The Markets

ACCRA (Capital Markets in Africa) — Ghana’s fund managers, unable to access deposits tied-up in failed banks, will receive bonds directly from the government to boost liquidity, according to two people with direct knowledge of the matter. Money managers have been struggling to meet withdrawal requests from customers, cover their costs, or make fresh investments. Their funds are locked up in second-tier lenders that lost their licenses after regulators last year clamped down on smaller…

NAIROBI(Capital Markets in Africa) — The Kenyan shilling slipped to a record low amid increased corporate demand for dollars following the lifting of some government restrictions aimed at controlling the spread of the coronavirus. The currency of East Africa’s largest economy weakened 0.1% to 107.98 per dollar by 10:15 a.m. in the capital, Nairobi, after earlier breaching 108 for the first time. Should it end the day at that level, it would be its lowest…

LAGOS (Capital Markets in Africa) — Mauritian insurer MUA Ltd. is looking for more deals in East Africa after an acquisition in Kenya helped to boost its market share in the region’s biggest economy. MUA earlier this month spent $12.3 million buying Saham Kenya, lifting its share of the country’s insurance market to 2.5% from 0.5%, Chief Executive Officer Bertrand Casteres said in an email. The company, which also has operations in Rwanda, Uganda and Tanzania, last year set…

LAGOS (Capital Markets in Africa) — Commodity investors may witness a powerful split-screen moment this week as U.S. earnings season throws a spotlight on companies’ pandemic-driven pain just as China announces its mammoth economy has returned to growth. And with a keen watch on both of those conflicting trends, OPEC and its allies may announce plans to start tapering historic output cuts. Among corporates reporting are top banks including Goldman Sachs Group Inc., whose commodities unit…

LAGOS (Capital Markets in Africa) — Saudi Arabia commended Iraq for implementing almost all its pledged oil-production cuts and Nigeria told the kingdom it was committed to hitting its target, in further signs that disputes among OPEC+ members over cheating of quotas are being resolved. Saudi Energy Minister Prince Abdulaziz Bin Salman spoke to his Iraqi counterpart Ihsan Abdul Jabbar, according to a joint statement from their offices on Monday. The prince said he was satisfied with Baghdad’s…

HARARE (Capital Markets in Africa) — Zimbabwe’s ruling party wants Old Mutual Ltd.’s listing on the Zimbabwe Stock Exchange terminated, an official said, clarifying a weekend statement in which it called for the company to be “ejected” from the nation’s financial system. “The statement was about the listing of Old Mutual on the stock exchange,” Tafadzwa Mugwadi, the Zimbabwe African National Union-Patriotic Front’s director of information and publicity, said by phone Monday from the capital,…

LAGOS (Capital Markets in Africa) — Nigeria could only collect about half of its budgeted revenues in the first five months of this year as low oil prices and output took a toll on government income. Total earnings by the government from January to May were 1.48 trillion naira ($3.8 billion), which was 56% of targeted revenue for the period, Finance Minister Zainab Ahmed said during a presentation to lawmakers on Thursday. Earnings from crude…