The Markets | - Part 246

African Sovereign Eurobond August 2015 Review: Yield widening due to falling commodity prices

Lagos, Nigeria, Capital Markets in Africa — A remarkable feature in Fixed Income markets this year has been the widening in African sovereign Eurobond yields. This weakening is in part due to the expected rise in US bond yields and fallen commodity prices (as most African countries are commodities dependent) as well as the anticipated decline in global growth due to China economic downturn. Since January 2015 yields on Zambia’s 2022 and Zambia’s 2024 Eurobond have…

African Equity Market August 2015 Report: Most Exchanges sag for both local and foreign investors, Egypt bled most …

Posted on by The Editorial Team

Lagos, Nigeria (Capital Markets in Africa):- African stock markets performance measured by country equity benchmark index return ended in negative for the month of August, with all indices closed in red zone for both local currency and dollar return basis. Still on local basis return, the August average return of -2.9 percent was recorded across eighteen African equity indices and August monthly returns ranges from -11.5 percent recorded by the Egyptian Exchange equity markets (measured by EGX 30 index) to -0.2 percent registered…

Johannesburg Stock Exchange launches JSE Eris Interest Rate Swap Futures

Posted on by The Editorial Team

JOHANNESBURG, South Africa (Capital Markets in Africa) — The Johannesburg Stock Exchange (JSE), the continent’s largest exchange, today have officially launched JSE Eris Interest Rate Swap (IRS) Futures. The new JSE Eris Interest Rate Swap (IRS) Futures will be based on the Johannesburg Interbank Agreed Rate (JIBAR) and denominated in South African Rand (ZAR). The product will follow the standard South African swap market conventions while using the Eris MethodologyTM, allowing the contracts to replicate the…

Central Bank of Egypt sold US$37.8mn in FX and offered EGP 7bn in T-bills..

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa) — The Central Bank of Egypt (CBE) reported that US$37.8 million was sold to banks out of the US$40 million on offered in a foreign currency auction held today. The Egyptian pound remained unchanged at cut-off price of 7.73 against the dollar. However, the CBE allowed the Egyptian pound to depreciate by EGP 0.20 from 7.53 against the greenback in July. In addition, the CBE announced on Sunday issuing treasury bills worth EGP…

Africa Equity’s Black Monday in Pictures: $28bn knocked off the market on Monday 24th Aug

Posted on by The Editorial Team

Lagos, Nigeria (Capital Markets in Africa) — On Monday 24th August, about $1.6 trillion was wiped off the global equity market capitalization, as panic on China’s trading floors sent shock waves through global markets. African equity markets were not spared in the attack and about $28 billion was shed off its equity market capitalization with slumps in key markets. For breakdown and details see the chart below ….

African Equity Market July 2015 Report: BRVM rewards local investors, Botswana strengthens foreigners capital

Posted on by The Editorial Team

Lagos, Nigeria, Capital Markets in Africa — African stock market performance measured by country equity benchmark index return ended in negative for the month of July, with eight gainers and 10 losers on local currency basis. The July average return of -1.5 percent was recorded across eighteen African equity indices and July monthly returns ranges from -9.8% registered by the Nigeria equity markets (measured by NSE All Share) to 8.2% recorded by Cote d’Ivoire equity market (measured…

Nigerian Naira and Kenyan Shilling overvalued say Renaissance Capital

Posted on by The Editorial Team

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…

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