The Markets | - Part 222

Nigeria Helped by Low Debt as It Tackles Slump With Spending

LAGOS, Nigeria, Capital Markets in Africa: Nigeria is facing a recession, a plunging currency, inflation at a decade-high and a widening budget deficit. It has one thing going for it: low debt. That means the west African nation has room to tap international markets as it plans to spend its way out of an economic slump, according to analysts including Manji Cheto at Teneo Intelligence. Nigeria said on Aug. 8 it’s seeking banks to manage a Eurobond sale…

Emerging Markets Advance as Fed Optimism Sparks Dollar Weakness

Posted on by The Editorial Team

JOHANNESBURG, Capital Markets in Africa: Emerging-market currencies and bonds rallied as traders pushed back forecasts for when the Federal Reserve will increase U.S. interest rates, bolstering demand for higher-yielding assets. Most developing-nation currencies trading on Wednesday strengthened against the dollar, led by the South Korean won, Malaysian ringgit and South African rand. Russia’s ruble fell as oil declined for a second day, while the yuan strengthened the most in almost two weeks. Government bonds rallied, with Polish and…

Emerging Assets Halt Five-Day Gain as Oil Falls, Ringgit Weakens

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market assets halted a five-day gain as a slide in oil prices sapped demand for higher-yielding assets. A gauge of developing-nation shares dropped from the highest level in a year, led by losses in Slovenia, Estonia and the Philippines. Malaysia’s ringgit fell the most among emerging-nation currencies as the country derives 20 percent of its revenue from energy-related sources. The Korean won weakened as the central bank governor said there was still room to…

Republic of Congo bond jumps 7 cents after missed payment made

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CONGO, Capital Markets in Africa: The Republic of Congo’s 2029 dollar bond jumped by as much as 7 cents on Tuesday after trade body Emerging Markets Trade Association (EMTA) said the country had transferred funds to make an overdue payment on the issue. The bond, in which $478 million is outstanding, traded as high as 71 cents in the dollar after closing at 64 cents on Monday, its lowest level on record, according to Tradeweb…

Ivory Coast returns to sovereign sukuk market, after Togo debut

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ABIDJAN, Capital Markets in Africa: Ivory Coast plans to complete a sale of 150 billion CFA francs ($263 million) worth of Islamic bonds later this month, the transaction’s lead arranger said on Tuesday, following Togo’s debut sale of sovereign sukuk launched last month. The two West African nations join Senegal in tapping the market for sukuk, helping expand the use of Islamic financing options outside of the industry’s core centres in the Middle East and…

Emerging Markets Rally to One-Year Highs on Stimulus Prospects

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks and currencies rose to their highest levels in more than a year as prospects for central bank stimulus and a better-than-expected U.S. jobs report fueled demand for higher-yielding assets. Turkish bonds rallied and the lira strengthened after Moody’s Investor Service delayed a potential sovereign downgrade. South Korean stocks rallied after S&P Global Ratings raised the country’ credit ranking. Russia’s ruble rose for a fifth day as oil sold for more than…

MTN Group to Consider Raising Its Dividend If Business Picks Up

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South Africa, Capital Markets in Africa: MTN Group Limited will consider raising its full-year dividend above forecasts if business conditions improve after the settlement of a record fine in Nigeria led to the first-ever half-year loss at Africa’s biggest mobile-phone carrier. The company will consider a higher full-year payout than the forecast 7 rand-a-share “if operating conditions improve materially,” the Johannesburg-based carrier said in its first-half earnings statement on Friday. MTN paid 13.10 rand a share in 2015, while…

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