The Markets | - Part 246

Nigerian Naira and Kenyan Shilling overvalued say Renaissance Capital

Johanneburg, South Africa (Capital Markets in Africa) — Renaissance Capital finds the Kenyan shilling to be especially vulnerable but believes the Nigerian naira should weaken more than the shilling. Sub-Sahara African (SSA) currencies have in recent months come under significant pressure. Of eight SSA currencies we analysed, we found the Kenyan shilling to be especially vulnerable (as it is an overvalued currency that depreciated by less than the EUR/$). However, Nigeria’s limited policy space, implies the naira should…

Foreign Portfolio Investors are net sellers on the NSE in May 2015

Posted on by The Editorial Team

Lagos, Nigeria (Capital Markets in Africa) — Foreign Portfolio Investor (FPI) transactions at the Nigerian bourse decreased to N79.77 billion (about US$ 0.41 billion) in May 2015, down 23.26% from April 2015, amid uncertainity in the fiscal policy direction of the new government, resulting from delays in the appointment of key Ministers. Also, the recent currency control policy by the Central Bank of Nigeria to defend the local currency to preserve the foreign reserves. The local…

South Africa’s rand weakens as rally for riskier assets pauses

Posted on by The Editorial Team

Johannesburg, South Africa (Capital Markets in Africa) – South Africa’s rand weakened more than one percent to the dollar on Tuesday, softening to a one week low of 12.2300 per greenback as a recent rally for riskier assets petered out. According to one trader, technical factors were also beginning to filter through with the 12.30 support level in sight, putting some strain on the dollar rand cross.

Nigeria Bourse Seeks to Start Trading Naira Currency Futures

Posted on by The Editorial Team

Lagos, Nigeria (Capital Markets in Africa) — The Nigerian Stock Exchange plans to start trading naira futures that will help investors hedge against movements in the local currency, Chief Executive Officer Oscar Onyema said. “It would be awesome if we had a naira-dollar contract that we could trade on the exchange,” he said in an interview in London on Monday. “Futures and options are asset classes that we think would be very beneficial to foreign…

Nigeria’s Federal Government, Sub-Nationals in Fiscal Crisis?

Posted on by The Editorial Team

Lagos, Nigeria (Capital Market in Africa) — The lower crude oil receipts accruing to government – stemming from the fall in crude oil prices and global supply glut — has significantly put a strain on public finances. Monthly oil revenue accruing to all tiers of government dropped by 54.1% Y-o-Y to N286.2bn in April 2015 relative to N622.9bn in April 2014, the lowest level in over two years. Consequently, FAAC allocation to Sub-National governments has…

Kenya : Centum Investment’s US$61 million bond oversubscribed

Posted on by The Editorial Team

Nairobi, Kenya (Capital Markets in Africa) — Centum Investments five-year corporate bond worth up to KES 6 billion has been oversubscribed by 38 percent attracting bids worth KES 8.3 billion. The bond is made up of a fixed-rate component and an equity-linked portion that will give a variable return determined by the firm’s net asset value. The total amount accepted for the fixed rate notes is KSE 3.9 billion while for the equity linked notes is KES 2.1 billion, with…

Moody’s assigns A1.za debt rating to Ekurhuleni’s (EMM06) ZAR900 million notes due 2025

Posted on by The Editorial Team

Johanessburg, South Africa (Capital Markets in Africa) — Moody’s Investors Service has today assigned a long-term debt rating of A1.za (South African national scale rating) to Ekurhuleni Metropolitan Municipality’s ZAR900 million senior unsecured amortising fixed-rate notes due 2025. These notes are issued under Ekurhuleni’s ZAR8 billion Domestic Medium Term Note programme rated A1.za and will be listed on the Johannesburg Stock Exchange. Proceeds from the notes will be used to finance the city’s infrastructure requirements….

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