The Markets

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…

LAGOS (Capital Markets in Africa) — Emerging-market investors are getting selective even after bonds, stocks, and currencies kicked off the second half of the year on a high note. Money managers are questioning whether the developing world’s economic troubles will be short-lived as massive central-bank stimulus bolsters demand for risky assets. Emerging-market dollar bonds posted their longest weekly winning streak since February in the five days through Friday. Stocks and currencies rallied on Monday. Inflation data in at least 10 developing…

HARARE (Capital Markets in Africa) — When Zimbabwe suspended trading on its stock exchange last week, James Hove was left with no access to the funds he needs to conduct his business. Like many wealthy Zimbabweans, Hove invests in the local stock market. Not for the value, he sees in the companies whose stocks trade on it, but as a hedge against surging consumer prices while annual inflation is running at 786%, the benchmark Zimbabwe…

LAGOS (Capital Markets in Africa) – ICE Brent crude oil front-month prices averaged $42.2 p/b in the first half of 2020, constituting a drop of 32.2% from an average of $62.3 p/b in the second half of 2019. The decline in prices was due to the spread of the coronavirus that led to the enforcement of lockdown measures worldwide, which reduced global demand for oil. Also, prices averaged $33.5 p/b in the second quarter of…

HARARE (Capital Markets in Africa) — Stockbrokers in Zimbabwe are struggling to explain to investors what’s happened to their money after the government shut down the stock exchange. The Zimbabwe Stock Exchange announced Sunday it suspended trade to comply with a directive issued by the Information Ministry late Friday that the bourse close. It’s the latest in a series of measures the government has implemented to try and stabilize the nation’s currency. Traders have been…

SUNDA (Capital Markets in Africa) — Sudan took a further step toward agreeing to a staff-monitored program with the International Monetary Fund, a deal the North African country says is crucial to overhauling its battered economy. The IMF and Sudan’s transitional government have reached a preliminary accord on policies for the prospective one-year, non-financial program, the lender said in a statement. The announcement comes before a Thursday donor conference where Sudan, blighted by years of…