The Markets

LAGOS (Capital Markets in Africa) – MTN Group Ltd. shares fell almost 7 percent after Nigeria’s government said Africa’s biggest mobile operator evaded taxes and urged a Lagos court not to block a $2 billion penalty. The High Court of Lagos should throw out the Johannesburg-based company’s attempt to stop it from paying backdated taxes, T. A. Gazali, a government lawyer, said in court Tuesday. Wole Olanipekun, a lawyer for MTN, said Nigeria’s attorney-general, who imposed…

LAGOS (Capital Markets in Africa) – Not since the days of fugitive oil merchant Marc Rich has the commodities trading industry faced so much global scrutiny. The biggest independent oil and metals trading houses, including Vitol Group, Trafigura Group Ltd., Glencore Plc., Mercuria Energy Group Ltd. and Gunvor Group Ltd., are facing bribery and corruption investigations in jurisdictions ranging from Brazil to Switzerland and, most importantly, the U.S. The multitude of investigations echoes the early 1980s, when then-U.S….

LONDON (Capital Markets in Africa) – The pound climbed as Brexiteer Jacob Rees-Mogg signaled he could back the U.K. Prime Minister’s deal to leave the European Union, keeping alive the possibility that her plan may eventually pass through Parliament. Sterling reversed earlier declines to lead gains across the Group-of-10 currencies as Rees-Mogg said Theresa May’s deal was “better than not leaving at all.” Rees-Mogg leads an influential grouping of lawmakers, the European Research Group, who have opposed her…

LONDON (Capital Markets in Africa) – Stocks of U.S. construction-industry suppliers declined in London after Ferguson Plc, a wholesaler of heating and plumbing products viewed as a bellwether for the sector, forecast annual profit at the low end of analysts’ estimates. “After a strong revenue performance in the first half, our growth rate has moderated recently in line with conditions in our markets,” the FTSE 100 constituent said in a statement Tuesday. The update reflected a “sharp slowdown”…

JOHANNESBURG (Capital Markets in Africa) – South Africa’s Eskom Holdings SOC Ltd. reduced the intensity of rotating power cuts on Friday — the country’s ninth straight day of scheduled blackouts — after imports from Mozambique were partially restored. South Africa’s supply from the Cahora Bassa hydroelectric system was cut about a week ago when Cyclone Idai damaged pylons in neighboring Mozambique. The loss of imports compounded an existing shortfall in South Africa after several of…

LONDON (Capital Markets in Africa) – European stocks opened steady following a mixed trading session in Asia, as British stocks fall after new Brexit developments. With only one week left of trading, European equities are heading for their best quarter since 2015. The Stoxx Europe 600 Index rose 0.2 percent, led by gains in technology shares. Deutsche Bank AG jumped 2.6 percent as the German lender said it sees 2019 revenue slightly higher than in 2018. European…