The Markets | - Part 225

South Africa’s Rand Leads Emerging-Market Gains Against Dollar on Stimulus Bets

South Africa, Capital Markets in Africa: South Africa’s rand strengthened to a 11-week high against the dollar as prospects for stimulus in major economies boosted demand for riskier assets. The currency weakened against the pound as an expected immediate U.K. rate cut failed to materialize. The currency jumped 1.7 percent to 14.2423 against the dollar by 1:58 p.m. in Johannesburg, set for the strongest close since April 29 and leading gains among 24 emerging-market currencies tracked by Bloomberg….

Uganda’s Second Stock Exchange Opens, Seeks 10 Million Accounts

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Kampala, Uganda, Capital Markets in Africa: Uganda’s second stock exchange started operating Wednesday, more than two years after winning approval, and said it seeks to win 10 million customers within five years. ALTX East Africa Limited, a unit of Mauritius-founded ALTX Africa Group, will run with fully automated systems enabling it to handle 150,000 transactions a second and provide settlement within 15 minutes, Chief Executive Officer Joseph Kitamirike told reporters in the capital, Kampala. The exchange’s first…

Chocolate Makers Saved by Currency as Cocoa Reaches 39-Year High

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LAGOS, Nigeria, Capital Markets in Africa: Cocoa prices may have climbed to a 39-year high, but for once chocolate makers have been spared. That’s because the rally that took futures traded in London to the highest level since 1977 was spurred by a weakening pound after the U.K.’s decision to leave the European Union. With most chocolate makers paying their bills in either euros or dollars, prices in those currencies have actually dropped since the…

Brexit Offers Lifeline on $800 Billion Emerging Company Debt

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LAGOS, Capital Markets in Africa: Britain’s vote to exit the European Union has thrown a lifeline to emerging-market companies facing an $800 billion wall of maturing debt. By hindering the Federal Reserve’s plan to raise interest rates, the referendum result has led to speculation borrowing costs will remain lower for longer as policy makers attempt to prevent Europe’s turmoil turning into a recession. This means developing-nation companies that borrowed when it was cheaper to do so won’t have…

Kenya Pipeline Considers Eurobond to Fund Expansion Projects

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NAIROBI, Capital Markets in Africa: Kenya Pipeline Co. is considering selling Eurobonds as part of a fund-raising exercise to finance capital-intensive projects around the country. The state-owned company, which is expanding its infrastructure to cater for potential oil production in the north of the country and the construction of the Lamu Port Southern Sudan Ethiopia Transport corridor, plans to start raising capital in the second half of next year, Chairman John Ngumi said. “There will be a need…

Brent Oil Trades Near $50 as Nigeria Militants Carry Out Attacks

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NIGERIA, Capital Markets in Africa: Brent crude traded near $50 a barrel as Nigerian militants carried out attacks on oil production sites, threatening to deepen the country’s biggest output losses in decades. September futures rose as much as 0.8 percent in London after advancing 1.3 percent Friday. The Niger Delta Avengers said they attacked five crude-pumping facilities overnight Sunday, dealing a blow to a government effort to enforce a cease-fire. Shale drillers in the U.S. brought back the most oil rigs…

Oil Rally Threatened as Gasoline Supply Surge Swamps U.S. Demand

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LAGOS, Nigeria, Capital Markets in Africa: American drivers’ seemingly insatiable thirst for gasoline is running into a flood of supply. Refineries across the nation are operating full-out and imports are pouring into the East Coast, boosting gasoline supplies to a record. At the same time, consumption has turned out to be less robust than thought. That’s weighed on prices, threatening to stem oil’s rebound from a 12-year low. “Earlier this year there was a lot of hope that…

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