The Markets | - Part 233

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

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

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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

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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

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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…

South African Rand Slumps as Gordhan Breaks Silence on Talk of Arrest, Firing

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Johannesburg, South Africa, Capital Markets in Africa: The rand slumped as much as 2 percent against the dollar and bonds fell as concern intensified around the role of South African Finance Minister Pravin Gordhan, who broke his silence over reports that he may be arrested and dismissed. The rand was 1.7 percent lower at 15.8106 by 12:26 p.m. in Johannesburg, the weakest since March 15 on a closing basis and the worst performance among 31 major and developing…

Goldman Upgrades Commodity Outlook on Constrained Oil Supplies

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LAGOS, Nigeria, Capital Markets in Africa: Goldman Sachs Group Inc. upgraded its outlook for commodities for the next three months because of disruptions to oil supply, while staying bearish on industrial metals and gold. Supply constraints should support oil prices, but “physical re-balancing” is incomplete and Goldman remains neutral on commodities for the next 12 months, it said in a report e-mailed Wednesday. The bank is recommending investors buy oil and gas assets in equities and…

Mozambique Says Can’t Pay $178 Million Debt Interest This Month

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Maputo, Mozambique, Capital Markets in Africa: Cash-strapped Mozambique won’t be able to honor a debt-interest repayment of $178 million that is due next week for a loan to a state-run company, Finance Minister Adriano Afonso Maleiane told lawmakers. The nation holds total public debt of $11.64 billion, of which $9.85 billion is owed to foreign investors, he said Wednesday in the capital, Maputo. Mozambique Asset Management, whose payment is due on May 23, is negotiating with lenders…

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