The Markets | - Part 236

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

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…

South Africa Rand Falls Most Among Emerging Markets After Jobless Rate Climbs

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa — The rand fell to its weakest in a month after data showing theSouth African jobless rate at the highest in at least eight years added to concerns that economic growth may be slow to revive. The rand dropped as much as 2.1 percent against the dollar and traded at 15.1716 by 4:38 p.m. in Johannesburg, the weakest since April 7 on a closing basis and the biggest loser among 24…

Morocco’s Macroeconomic Prospects unfavourable but positive momentum

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Casablanca, Morocco, Capital Markets in Africa: Prospects for the Morocco economy in 2016 are mixed with very weak economic growth on the one hand and, on the other, an on-going contraction in the twin deficits, which will help restore the long-term health of the country’s public finances and balance of payments. As far as the growth outlook is concerned, expectations of weak GDP growth in 2016 should once again highlight the economy’s sensitivity to the…

`Zombie’ Money Printed by Zimbabwe Draws Scorn From Critics

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Harare, Zimbabwe, Capital Markets in Africa — A new currency printed by Zimbabwe’s central bank to ease a cash shortage has drawn scorn from critics attacking it as signaling a return to the hated local dollar, abandoned seven years ago as inflation spiraled to 500 billion percent. The central bank will distribute units with face values ranging from two to 20 dollars, pegged to the U.S. currency, Governor John Mangudya said Wednesday, describing them as “bond notes”…

Ivory Coast May Sell Stake in Orange Phone Unit on Exchange

Posted on by The Editorial Team

Abidjan, Cote d’Ivoire, Capital Markets in Africa — Ivory Coast is considering the sale of its minority stake in the local unit of French wireless operator Orange SA on the regional stock exchange. That would add the West African nation’s telecommunications industry to a privatization program that already covers industries such as banking and agribusiness. “It’s something that’s being considered,” Bruno Kone, Ivory Coast’s minister of digital economy and postal services, said in a phone interview on Wednesday. “There’s…

Kenyan Shilling Rises to 10-Month High as Dollar Demand Muted

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NAIROBI, Kenya, Capital Markets in Africa — The Kenyan shilling rose to the highest level against the dollar in 10 months amid muted demand for the greenback from importers in East Africa’s largest company. The currency added 0.3 percent to 100.35 per dollar as of 11.33 a.m. in the capital, Nairobi, the highest since July 6 on a closing basis. The shilling extended its gain this week to 0.7 percent, the most since the five days ended…

Rand Tumbles as South African Downgrade Concerns Return

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Johannesburg, South Africa, Capital Markets in Africa — The rand weakened below 15 per dollar to the lowest in almost a month amid increasing expectations among economists that South Africa’s credit rating will be cut by the end of this year as growth falters. The rand fell as much as 1.2 percent to 15.1568, the weakest since April 7 on a closing basis, before paring its losses to be little changed at 14.9659 by 1:59 p.m. in…

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