The Markets | - Part 218

South African Rand Leads Currency Declines as Liquidity Dwindles

JOHANNESBURG, Capital Markets in Africa: South Africa’s rand fell the most in more than two weeks against the dollar, leading global currency losses amid lingering political risks and as central banks signaled they are starting to question further monetary easing. The rand declined 1.9 percent to 14.3946 per dollar by 3:38 p.m. in Johannesburg, heading for the biggest drop since Aug. 23, after a police unit summoned Finance Minister Pravin Gordhan to answer to charges related to alleged irregularities…

Iran, Nigeria Have Right to Raise Oil Output, Algiers Host Says

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: OPEC and other producers can reconcile talks aimed at stabilizing the oil market with the prerogative of Iran, Nigeria and Libya to boost output, according to Algeria’s energy minister. “Iran has the right to increase production to the pre-sanctions level,” Algeria’s Noureddine Bouterfa said in an interview in Moscow Friday, after meeting his Russian counterpart Alexander Novak. “It is also the right of Libya, Nigeria to increase.” Bouterfa was shuttling between Moscow…

World’s Worst Currency Slump Gleaning Rewards for Nigeria

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LAGOS, Nigeria, Capital Markets in Africa: More than two months after Nigeria allowed its currency to devalue, the country is starting to reap some dividends. In the past two weeks, Exotix Partners LLP and Standard Bank Group Ltd. have told clients, most of whom fled after the country started imposing capital controls from late 2014, that they should start buying naira assets again. The worst-performing currency this year among more than 150 globally has depreciated 37 percent against…

South African Bonds Offer World-Beating Gains. Citadel Wants Out

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Johannesburg, South Africa, Capital Markets in Africa: George Herman at Cape Town-based Citadel Investment Services is dumping the emerging world’s best-performing bonds. South African government rand notes have earned 14.3 percent this quarter in dollar terms, the most out of 31 developing nations tracked by Bloomberg indexes and more than twice the return of second-placed South Korea. Yet Herman, 49, says the move has gone too far. He’s selling all his holdings in favor of shorter-dated securities. Investors chasing…

Egypt Picks JPMorgan, Natixis, Citi and BNP to Manage Bond Sale

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CAIRO, Egypt, Capital Markets in Africa: Egypt picked four banks to manage a dollar bond issuance planned for 2016, part of the government’s efforts to raise $21 billion over three years to shore up reserves and end a crippling currency shortage. JPMorgan Chase & Co., Citigroup Inc., BNP Paribas SA and Paris-based Natixis SA will oversee the sale, the finance ministry said in a statement on its website. Egypt plans to sell $3 billion to $5 billion in international…

African Eurobond | Aberdeen Sees Opportunity for Kenya to Tap Eurobond Market

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NAIROBI, Kenya, Capital Markets in Africa: With yields on its existing dollar debt near a record low and global investors clamoring for returns, Kenya should seize the opportunity to wade into the Eurobond market for the second time in two years, according to Aberdeen Asset Management Plc. East Africa’s biggest economy will borrow 462 billion shillings ($4.5 billion) from external lenders this fiscal year to help a plug a widening budget deficit, according to budget…

Emerging Markets Extend Losses as Fed Wake-Up Call Halts Rally

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks fell for a second day and currencies retreated from a 13-month high as renewed prospects for a U.S. interest-rate hike this year sapped risk appetite. Saudi Arabian shares dropped the most in almost three months and futures on Ibovespa declined on lower commodity prices. Egypt’s benchmark index slid for a second day as Commercial International Bank, which accounts for 40 percent of the gauge by weight, headed for…

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