Features | - Part 242

Goldman Surprised by Sudden Oil-Market Turn as Glut Vanishes

LAGOS, Nigeria, Capital Markets in Africa: The global oil market has flipped to a deficit sooner than Goldman Sachs Group Inc. had expected. A decline in production driven by unexpected supply disruptions, as well as sustained demand, have resulted in a “sudden halt” to the output surplus, Goldman analysts Damien Courvalin and Jeffrey Currie wrote in a report dated May 15. Other banks such as Morgan Stanley, Barclays Plc and Bank of America Corp. also noted that supply losses are leading markets to…

Nigeria Inflation Quickens to Fastest Pace in Almost 6 Years

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Nigerian inflation accelerated for a sixth consecutive month in April and at the highest pace since August 2010, after an increase in gasoline and electricity prices in Africa’s largest economy. The inflation rate rose to 13.7 percent from 12.8 percent the month before, the Abuja-based National Bureau of Statistics said in an e-mailed statement, the same median estimate of 14 economists surveyed by Bloomberg. Prices rose 1.6 percent in the month. Rising fuel and electricity…

Algeria Signs Oil, Gas Deal as OPEC Member Boosts Sales

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Algiers, Algeria, Capital Markets in Africa: Algeria will supply oil and other energy products to Jordan for the first time under a memorandum of understanding signed on Monday, as the OPEC member seeks to diversify sales after years of stagnating oil production. Algeria’s state-run Sonatrach Group will start liquefied natural gas and liquefied petroleum gas shipments to Jordan in September, followed by crude oil, Algerian Energy Minister Salah Khebri said in an interview in Amman. Sonatrach and National Electric Power…

Ghana Interest Rates Seen Steady as Issahaku Holds First Meeting

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s new central bank governor, Abdul Nashiru Issahaku, will probably keep policy unchanged at his debut interest-rate announcement after inflation started to slow and the cedi stabilized. Issahaku, 54, appointed last month after the early retirement of Kofi Wampahin March, will probably leave the benchmark rate at 26 percent when he announces the first Monetary Policy Committee decision under his leadership on May 16, according to the median of eight economist estimates compiled by Bloomberg….

Africa’s maturing telecoms sector to see further M&A activity — Moody’s

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Johannesburg, South Africa, Capital Markets in Africa: Africa’s telecoms sector will undergo more M&A activity as its markets continue to consolidate as they mature, Moody’s Investors Service says in a report published today. The report “M&A Activity to Reshape Competitive Environment As Markets Mature and Consolidate”. Moody’s expects more consolidation within markets as existing operators – particularly smaller third or fourth tier companies – look for ways to cut costs and expand their market share….

Investment | Nedbank Group Hunting for Kenyan Acquisition as Parent Mulls Exit Plan

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Johannesburg, South Africa, Capital Markets in Africa: Nedbank Group Limited, the South African lender being spun off from parent Old Mutual Plc, said it’s in talks that may lead to the acquisition of a Kenyan bank as it seeks to benefit from an economic growth rate that’s double the average for the rest of the continent. “Within the next 12 months we’ll certainly be looking to do a deal,” Mfundo Nkuhlu, chief operating officer of Johannesburg-based Nedbank,…

Trade | U.S. Eyes Next Step in Africa Trade Relations, Froman Says

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LAGOS, Nigeria, Capital Markets in Africa: The year after President Barack Obama extended African nations’ preferential access to U.S. markets by a decade, his administration is re-evaluating its trade relations with the world’s poorest continent. “It’s time to start looking at what comes next,” U.S. Trade Representative Michael Froman said in an interview in Kigali, Rwanda’s capital, where the World Economic Forum is holding its annual Africa summit. “Part of what motivates us is that we are hearing…

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