The Markets | - Part 227

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

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…

Ghana Cedi Falls Second Month as Growth Spurs Dollar Demand

Posted on by The Editorial Team

GHANA, Capital Markets in Africa: Ghana’s cedi is heading for a second straight month of losses against the dollar as acceleration in economic growth boosts demand for dollars to pay for imports. The currency of the world’s second-biggest cocoa producer weakened 3 percent in June after sliding 0.7 percent in May, the first instance of back-to-back monthly losses since November. The cedi fell 1 percent to 3.9550 per dollar by 11:55 a.m. on Thursday in…

Emerging Markets Head for Best Month Since March on Stimulus Bet

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Emerging markets rose for a third day, pushing stocks and currencies toward their biggest monthly gains since March, as central banks signaled readiness to quell turmoil after the U.K.’s vote to leave the European Union. Equities took back almost all the losses posted in the wake of Britain’s referendum as central bankers from Asia to Europe said they have tools to respond to the fallout. Federal Reserve Bank of St. Louis President…

Devalued Nigerian Naira Too Hot for Traders Seeing Further Currency Slide

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NIGERIA, Capital Markets in Africa: Traders expecting Nigeria’s currency devaluation to trigger a rush of cash into Africa’s largest economy are rapidly concluding that the naira’s 30 percent drop wasn’t enough. Investors got the foreign-exchange policy change they asked for, but still aren’t flocking to buy naira assets as the Central Bank of Nigeria keeps a grip on its currency, nine days after abandoning a 16-month-old peg. The naira fell almost 30 percent to a record 281.75…

Ghana Names 15 Banks as Primary Dealers in Government Bonds

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Ghana, Capital Markets in Africa: Ghana named 15 banks as primary dealers in the country’s bonds as the West Africa nation seeks to develop its domestic fixed-income market. Only lenders licensed by the Securities and Exchange Commission and appointed by the central bank will participate in auctions to purchase government debt for their own account and trading purposes, Bank of Ghanasaid Tuesday in a statement on its website. The primary dealers shall also act as market makers…

Escaping Brexit Pushes South Africa Stock Buying to 7-Year High

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SOUTH AFRICA, Capital Markets in Africa: As markets tumbled after last week’s Brexit vote, foreigners bought South African shares at the fastest pace in more than seven years, seeking havens in gold producers and dollar-earners. Investors bought a net 4.22 billion rand ($272 million) of the country’s stocks Friday after the U.K. referendum result was known, bringing inflows for the week to 14.5 billion rand, the most since March 2009, according to Johannesburg Stock Exchange data. The…

AngloGold Plans to Buy Back $475 Million of High-Yield Bonds

Posted on by The Editorial Team

GHANA, Capital Markets in Africa: AngloGold Ashanti Limited, the world’s third-largest miner of the metal, said it plans to redeem about $475 million outstanding on a $1.25 billion high-yield bond that was issued in 2013. AngloGold will pay $1,063.75 for every $1,000 of bonds, exercising the notes’ call option, the Johannesburg-based company said in a statement Tuesday. The coupon on the debt is 8.5 percent and the sum outstanding attracts an interest charge of $40 million a year, spokesman Stewart…

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