Market Watch | - Part 27

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…

Morocco’s Managem posts 63 pct slide in first-half net profit

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CASABLACA, Capital Markets in Africa: Morocco’s biggest mining company Managem posted a 63 percent drop in first-half net profit to 52 million dirhams ($5.35 million) on Thursday, citing weak global commodities prices. Managem said it was hit by a 12 percent slide in silver prices, a 21 percent drop in both copper and cobalt and a 16 percent decline in zinc during the first six months of 2016. Controlled by the Moroccan royal family’s holding…

U.A.E. Warns OPEC Against Any Hasty Decision on Oil in Algiers

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ALGIERS, Capital Markets in Africa: OPEC must find a “sustainable” way to stabilize oil markets in any agreement its members may reach when they meet next week in Algeria, the United Arab Emirates’ energy minister said. The group’s 14 members may discuss proposals to limit production in an attempt to shore up crude prices at talks planned on Sept. 28. Oil-producing countries previously considered freezing output to counter a global supply glut that cut prices…

Emerging-Market Volatility Near Brexit Level Before Fed, BoJ

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LAGOS, Capital Markets in Africa: Volatility in emerging markets hovered near the highest level since June as traders awaited verdicts on monetary policy from the Federal Reserve and the Bank of Japan. The MSCI Emerging Markets Index rose 0.1 percent to 898.61 as of 10:37 a.m. in New York after falling as much as 0.1 percent. Equity benchmarks in the Philippines and Qatar gained at least 1 percent, while measures in Russia, Turkey and India retreated. South…

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…

Emerging Markets Bounce Back as Fed Seen Holding Rates Steady

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LAGOS, Capital Markets in Africa: Emerging-market stocks rebounded from their biggest weekly drop in four months as optimism that the Federal Reserve will delay raising U.S. interest rates rekindled risk demand. Taiwan’s benchmark equity index jumped the most in a year on speculation demand for Apple Inc.’s latest iPhone model will boost earnings for the island’s suppliers. Hungarian bonds rose for a second day as S&P Global Ratings upgraded the country to investment grade. Russia’s ruble and…

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

Posted on by The Editorial Team

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…

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