The Markets | - Part 214

Africa’s Biggest Money Manager Grows at Slowest Pace in 7 Years

JOHANNESBURG (Capital Markets in Africa) – The Public Investment Corp.’s growth in assets under management fell to the slowest pace in seven years after equity markets dropped and South Africa’s economy slowed to levels not seen since the 2009 recession. Assets increased by 2.4 percent to 1.85 trillion rand ($136 billion) in the 12 months ended March 31 from 1.81 trillion rand a year earlier, the Pretoria-based PIC, which manages the bulk of South Africa’s government employees’…

MTN Returns to Eurobond Market With Two Notes to Fund Growth

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – MTN Group Limited returned to the Eurobond market for the first time since 2014 as Africa’s biggest wireless carrier by sales seeks funds for investment. The mobile-phone company is offering a five-year note at a yield ranging from 5.375 percent to 5.5 percent, according to a person familiar with the matter, who asked not to be identified because the information is private. MTN is also marketing a 10-year bond at…

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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…

« 1 … 212 213 214 215 216 … 260 »