Market Watch | - Part 33

Market Watch | Stocks Slide as Central Banks Fail to Reassure; Yen, Gold Climb

LAGOS, Nigeria, Capital Markets in Africa: Stocks slid with commodities after central banks in the U.S and Japan signaled increased concern about the global economic outlook. Gold and bonds rose on haven demand, while the yen climbed to the highest since 2014. The Stoxx Europe 600 Index fell to a four-month low and U.S. crude retreated for a sixth day in the longest losing streak since February. Bond yields sank to records in Germany, Australia after Japan as Federal Reserve…

Emerging Markets Halt Brexit Slump on Wagers for Fed Status Quo

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LAGOS, Nigeria, Capital Markets in Africa: Developing-nation stocks and currencies rebounded from a four-day slide as MSCI Inc.’s decision not to include Chinese mainland shares in its indexes buoyed smaller markets and investors wagered the Federal Reserve would adopt dovish language in its Wednesday statement. Equity benchmarks in Hungary, Romania, India and the Czech Republic advanced at least 1 percent each. Chinese stocks traded in Hong Kong also rose as the index provider’s decision late Tuesday meant there…

Centum of Kenya Profit Surges 25% on Equity Investment Gains

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NAIROBI, Kenya, Capital Markets in Africa: Centum Investment Co., Kenya’s biggest publicly traded investor, said full-year profit grew 25 percent, driven by gains on the country’s stock market. Net income jumped to 9.95 billion shillings ($98.3 million) in the 12 months through March from 7.94 billion shillings a year earlier, the company said Wednesday in a statement published in the Nairobi-based Business Daily newspaper. Investment and other income increased to 24.2 billion shillings from 11.8…

South Africa | Sasol Set for Its Biggest Decline Since 1998 on Writedowns

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Johannesburg, South Africa, Capital Markets in Africa: Sasol Limited was set for the biggest decline in more than 17 years after saying fiscal full-year profit will drop by as much as 30 percent following write downs. The South African fuel producer reported impairments totaling 11.5 billion rand ($770 million), citing the collapse in energy prices. The shares fell 11 percent in Johannesburg, which would be the largest slump on a closing basis since October 1998….

Market Watch | Emerging Markets Rally as Traders Scale Back Bets on Fed Rate

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market currencies headed toward the steepest advance in more than two months while stocks and bonds climbed as the weakest U.S. jobs data since 2010 boosted optimism the Federal Reserve will delay raising interest rates. The MSCI Emerging Markets Currency Index added 0.9 percent at 12:55 p.m. in London, led by Indonesia’s rupiah and Malaysia’s ringgit. A measure of developing-market stocks rose for a third day, topping its 50-day moving average. Philippine…

Zimbabwe Stock Exchange Cuts Jobs After Trading Slumps

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Harare, Zimbabwe, Capital Markets in Africa: The Zimbabwe Stock Exchange is cutting jobs and will soon announce a strategy to generate additional income after revenue fell by half in 2015 and has shown little sign of recovery this year, its chief executive officer said. Zimbabwe has suffered deflation for the past 18 months because of a fall in consumer demand and the economy is half the size it was in 2000. Cash shortages in a country that…

Ghana Market | For a Lesson in Precisely How Not to Do an IPO, Look at Ghana

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ACCRA, Ghana, Capital Markets in Africa: It was supposed to be sub-Saharan Africa’s biggest share sale by a state company in almost 10 years. Instead, it’s a lesson in how not to conduct a privatization. More than two months after Ghana’s Agricultural Development Bank Limited received bids totaling $113 million in an initial public offering, and a decade after ending state ownership was first discussed, the company is reopening the sale, essentially invalidating the first auction….

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