The Markets | - Part 232

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

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

Posted on by The Editorial Team

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…

Market Watch | Emerging Assets Decline as Fed Move in June Seen as Possibility

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks and currencies fell to two-month lows as Federal Reserve minutes revived the possibility of an interest-rate increase as soon as next month, raising the specter of capital flows out of riskier assets. Raw-material producers led Brazilian equities toward a one-month low. Egyptian stocks posted a weekly loss after an EgyptAir plane went missing with 66 people on board. South African gold mining companies dropped, ending a four-day rally in…

Glencore’s Best Start to Year Eases Blow From Post-IPO Slump

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Glencore Plc shareholders showing up for the miner’s annual meeting on Thursday can take comfort in the stock’s best ever start to a year. Less so the loss of about half the company’s value since they met 12 months ago and more than 70 percent since a $10 billion initial public offering in 2011. Such wild share swings highlight both the opportunities from billionaire Chief Executive Officer Ivan Glasenberg’s plans to…

Ghana Regulator Probes Adviser in Latest Hurdle for Biggest IPO

Posted on by The Editorial Team

ACCRA, Ghana, Capital Markets in Africa: Ghana’s largest initial public offering hit another snag as the nation’s regulator put the listing of shares in Agricultural Development Bank Ltd. on hold and began an investigation of the transaction adviser. ADB, which sold 450 million cedis ($116 million) of shares in an IPO that closed in March, filed a complaint last week against Accra-based IC Securities Holdings Ltd., Adu Anane Antwi, director general of the Securities and Exchange Commission, said…

Bank of America Closes Long Nigeria Trades, Seeing Oil Correction

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Bank of America closes recommendation to short ZAR/RUB, long Russia 2043 Eurobond vs Turkey 2043, seeing crude oil “vulnerable to a correction” in short term, analysts David Hauner and Arko Sen say in note to clients. Also closes long Nigeria 2023s vs Ivory Coast 2024s trade. In long term Bofa remains positive on oil, seeing Brent “consistently above $50” from 4Q in 2017. In addition, Bofa continues to likes…

Nigeria’s Currency Chaos Deepens as Bets on Devaluation Rise

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: As investors increasingly bet the bottom will drop out of the naira and the vice president hints at a devaluation, the man who calls the shots – President Muhammadu Buhari, who has resisted letting the currency weaken since coming to power a year ago, likening it to “murder” — has kept quiet. “I won’t believe it until I see presidential ownership of it,” Alan Cameron, an economist at Exotix Partners…

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