The Markets

LAGOS (Capital Markets in Africa) – Nigeria wants to offer naira futures of as long as 10 years to help cushion against foreign-exchange risks and attract longer-term funding to Africa’s top oil producer. The Central Bank of Nigeria started selling foreign-currency futures contracts on the FMDQ Securities Exchange Plc in 2017 with a maximum duration of 13 months. This was to alleviate pressure on the naira by spreading dollar purchases over a period time, enabling investors to hedge against…

LAGOS (Capital Markets in Africa) – Investors in Ireland’s bonds are sitting on double-digit returns this year after a global debt rally and now they are starting to get nervous. Fears of a bubble in bond markets have been growing on doubts over the extent of future monetary easing. In Ireland’s case, the U.K.’s political turmoil is an added hurdle as the neighboring economies are intertwined and a crash exit from the European Union could…

JOHANNESBURG (Capital Markets in Africa) – Sasol Ltd. has been asked by some of the country’s biggest fund managers to consider executive changes including ousting Stephen Cornell, one of two chief executive officers, over cost overruns at a flagship project, according to people familiar with the matter. The money managers began meeting with Sasol’s board and leadership after it raised the estimated cost of the Lake Charles plant in Louisiana by $1 billion on May…

LONDON (Capital Marketds in Africa) – How toxic is the U.K. retail sector? Consider shopping-center owner Intu Properties Plc. Intu is among the worst-performing stocks in the U.K. in 2019, having lost almost two thirds of its value, and none of the 19 analysts who cover the company recommends buying the shares. Seven analysts have hold ratings on London-based Intu, while 12 recommend selling. That’s unusual, even for a company with as many problems as Intu, given that brokers…

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ACCRA (Capital Markets in Africa) – Caught in a crisis in which they’re unable to meet client withdrawals, Ghana’s fund managers will be forced to set aside 20 times more capital than they do now to avoid running out of cash again. The Securities and Exchange Commission will require money managers to increase their minimum capital reserves to 2 million cedis ($365,260) from the current 100,000 cedis, Director General Daniel Ogbarmey Tetteh, said by phone from…