The Markets | - Part 234

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

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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….

Ghana | More Delays in Store for Ghana’s Biggest IPO as Fund Seeks Stake

Posted on by The Editorial Team

ACCRA, Ghana, Capital Markets in Africa: Ghana’s state pension fund said it may seek a stake in Agricultural Development Bank of Ghana Ltd. more than a month after the nation’s biggest-ever initial public offering closed, a move that may further delay completion of the deal. Social Security and National Insurance Trust, the nation’s biggest investor, which oversees about $1.7 billion, is reviewing the IPO prospectus and will decide in about two weeks whether to apply for…

Zimbabwe Scraps Plan to Swap Dollar Earnings to Rand, Euros

Posted on by The Editorial Team

HARARE, Zimbabwe, Capital Markets in Africa: Zimbabwe’s central bank abandoned a plan to convert half of its export earnings into South African rand and euros as it explores ways to ease a shortage of dollars. In a statement on Tuesday, the institution said it will now require 50 percent of export earnings to be transferred to a Reserve Bank of Zimbabwe account. The central bank will then immediately credit the same amount, plus a 5 percent “export…

Ivory Coast | BRVM Values Combined Cote d’Ivoire Telecom-Orange at $6 Billion

Posted on by The Editorial Team

Abidjan, Cote d’Ivoire, Capital Markets in Africa: A combination of Ivory Coast’s landline operator Côte d’Ivoire Telecom and Orange SA’s local unit may be valued at $4 billion to $6 billion on the regional stock exchange, a deal that could increase the capitalization of Bourse Regionale des Valeurs Mobilieres by as much as 40 percent. Ivory Coast and Paris-based Orange have agreed to merge Côte d’Ivoire Telecom with Orange Côte d’Ivoire, the biggest mobile operator in the West African country by…

Nigeria | China’s Africa Push Reaches Currencies in Deal Investors Decry

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Strategists are criticizing Nigeria’s latest plan to rescue its currency — this time by relying on Chinese cash. On a visit to Beijing last month, President Muhammadu Buhari signed a currency agreement aimed at encouraging trade with China and reducing Nigeria’s demand for dollars to relieve pressure on its dwindling foreign reserves. While the deal, details of which are still being negotiated, helps China’s push into Africa’s largest economy, it will…

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