The Markets

LAGOS (Capital Markets in Africa) -The World Bank warned that high demand for African Eurobonds will place countries at a higher risk of debt distress once an increase in U.S. rates prompts investors to turn their backs on emerging-market assets. African sovereigns such as Ghana and Benin joined a slew of high-yielding borrowers this year who took advantage of the dovish turn by the Federal Reserve and some of the world’s most important central banks to sell…

LAGOS (Capital Markets in Africa) – Oil steadied below $64 a barrel in New York as ongoing threats to supply from political crises were offset by disappointing indicators on the global economy. West Texas Intermediate futures gained 12 cents, bringing their gain this week to 0.2 percent. A Purchasing Managers’ Index, which measures private-sector activity in the euro area, unexpectedly slid in April, and German factory numbers came in lower than forecast. Still, an escalating crisis in…

KHARTOUM (Capital Markets in Africa) – Pressure mounted on Sudan’s military rulers to cede power as the African Union echoed protesters’ calls for a swift handover to a civilian government in the wake of long-time leader Omar al-Bashir’s ouster. Demonstrators kept up their carnival-like sit-in outside army headquarters in Khartoum, the capital, for an 11th day, despite an apparent bid to disperse them. The Sudanese Professionals Association, a driving force behind the four months of protests…

CAIRO (Capital Markets in Africa) – EOH Holdings Ltd. climbed the most on record as the South African technology firm announced plans to sell non-core businesses to generate about 1 billion rand ($71 million) to quash its debts. The Johannesburg-based company will organize its operations into four units and will sell assets that don’t fit into the new structure, it said in a statement Tuesday. “Within the next 12 to 18 months, we plan to sell…

JOHANNESBURG (Capital Markets in Africa) – Pension funds in South Africa have a legal obligation to account for the financial effects of climate change on their investments, according to two groups lobbying money managers to pay closer attention to the issue. Shareholder activists Just Share and environmental law organization ClientEarth have written to more than 50 funds in Africa’s most-industrialized nation about their duty to savers. The local industry oversees about 4.2 trillion rand ($300 billion) in…

LAGOS (Capital Markets in Africa) – York after its longest run of weekly gains in three years, as traders and investors awaited more clarity on the strength of the global economy and demand. West Texas Intermediate futures slid about 1 percent after adding 1.3 percent last week in a sixth straight weekly increase. Global finance ministers and central bankers issued a statement over the weekend that they’re willing to “act promptly” to shore up global…

LAGOS (Capital Markets in Africa) – If the muted reaction to the flurry of potentially market-moving events last week is anything to go by, emerging-market currencies are unlikely to be headed into a period of major price swings. But that’s just fine for the carry trade. A Bloomberg currency index that measures carry-trade returns from eight emerging markets funded by short positions in the dollar gained for a second week in the five days through April 12,…