Market Watch | - Part 28

Oil Falls to 1-Month Low as Nigeria, Libya Poised to Swell Glut

LAGOS, Capital Markets in Africa: Oil fell to a one-month low in New York on speculation that the resumption of shipments from Libya and Nigeria may add to the global surplus. Futures dropped as much as 2.7 percent on the New York Mercantile Exchange. Libya and Nigeria, whose supplies have been reduced by domestic conflicts, are preparing to boost exports within weeks. A tanker that’s supposed to collect crude from a key Libyan terminal for the first time in…

Oil Glut Set to Worsen as Nigeria and Libya Fields Restart

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: Amid the most enduring global oil glut in decades, two OPEC crude producers whose supplies have been crushed by domestic conflicts are preparing to add hundreds of thousands of barrels to world markets within weeks. Libya’s state oil company on Wednesday lifted curbs on crude sales from the ports of Ras Lanuf, Es Sider and Zueitina, potentially unlocking 300,000 barrels a day of supply. In Nigeria, Exxon Mobil Corp. was…

MTN Gains After Raising $1.3 Billion of Loans Before Bond Sale

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Johannesburg, Capital Markets in Africa: MTN Group Ltd., Africa’s largest mobile-phone operator by sales, climbed for a second day after raising more than $1.3 billion in loans before the potential sale of bonds. The shares jumped 2.2 percent to 121.49 rand as of 12:29 p.m. in Johannesburg on Wednesday for the biggest two-day advance since June 29 and valuing the company at 225 billion rand ($16 billion). MTN is being provided with $1 billion and 4.8 billion rand…

Deal or No Deal, OPEC’s Freeze Talks Are Already Succeeding

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LAGOS, Nigeria, Capital Markets in Africa: Even as speculation builds over whether OPEC will clinch an output deal with Russia this month, their negotiations are already paying off. Hedge funds and other investors reversed their bets on falling oil prices at the fastest pace in five months after producers said they would meet in Algiers, data from the U.S. Commodity Futures Trading Commission show. While skepticism has grown about whether the Organization of Petroleum Exporting Countries,…

Nigeria’s Biggest Miller Says Firms Face Huge Challenges

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LAGOS, Capital Markets in Africa: Flour Mills of Nigeria Plc, the country’s biggest miller by market value, said manufacturers in Africa’s most populous country are finding profits under pressure from a fall in crude prices, a weak naira and rising input costs. “Taken together, these factors have contributed to a perfect storm,” Chairman John Coumantaros told investors at a meeting in the commercial hub, Lagos, on Thursday. Flour Mills was able to “offset the impact” of…

Emerging Assets Trim Weekly Rally After ECB Damps Stimulus Hopes

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LAGOS, Capital Markets in Africa: Emerging-market stocks and currencies trimmed the biggest weekly gain in a month after the European Central Bank refrained from pledging more stimulus and North Korea conducted its biggest-ever nuclear test. The won dropped and the Kospi index suffered its worst retreat for two months after North Korea’s fifth nuclear test. Malaysia’s ringgit and Russia’s ruble fell and stocks in Brazil were poised to open lower as Brent crude slid the most in more than a…

Nigeria Offers Three-Year Tax Holiday to Mining Investors

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LAGOS, Capital Markets in Africa: Nigeria offered a three-year tax holiday to mining investors as the West African nation seeks to raise as much as $7 billion to develop its minerals and steel industries. The tax incentive will start “from the date the investor commences mining operations in the country,” Mines and Steel Development Minister Kayode Fayemi told prospective investors at a meeting in Perth, Australia, according to a statement posted on the ministry’s website. He confirmed deposits…

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