The Markets | - Part 222

Nigeria Pushes Traders to Book All Naira Deals as Currency Falls

LAGOS, Nigeria, Capital Markets in Africa: The Central Bank of Nigeria’s foreign-exchange trading platform has called on banks to disclose all their naira transactions, including those done with customers that weren’t previously booked, as the regulator eases its grip on the currency and tries to attract inflows. Banks should “update all trades irrespective of the exchange rate,” the chief executive officer of Lagos-based FMDQ OTC Securities Exchange, Bola Onadele, said in an e-mail sent to dealers…

Emerging-Market Stocks Become a Smart Bet in a Post-Brexit World

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks are looking like a smart buy as investors begin to view the developed world, from frequent terror attacks to a troubled European Union, as the sometimes riskier proposition. This year, emerging-nation equities have outperformed their developed peers as concern over a hard landing in China subsided and a rebound in commodity prices propped up export-dependent economies. The U.K. vote to quit the world’s biggest trading bloc against a backdrop of…

Egypt to Receive First Tranche of $1.5 Billion Saudi Loan ‘Soon’

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CAIRO, Egypt, Capital Markets in Africa: Egypt will “soon” receive the first tranche of a $1.5 billion loan from Saudi Arabia, an Egyptian minister said, a cash injection that could help to ease a dollar shortage that has weighed on economic growth. The first payment will be about $500 million, Egypt’s Minister of International Cooperation Sahar Nasr said. The loan is one of a package of agreements worth $25 billion signed during Saudi King Salman’s visit to Cairo in April, which…

MTN Sinks as Nigeria Fine, Currency to Cause First-Half Loss

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LAGOS, Nigeria, Capital Markets in Africa: MTN Group Ltd. fell in Johannesburg trading as Africa’s largest mobile-phone company said it expects to report a first-half loss after agreeing to pay a record fine in Nigeria. The shares dropped 2.5 percent to 138.13 rand by 11:25 a.m., after earlier slumping as much as 3.8 percent, the most in three weeks on a closing basis. The 330 billion naira ($1.18 billion) settlement in Nigeria, announced in June, will reduce earnings per…

Nigeria | Naira Forwards, Volatility Surge as Nigeria Removes Spread Limit

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LAGOS, Capital Markets in Africa: Naira forwards rose to record highs and volatility surged after the Central Bank of Nigeria removed a limit on bid-offer spreads in the foreign-exchange market, raising expectations the currency is set to extend declines as it trades more freely. Three-month non-deliverable forward contracts jumped 4.1 percent to a record329 per dollar by 4:41 p.m. in Lagos, while contracts maturing in a year rose 3.3 percent to 363, also the highest level…

Zimbabwe Misses Own Deadline to Repay $1.8 Billion; Pays None

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Harare, Capital Markets in Africa, Zimbabwe failed to repay $1.8 billion to the International Monetary Fund, the World Bank and African Development Bank by its own June 30 deadline. “Right now, we’ve not paid anything,” John Mangudya, Zimbabwe’s central bank governor, said by phone from the capital, Harare, on Thursday. “That is why we have this re-engagement process with international financial institutions. This is all part of re-engagement and confidence building measures.” Finance Minister Patrick Chinamasa said earlier…

Ghana Companies Sell Shares at Record Rate Amid Debt Squeeze

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ACCRA, Ghana, Capital Markets in Africa: Ghanaian companies needing cash are caught in a dilemma. Faced with borrowing costs at a 13-year high, companies including the local unit of Diageo Plc and Ghana Oil Co. are turning to the stock market to raise record amounts of capital as they try to reduce debt. They could hardly have chosen a worse time. The West African nation’s benchmark stock index is in a bear market, having fallen to a three-year low as a plunge…

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