The Markets | - Part 229

Ghana’s Biggest IPO Takes Fresh Twist as Sale Set to Reopen

ACCRA, Ghana, Capital Markets in Africa: The controversy surrounding Ghana’s log-jammed initial share sale in its biggest agricultural lender has taken a fresh twist. The Agricultural Development Bank Ltd. said it will ask the West African nation’s securities regulator for permission to reopen the sale to give two state-owned entities — which didn’t participate in the initial public offering — an opportunity to buy shares. That may mean a delay of as much as two months before…

Emerging Currencies Drop on Fed Rate Bets as Turkish Stocks Jump

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market currencies fell with stocks as mounting speculation the Federal Reserve is moving closer to raising interest rates undercut the appeal of riskier assets. Turkish equities and the lira rallied the most among peers as the deputy prime minister survived a cabinet reshuffle. The MSCI Emerging Markets Currency Index weakened 0.2 percent as currencies in Malaysia and South Korea led declines. Russia’s ruble headed for the longest losing streak since December,…

Kenya to Switch KenGen Debt in Region’s Biggest Rights Offer

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NAIROBI, Kenya, Capital Markets in Africa: The Kenyan government will convert 20.2 billion shillings ($200.4 million) of debt owed by the East African nation’s biggest electricity producer into equity as part of a rights offer that’s the largest in the region. The Kenya Electricity Generating Co. Ltd., known as KenGen, is asking investors for 28.8 billion shillings to help finance 720 megawatts of new production capacity over the next four years. Other shareholders apart from the…

Africa’s Busiest Oil Industry Is Running Hard to Stand Still

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Algiers, Algeria, Capital Markets in Africa: Algeria has more drilling rigs than the rest of Africa combined, yet oil production still isn’t recovering after years of decline. It’s little wonder the nation remains one of the most vocal supporters of action to increase prices by curbing output at the OPEC meeting next month. The Organization of Petroleum Exporting Countries has been hit hard by the decline in oil prices. Algeria, like other members, is rolling out economic reforms to deal with…

Crude Falls as Canada to Resume Oil-Sands Output After Fires

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LAGOS, Nigeria, Capital Markets in Africa: Oil dropped for a fourth day as producers in Canada worked to resume operations after wildfires and Iran continued to raise exports. July crude fell as much as 2.1 percent. Cooler weather is helping to control a blaze in Canada’s oil-sands region and allowing Suncor Energy Inc. and Syncrude Canada Ltd. to start getting back to work. Iranian exports could surpass 2.2 million barrels a day by midsummer, the state oil company told…

Market Watch | Tech Stocks Lead Emerging Markets Higher, Hungary Bonds Advance

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LAGOS, Nigeria, Capital Markets in Africa: Technology companies led emerging-market stocks higher for a second day while declines in oil and metal prices dragged down energy shares. Brazil’s real and South Africa’s rand led currencies of commodity-producing nations lower while Hungarian bonds advanced after the country was raised to investment grade by Fitch Ratings. The Taiex index led advances as Apple Inc. vendors such as Taiwan Semiconductor Manufacturing Co. surged on reports production is gearing up on…

South Africa Rand Rout Little Help as South African Companies Hoard Cash

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Johannesburg, South Africa, Capital Markets in Africa: South African businesses are flush with money. Too bad they aren’t willing to spend it at home. They’re hoarding cash or expanding abroad, put off by a stagnating economy, power shortages, low commodity prices and slower growth in export markets China and Europe. Delays in passing business regulations and a dispute between President Jacob Zuma and Finance Minister Pravin Gordhan are compounding their unease. “Corporate South Africa has continued to build international business…

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