Equity | - Part 6

Indian Summer Comes to Emerging Markets as Fed Spurs Fresh Gains

LAGOS, Capital Markets in Africa: The Federal Reserve has given fresh impetus to emerging markets. As Russia joined Argentina in announcing Eurobond sales, stocks from Istanbul to Johannesburg rallied at least 1.6 percent, South Africa’s rand extended its longest winning streak since 2013 and Standard Chartered Plc recommended buying the lira, this quarter’s worst-performing major currency outside of Latin America. Pledges to keep monetary policy accommodative from the Fed and Bank of Japan this week have emboldened the…

Bidvest, Life Healthcare Rise After JSE Top40 Index Inclusion

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JOHANNESBURG, Capital Markets in Africa: Bidvest Group Ltd. and Life Healthcare Group Holdings Ltd. gained for the first time in three days in Johannesburg trading after the companies were added to the stock exchange’s Top40 index. Bidvest, the diversified South African industrial group, advanced as much as 1.4 percent to 152.59, while hospital operator Life Healthcare climbed 1.1 percent to 38.15 rand. The companies and Sibanye Gold Ltd. and Gold Fields Ltd. joined the FTSE/JSE Top40 Tradeable Index…

Egypt expects 2-3 IPOs in first year of privatisation plan

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CAIRO, Capital Markets in Africa: Egypt expects to privatise two or three state-owned companies via listings on the stock exchange in the first year of a privatisation programme, the chief executive of government-owned NI Capital said on Monday. The programme will last for three to five years and will start with state-owned oil companies but will also include state-owned banks, said Ashraf El-Ghazaly. NI Capital is a government-owned, privately managed financial institution that is part…

Emerging Assets Retreat Second Day as Fed Rate Concern Deepens

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market currencies and stocks fell for a second day as commodities declined and comments from a Federal Reserve official fuelled speculation that there will be a U.S. interest-rate increase this year. Russia’s ruble and other currencies of oil-exporting nations declined as Brent crude fell below $50 a barrel and Fed Vice Chairman Stanley Fischer indicated that a 2016 rate move is still under consideration. Raw-material producers including Vale SA dragged the IBOVESPA…

Emerging Assets Halt Five-Day Gain as Oil Falls, Ringgit Weakens

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market assets halted a five-day gain as a slide in oil prices sapped demand for higher-yielding assets. A gauge of developing-nation shares dropped from the highest level in a year, led by losses in Slovenia, Estonia and the Philippines. Malaysia’s ringgit fell the most among emerging-nation currencies as the country derives 20 percent of its revenue from energy-related sources. The Korean won weakened as the central bank governor said there was still room to…

Market Watch: Emerging-Market Stocks Advance With Volatility at 11-Year Low

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks rose toward the highest level since China’s currency devaluation last year, while volatility fell to an 11-year low, on optimism earnings are improving and central banks remain supportive of growth. Egyptian stocks rallied the most in the world after the government said it’s nearing the final stages of talks for an International Monetary Fund loan. Turkey’s benchmark index headed for a one-week high, rising with the country’s bonds and currency,…

Market Watch | Emerging Markets Extend Losses as Concern Over Brexit Resurfaces

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks fell for a second day and currencies headed for the longest streak of losses in three weeks as investors switched to haven assets on concern the Brexit contagion is spreading. The MSCI Emerging Markets Index dropped 1.4 percent to 820.19 at 12:08 p.m. in New York, paring its gains this year to 3.3 percent. A gauge of currencies slid for a third day after Bank of England Governor Mark Carney said Tuesday the…

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