The Markets | - Part 237

Egypt Plans Eurobond Sale to Ease Pressure on Reserves

CAIRO, Egypt, Capital Market in Africa — Egypt plans to tap international bond markets in the second quarter this year, Prime Minister Sherif Ismail said, in order to preserve foreign reserves amid a slowing global economy. Egypt has approved a bond-issuance program of up to US$10 billion, and in June 2015, it raised US$1.5 billion of Eurobonds as part of the program. The government plans to issue another US$1.5 billion in the fourth quarter of 2015 but…

Kenyan Bourse Announces six Banks as Derivatives Clearing Members

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Nairobi, Kenya, Capital Markets in Africa — Nairobi Securities Exchange (NSE) appointed six banks as derivative clearing member. They are: Barclays Bank of Kenya, Co-operative Bank of Kenya, CFC Stanbic Bank, NIC Bank, Chase Bank and Commercial Bank of Africa, according to email statement by NSE. The email also stated that more lenders to be named in “near future” and Initial derivatives products will be single-stock, index futures, before currency-based contracts are offered.

African Stock Market January 2016: Tunisia equity triumph, rewards investors amid of global equity markets panic

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LAGOS, Nigeria, Capital Markets in Africa — Global equity markets opened 2016 on a panic mood amid of negative outlook on China’s growth prospects and commodity slumps. As a result, African equity market performance measured by country equity benchmark index returns ended in negative for the month, with four gainers and fourteen losers on the local currency basis. Still on local basis return, the January’s average return of -3.0 percent (relatively to -0.9 percent in…

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

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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…

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