The Markets | - Part 235

African Sovereign Eurobond January 2016: Ghana’s spreads widening, Nigeria’s narrowing …

LAGOS, Nigeria, Capital Markets in Africa — Volatility and unexpected economic events shook markets at the beginning of 2016, questioning fundamentals of emerging markets. Generally, African Eurobond outlook is likely to worsen in 2016, due to commodity price slump, reduce revenue and pressure on currency. These forces will compel African governments to tap into international markets, so increase supply against limited liquidity may, hence means issuers will likely need to offer sizable new issuance premia…

Zambia Inflation Accelerates to 12-Year High As Kwacha Weakens …

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Lusaka, Zambia, Capital Markets in Africa — Zambian consumer prices accelerated for a sixth consecutive month to a fresh 12-year high amid a power crisis and currency weakness. Prices rose by 21.8 percent year-on-year in January from 21.1 percent a month earlier, the Central Statistical Office said in a statement handed to reporters on Thursday in Lusaka, the capital. Prices rose 1.3 percent in January from the previous month, it said. Inflation has in Zambia, Africa’s second-biggest copper producer,…

Nigeria’s FX traders lower speculation on naira devaluation …

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LAGOS, Nigeria, Capital Markets in Africa — FX traders lower their speculations against the naira, as the Central Bank of Nigeria ignore investors/analysts devaluation calls at the Tuesday’s press brief. At the press brief, the central bank governor Emefiele provided no suggestions that the central bank is ready to devalue the naira and ease the import controls which enable the interbank exchange rate to be fixed between 197-199 naira per dollar since March 2015. Even though the black-market rate…

Africa Equity Weekly | 22 Jan 2016: Relief for Nigeria and South Africa Investors but not Kenya’s …

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Lagos, Nigeria, Capital Markets in Africa — As the week ending 22nd January 2016 came to a close, the African equity markets continued in the red district. Out of the eighteen African equity indices four ended in positive district and thirteen in the negative region (Illiquid Swaziland All Share index remained unchanged to end at 327.5 points) compared to the previous week ending Friday 15th January 2016. The overall average return of the eighteen stock…

Oil recovers some losses but the impacts continue

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Lagos, Nigeria, Capital Markets in Africa — Crude oil prices recovered some losses last week, with Brent crude ending at US$32.18/bbm after falling to a 12-year low of US$27.88 on Wednesday. Prices still remain down YTD (Brent down 15% and WTI down 18%). The chairman of Saudi Arabia’s state oil company has recently commented that the collapse below US$30/bbm is “irrational” and that prices would be higher by the end of 2016. However, the sustained…

Bank of Ghana Said to Suspend 14-Day Bills, Replace With 56-Day

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Accra, Ghana, Capital Markets in Africa — Ghana’s central bank will suspend the weekly auction of 14-day bills after demand surged to a record for the fixed-rate securities and reduced appetite for benchmark notes the government sells to finance operations, according to a person familiar with the plans. The Accra-based Bank of Ghana will offer 56-day bills instead, according to the person, who asked not to be identified because the information isn’t public yet. The…

Nigeria aims to raise US$1 Billion Eurobond to fund budget deficits

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Lagos, Nigeria, Capital Markets ion Africa — Nigeria plans to sell as much as US$1 billion of Eurobonds to help fund a record budget deficit, Finance Minister Kemi Adeosun stated on Friday in an interview at the World Economic Forum in Davos, Switzerland. The Finance Minister explained that the country is planning to hold non-deal roadshows to meet investors and explain the government’s fiscal policies and monetary policies to resuscitate growth. She said: “We’re looking at a maximum of…

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