The Markets

CAIRO (Capital Markets in Africa) – Egypt’s currency, one of the world’s best performers in 2019, has breached a key threshold following inflows of more than $1.5 billion in the past week. The pound rose 0.9% to 15.92 per dollar Monday, trading stronger than 16 against the greenback for the first time since March 2017. Local banks saw $1.7 billion of inflows in the five days through Jan. 13, the central bank said in a…

ABIDJAN (Capital Markets in Africa) – An ambitious plan to adopt a common currency for 15 West African countries will become even more difficult to implement once France’s former colonies in the region follow through on an announcement to reform their single payment unit. At the heart of the matter is whether the single currency for the Economic Community of West African States should be free-floating or have a fixed value. Another consideration is France’s…

LAGOS (Capital Markets in Africa) – Flour Mills of Nigeria Plc, the country’s biggest miller by market value, has revived plans to sell bonds to refinance debt and bolster working capital as borrowing costs decline in the West African nation. The company is looking to raise as much as 50 billion naira ($138 million) via the securities, of which 20 billion naira is planned in the first quarter, Chief Financial Officer Anders Kristiansson said by phone Tuesday….

NEW YORK (Capital Markets in Africa) – A Swiss wealth manager is pitching a way to bet on stocks ahead of potential market disruptions spurred by the U.S. presidential election. Julius Baer Group Ltd. is selling as much as $40 million of structured notes tied to large American companies hinging on which party holds the White House next year. Pick the note that corresponds to the winner and profit, at least in theory. The private bank’s…

NEW YORK (Capital Markets in Africa) – U.S. equities advanced at the beginning of a busy week set to be dominated by the start of earnings season and the signing of a partial China trade deal. Bonds retreaded alongside the yen and gold. The S&P 500 opened in the green after pulling back a from a record high set Friday. The Stoxx Europe 600 swung from a gain to a loss as automakers sank. The dollar edged…

LAGOS (Capital Markets in Africa) – MTN Nigeria Communications Plc surged by 10% in Lagos Monday, the most allowed by the exchange and matching the biggest gain since its May market debut after the country’s Attorney General dropped a $2 billion tax claim against the mobile phone company. The removal of the payment demand is a boost to investor confidence, ending fears of cash outflow, Tunde Abidoye, an analyst at FBNQuest, said by phone from…