglo American Plc’s biggest shareholder wants South African investors to follow its lead and increase their holdings in the century-old miner as it pushes for the creation of a domestic commodities “champion.” “Our role is to make Anglo more South African-owned and controlled,” Public Investment Corp. Chief Executive Officer Dan Matjila said in an interview on Tuesday in the capital, Pretoria. “We have been vocal and when the price was low we…

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