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Kenyan Stocks, World’s Worst This Year, Set to Fall Further

NAIROBI (Capital Markets in Africa) – Kenyan stock prices at more than three-year lows may have further to fall with domestic investors favoring bonds and foreign buyers waiting for lower valuations, the head of the bourse said. Shares on the Nairobi Securities Exchange have dropped 6.9 percent since Jan. 1, extending last year’s 8.5 percent decline, because of jitters among investors about elections scheduled for August. The yield on Kenya’s benchmark 10-year bond has fallen almost 200 basis points to…

Gold hits highest in over a month on Brexit, Trump concerns

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LONDON (Capital Markets in Africa) – Gold rallied to its highest level in more than a month on Tuesday as the dollar dipped ahead of a news conference on Wednesday by U.S. President-elect Donald Trump. The market is looking for more clues on Trump’s spending plans in the first speech since his shock win in November, pushing the dollar lower. The pound and stocks also slid on fears of a “hard” Brexit after British Prime Minister…

Kenyan Central Bank Said to Warn Bankers Over Shilling Comments

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NAIROBI (Capital Markets in Africa) — Central bank warns bankers, traders not to make comments, forecasts about shilling that it deems too negative, according to people familiar with matter. Some bank executives summoned to meetings with policy makers last week, others telephoned individually. Central bank blames speculators for shilling’s recent slide; told bankers to allow currency to be guided by market fundamentals. Kenyan Shilling has weakened every trading since December 23, longest losing streak since…

Oil Falls as OPEC Output Curbs Offset by Growth in U.S. Drilling

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LONDON (Capital Markets in Africa) – Oil fell for the first time in four days as an increase in U.S. drilling activity fanned speculation that OPEC production cuts could revive output in North America. Futures slid as much as 2.1 percent in New York after rising 3.2 percent the previous three sessions. Gulf oil producers Saudi Arabia, the United Arab Emirates, Qatar, Oman and Kuwait are implementing the cuts they promised, Nawal Al-Fezaia, Kuwait’s OPEC governor,…

Top Forecaster Says Gold May Recover ‘Shine’ on Global Risks

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LAGOS (Capital Markets in Africa) – Gold’s worst plunge in 14 months may yet reverse. Looming risks from the U.S. presidential election in November to Britain starting talks to leave the European Union next year may boost its role as a haven, said Barnabas Gan, an economist at Oversea-Chinese Banking Corp. in Singapore. Increasing shale oil output in the U.S. is also likely to cool the surge in crude prices, curbing inflation, he said. “As quickly as gold…

Egypt | To loosen its currency peg Egypt needs sustainable dollar inflows

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CAIRO, Capital Markets in Africa: Egypt is rebuilding its foreign reserves with the help of loans and aid, easing a shortage of dollars and preparing the way for a loosening of its fixed exchange rate. But economists and bankers say that unless it finds a sustainable inflow of dollars the import-dependent country could soon find itself back at square one. Egypt has struggled to earn dollars since a 2011 revolt drove away tourists and foreign…

Oil Climbs to Highest Since November as European Shares Retreat

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LAGOS, Nigeria, Capital Markets in Africa: Brent crude rose to a six-month high, leading a rebound in commodities and boosting the ruble and mining companies, as supply disruptions in Nigeria added to production woes. Oil extended last week’s gains as Goldman Sachs Group Inc. increased its price forecast, saying the market had moved into a supply deficit earlier than expected. Precious metals rallied with aluminium and commodity producers climbed, while almost all of the other industry groups in the Stoxx Europe 600…

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