The Markets

JOHANNESBURG (Capital Markets in Africa) – Orange SA, France’s biggest phone company, picked BNP Paribas SA and Morgan Stanley to advise on a proposed initial public offering of its Middle East and Africa business, people familiar with the matter said. The banks are helping with preparations for the listing, though an underwriting syndicate hasn’t yet been formalized, the people said. Orange plans to invite more banks to join the deal at a later stage, according to the people, who…

LAGOS (Capital Markets in Africa) – The U.S. and Iran have lived in a state of hostility for decades, but relations grew tenser over the last year, finally boiling over at the start of 2020 with a U.S. attack that killed Iran’s most prominent military leader. The U.S. has been trying to deprive Iran of oil revenue, the lifeblood of its economy; Iran has responded by exceeding limits it agreed to on its nuclear program,…

LAGOS (Capital Markets in Africa) – Futures on the benchmark U.S. stock gauge turned positive on Wednesday, recovering from a plunge after Iranian missiles struck two American military bases in Iraq. Gold, Treasuries, and oil pared earlier out-sized gains as Iran stressed it didn’t seek war. Contracts on the S&P 500 erased all losses through the European morning to trade in the green after Donald Trump declared “so far so good” regarding an early damage…

LAGOS (Capital Markets in Africa) – Oil cooled off after rallying on Iranian airstrikes against U.S.-Iraqi military bases, amid speculation that Tehran is opting for limited retaliation over the killing of a top general. Futures in London initially surged more than 5% as the Islamic Revolutionary Guard Corps claimed responsibility for the missile strikes in Iraq, and held some gains on the concern of further escalation in the oil-rich region. Yet prices eased after U.S. President…

LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari is due to complete his second and final four-year term in 2023 and the battle over who will succeed him is already heating up, placing further pressure on an already strained economy. Buhari has thus far shied away from endorsing his deputy, Yemi Osinbajo, for the position, twice slighting him by opting not to transfer power to him while traveling abroad. That may diminish his chances of securing…

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LONDON (Capital Markets in Africa) – The mandate for Boris Johnson’s Brexit strategy came from the ballot box. It is not winning a vote of approval in the global currencies market. The pound slumped by the most since January after the prime minister announced plans to set a Brexit deadline of December 2020 with or without a trade deal between the U.K and the European Union. The renewed prospect of a disorderly withdrawal from the…