The Markets | - Part 238

Nigeria | The Inflation Conundrum …

LAGOS, Nigeria, Capital Markets in Africa — The inflation figure for the month of February was recently released by the National Bureau of Statistics. As much as the increase was largely anticipated, the huge gallop to 11.4% came as a surprise as consensus had capped the rise at 10%YoY. The increase in the headline figure was attributed to faster increases in prices across all major divisions except Restaurant and Hotels division. The Food and Core…

Central Bank of Egypt to auction US$1.5bn to stabilise the currency

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CAIRO, Egypt, Capital Markets in Africa — Egypt’s central bank will offer US$1.5 billion today in its third special foreign exchange auction of the week, part of an effort to crush the currency black market and stabilize the Egyptian pound a day after a major devaluation. Egypt devalued the pound on Monday to 8.85 pounds to the dollar from 7.73 pounds and announced that it would shift to a more flexible exchange rate. The equity…

African IPOs Set to double Capital Raised in 2016 amid of slow growth

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LONDON, Capital Markets in Africa — Africa’s equity capital markets are set for a strong 2016 following a reasonable 2015 despite commodity price falls and capital flight from emerging markets hitting the continent’s major economies. Fifteen IPOs are already in the pipeline, with one, Nigeria’s Interswitch, which processes payments for banks and operates in five African countries, could be Africa’s first billion dollar IPO and first public Fintech company if it proceeds with plans to…

African Sovereign Eurobond February 2016: Spreads Narrrowing amidst unchanged Fed Rate

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Lagos, Nigeria, Capital Markets in Africa — African sovereign Eurobonds spreads narrowing in February compared to January spreads. This is as a result of the US Federal Reserve signalled that the Fed has put future rate hikes on hold but will continue to monitor closely developments in the global economy and financial markets. In addition, crude-oil price recovery on hopes that key oil producers aimed at freezing or cutting current levels of production and couple with the…

Nigeria – FX concerns hit business sentiment

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LAGOS, Nigeria, Capital Markets in Africa — The Standard Chartered-MNI Business Sentiment Indicator (BSI) for Nigeria fell to 59.2 in February, its lowest level since February 2015. Seasonal factors seem to have been partly at play, as activity slows in January and February following an increase over Christmas. However, concerns about the exchange rate also continue to weigh on sentiment. Nigerian businesses were concerned about current business conditions, as the economy continues to be pressured…

AfDB priced 1.125% US$ 1.0 Billion Benchmark due 4 March 2019

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LAGOS, Nigeria, Capital Markets in Africa — African Development Bank (AfDB), has successfully priced a US$1 billion 1.125% 3-year USD Global benchmark due on 4th March 2019. This transaction is AfDB’s first US$ Global benchmark outing of 2016, following a successful inaugural US$ 650 million Floating Rate Note (FRN) issued at the end of January. The Bank, is taking advantage of a clear issuance window after a period of relative market stability, the mandate…

Foreign Investors Net Buyers of South African Shares and Bonds

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Johannesburg, South Africa, Capital Markets in Africa — Foreign Investors net buyers of South African shares and bonds on February 16, according to the figures released by Johannesburg Stock Exchange Limited, South Africa. However, on a year to date basis foreign investors re net seller. The table below shows the trade statistics. The values are in billions of South African Rand, month to date and year to date figure include purchases and sales until end of…

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