The Markets | - Part 136

South African Stocks 0.5% Lower, Tunisia SE Rises 0.8%;

JOHANNESBURG (Capital Markets in Africa) – FTSE/JSE Africa All Share Index falls 0.5% in Johannesburg. Fortress drops after Resilient and Fortress announce they will restructure Siyakha Trust and Siyakha 2 Trust, with the intention to unwind cross-shareholding. Biggest laggers by percentage points: Tiger Brands (-7.9%), after U.A.E. bans co.’s processed meat products, Kumba (-7.1%), Fortress B shares (-5.9%), Fortress A shares (-5.6%), Steinhoff (-4.7%), BHP (-4.2%), FirstRand (-3.9%) News: Everglen to Sell About $100m of Transaction…

Senegal Is Said to Attract Almost $10 Billion in Eurobond Bids

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DAKAR (Capital Markets in Africa) – Senegal received more than $10 billion of orders for a $2.2 billion Eurobond on Tuesday as debt from African governments remains in hot demand with yield-hungry investors. The West African nation sold 1 billion euros ($1.2 billion) of notes with an average life of nine years and a separate $1 billion 29-year tranche, the Finance Ministry said in a statement Wednesday. The euro notes yielded 4.75 percent and the dollar…

Egyptian Exchange EGX 30 Price Index Rises, South Africa FTSE/JSE Breadth Strengthens

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CAIRO (Capital Markets in Africa) – Market breadth for the FTSE/JSE Africa All Share Index strengthened as the number of companies that rose exceeded declining shares by 114 to 40, the most since Feb. 15. The South Africa FTSE/JSE rose for the second day, climbing 2.3 percent, or 1,330.46 to 59,242.86. Bloomberg’s market breadth function helps you analyse the main stock indexes around the world, highlighting when an unusual percentage of index members breach technical levels ranging from…

It’s Much Ado About Nothing as Tanzania Frets Over Credit Rating

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DAR ES SALAM (Capital Markets in Africa ) – Tanzania may be less than enamoured with its first credit rating, but there’s little to suggest the gas-rich East African nation would be blocked from the Eurobond market that it’s long been tempted to tap. After discussing plans to get a rating for at least a decade, Tanzania obtained one of B1, four steps into junk territory, from Moody’s Investors Service on Friday. Government officials weren’t impressed. Dotto James, the…

Egypt Bourse Expects Up to Seven IPOs This Year, Most Since 2011

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CAIRO (Capital Markets in Africa) – The Egyptian stock exchange is expecting as many as seven initial public offerings this year, starting as soon as this month, which would be the highest number of share sales since the 2011 uprising that ousted President Hosni Mubarak. An IPO this month is likely to be followed by another in April, and a further four or five share sales before year-end, Egyptian Exchange Chairman Mohamed Farid said in an…

Nigeria SE Rises 2.8% to 44,062.47; Dangote Cement Leads Advance

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LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index rose for the second day, climbing 2.8 percent, or 1,186.24 to 44,062.47. The move was the biggest since rising 2.9 percent on Jan. 11. The MSCI Emerging Markets Europe, Middle East and Africa Index advanced 1.1 percent. Dangote Cement Plc contributed the most to the advance and had the biggest gain, increasing 9.4 percent. PZ Cussons Nigeria Plc fell 4.9 percent, the biggest loss. The biggest movers also included:…

Carry Trades With Emerging FX Are Entering Bearish Momentum

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LAGOS (Capital Markets in Africa) – Emerging-market carry trades are losing their appeal and they could be in for more losses, if technical indicators are any guide. A Bloomberg gauge of carry trades in eight developing-nation currencies declined 1.7 percent since reaching the most since August 2014 on Jan. 25 amid the latest market turmoil that sent volatility to the highest level since 2015 this week. The carry-trade measure fell below the 21-day moving average on Wednesday. At…

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