The Markets

LAGOS (Capital Markets in Africa) – The Nigerian Securities and Exchange Commission is in talks with institutional investors and other regulators to allow securities lending in an effort to reignite flagging trading volumes. The SEC wants to start “trading activities such as short-selling, hedging, and arbitrage,” acting Director-General Mary Uduk said in an email. The measures are required for Nigeria’s capital markets to better attract inflows “and be more liquid.” Daily volumes on the Nigerian…

LONDON (Capital Markets in Africa) – The pound swung between gains and losses as British voters headed to the polls to decide between Conservatives hoping to deliver Brexit in January and a Labour Party promising a second referendum. Bets on overnight volatility in sterling surged to the highest in nearly three years and traders hedged the risk of a surprise outcome in options markets. The currency has been the world’s best performer in recent months, on speculation…

LAGOS (Capital Markets in Africa) – Emerging markets are about to embark on another year of wealth creation after adding $11 trillion to investor portfolios in the past decade. Developing-nation assets will outperform their developed peers, with Asia having the best prospects, according to Bloomberg’s survey of 57 global investors, strategists and traders on their outlook for next year. Total wealth in emerging-market stocks and bonds now exceeds $25 trillion, bigger than the economies of the U.S. and Germany combined….

LONDON (Capital Markets in Africa) – The pound headed for a fourth month of gains against the euro, reflecting growing confidence in the market that the Conservative Party will be able to secure a majority in the U.K.’s December election. Sterling outperformed all major currencies after a much-anticipated poll released Wednesday evening suggested that Boris Johnson’s party is on track to win its biggest mandate since the 1980s. That is the best scenario for investors betting on the…

LAGOS (Capital Markets in Africa)  – AngloGold Ashanti Ltd. has narrowed the list of bidders for its remaining South African assets to two of the nation’s largest gold miners, according to people familiar with the matter. AngloGold is evaluating offers from Sibanye Gold Ltd. and Harmony Gold Mining Co., said the people, who asked not to be identified because the information is private. The initial interest shown by other companies has waned, and Sibanye and Harmony are the only…

LONDON (Capital Markets in Africa) – Uncertainty, uncertainty and more uncertainty. For investors in U.K. home builders, the word has been a bane for more than three years as the industry contends with the hit to consumer confidence caused by Britain’s prolonged departure from the European Union. Now there is an election coming and investors in the sector are hoping for a Conservative victory to help solidify this year’s rally, which has seen big players…