The Markets | - Part 232

Naira Forwards Jump by Record as Traders See Nigeria Devaluation

LAGOS, Nigeria, Capital Markets in Africa: Naira forwards surged by the most on record as traders bet that the ability of Nigerian authorities to maintain their almost 15-month-long currency peg is waning. Three-month naira non-deliverable forwards rose by 14 percent, the most on a closing basis since the contracts began trading in March 2011, to a record 267 against the dollar at 4:06 p.m. in London. One-month forwards jumped 11 percent to 238, bringing their implied yield —…

Oil Climbs to Highest Since November as European Shares Retreat

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LAGOS, Nigeria, Capital Markets in Africa: Brent crude rose to a six-month high, leading a rebound in commodities and boosting the ruble and mining companies, as supply disruptions in Nigeria added to production woes. Oil extended last week’s gains as Goldman Sachs Group Inc. increased its price forecast, saying the market had moved into a supply deficit earlier than expected. Precious metals rallied with aluminium and commodity producers climbed, while almost all of the other industry groups in the Stoxx Europe 600…

Market Watch | Emerging Stocks Decline for Fourth

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks were set to extend their longest losing streak since August and currencies retreated on concern the pace of global growth remains sluggish. Shares in China posted their worst run of weekly declines in two years on speculation the government will refrain from adding fresh stimulus, while Hungarian shares fell and the forint slid to the lowest level since March after the economy unexpectedly contracted. South Africa’s rand slid more than 1…

Oil Rises to Six-Month High as Nigeria, U.S. Supply Tightens

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LAGOS, Nigeria, Capital Markets in Africa: Oil advanced to its highest intraday level in six months as supply reductions around the world, from the U.S. and Canada to Nigeria, helped whittle away the global surplus. Futures gained 1.2 percent in New York after climbing 6.4 percent the previous two sessions. U.S. inventories dropped by 3.4 million barrels last week, government data showed Wednesday. Nigeria said militants have curbed the country’s oil output by about 30 percent. The global surplus in…

Market Watch | Emerging Currencies Gain as Rousseff Ouster Spurs Brazil Stocks

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market currencies and energy shares rose as oil traded above $48 a barrel, bolstering the outlook for commodity exporters. Brazilian equities rallied after President Dilma Rousseff was suspended from office. The Ibovespa headed for its highest level in more than a week. Currencies in Colombia, Mexico and Russia appreciated at least 0.6 percent as a drop in U.S. crude stockpiles and supply outages from Canada to Nigeria supported oil. Wagers for a devaluation…

Fixed Income | Investec Sees South African Bonds as Resilient in Junk Downgrade

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s corporate bond market is better equipped than other emerging countries to deal with a cut in the nation’s credit rating to below investment grade, said Hendrik du Toit, chief executive officer of Investec Asset Management Ltd. The country has a relatively small pool of dollar bonds, compared with rand-denominated debt, and a large domestic money management business with the capacity to invest in the assets, Du Toit…

Nigeria | Naira Devaluation Bets Jump Most on Record on Policy Review

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LAGOS, Nigeria, Capital Markets in Africa: Traders raised bets on a devaluation of Nigeria’s naira by the most on record after the vice president of Africa’s biggest economy said it was carrying out a “substantial review” of its foreign-exchange policy. Naira three-month non-deliverable forwards weakened to 237 against the dollar, before paring losses to trade 7.2 percent lower at 230.5 by 12:41 p.m. in London, still the biggest drop since the contracts started trading in March 2011….

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