The Markets | - Part 229

Crude Oil Price Falls Sixth Day as Easing Disruptions Offset U.S. Stock Drop

LAGOS, Nigeria, Capital Markets in Africa: Oil fell a sixth day, heading for the longest run of declines since February on speculation that easing global supply disruptions will offset a decline in U.S. crude stockpiles and production. Futures dropped as much as 1.7 percent in New York, sliding in tandem with industrial metals and global equities, after losing 6.3 percent the previous five sessions. Output in Canada is expected to ramp up this month after wildfires cut production. U.S….

Egypt Approves Tougher Penalties on Black Market Dollar Traders

Posted on by The Editorial Team

CAIRO, Egypt, Capital Markets in Africa: Egypt approved tougher measures against illegal foreign currency traders as authorities seek to ease dollar shortages that are contributing to economic weakness. The government increased jail time for black market trading to as long as 10 years and raised fines, the cabinet said in an e-mailed statement. Other amendments to the central bank law give the governor the authority to suspend currency bureaus’ licenses and impose fines for violations. The…

Oil Climbs to 10-Month High as Falling U.S. Supplies Trim Glut

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Oil advanced to the highest level in more than 10 months as weekly U.S. industry data showed crude stockpiles declined, reducing a glut. Futures rose 1.3 percent in New York after climbing 3.6 percent the previous two sessions to close above $50 a barrel Tuesday for the first time since July. Inventories fell by 3.57 million barrels last week, the American Petroleum Institute was said to report. Repair work on a…

Market Watch | Emerging Markets Climb for Fifth Day on Higher Oil, China Data

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks rose for a fifth day with currencies as crude oil extended gains above $50 a barrel and Chinese trade data bolstered confidence the world’s second-biggest economy was stabilizing. Equity valuations rose to a one-year high as commodity producers led shares to the longest winning streak in two months. South Africa’s rand, Brazil’s real and Russia’s ruble helped lift a gauge of currencies to a one-month high. Chinese stocks in Hong Kong…

Ghana to Sell $1 Billion Eurobond Despite Concern Over Costs

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ACCRA, Ghana, Capital Markets in Africa: Ghana will sell $1 billion Eurobonds this year despite concerns about rising borrowing costs. The West African nation will offer the debt in either July or September, Minister of Finance Seth Terkper said in an interview in the capital, Accra. The country hired three transaction advisers and remains open to other funding options, Terkper said. A failure to issue a Eurobond would leave a $750 million hole in the 2016 budget with an…

Market Watch: Emerging Assets Rally Fourth Day Amid Bull Market in Commodities

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks rose for a fourth day with currencies as a surge in commodities boosted the outlook for exporting nations along with signs U.S. interest-rate increases will be gradual. Philippine shares climbed to a one-year high, Korean equities jumped and a gauge of Chinese mainland companies traded in Hong Kong capped its longest winning streak since April 2015. The MSCI Emerging Markets Index was poised for the steepest gain in almost two…

Desperate for Funding, Nigeria Prepares to Face Bond Investors

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: The odds are stacked against Nigeria as it looks to raise debt on the international markets for the first time in almost three years. Finance Minister Kemi Adeosun is leading a team of officials that will meet bond investors at London’s five-star Corinthia Hotel on Tuesday at a time when Africa’s biggest economy is on the verge of a recession, oil production has fallen to about a three-decade low, and the budget deficit…

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