The Markets | - Part 178

Egypt Raises Fuel Prices as Government Pushes Painful Overhaul

CAIRO (Capital Markets in Africa) – Egypt raised fuel prices by as much as 55 percent, as the government pushes ahead with reforms to cut the budget deficit and revive the economy that are also putting pressure on households. The price for a liter of 80 octane gasoline or diesel rose to 3.65 pounds (20 cents) from 2.35 pounds, the cabinet said in a statement on Thursday, while 92 octane fuel increased to 5 pounds…

Julius Berger Eyes Oil, Power Deals to Curb Nigeria Risk

Posted on by The Editorial Team

LAGOS (Capita Markets in Africa) – Julius Berger Nigeria Plc, the largest construction company by market value in the West African nation, plans to acquire oil assets and expand into the power industry as it seeks to diversify its business and stay competitive after the country’s worst economic slump in decades. The Abuja-based company, which derives two-thirds of its earnings from government contracts, is also considering bidding for business in other countries in the region,…

Cell C Seeking 73% Debt Reduction in Blue Label Buyout Deal

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Cell C Pty Ltd. is seeking to cut its debt by 73 percent as part of a deal that will help South Africa’s third-largest mobile-phone operator sell a stake to Blue Label Telecoms Ltd. while retaining its operating license, according to two people familiar with the matter. The proposed transaction will see Cell C split about 9 billion rand ($688 million) of borrowings into three special purpose vehicles, said the people, who…

Beware MSCI’s Inertia If You’re Tracking Its Indexes: Macro View

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LAGOS (Capital Markets in Africa) – MSCI’s decision to delay the return of Argentina to emerging-market status while extending a lifeline to Nigeria means investors may be shut off from the benefits of Mauricio Macri’s reforms, while remaining subject to the impact of policy inaction from Muhammadu Buhari. The Argentina decision could spark a selloff in the country’s stocks, ironically making it more difficult for authorities to maintain capital-market freedoms. Macri has ended a decade-long battle with creditors and embarked on…

Nigeria’s Half-Measures on Currency Are Only Half-Working

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – A year after Nigeria scrapped a currency peg that sent foreign investors fleeing, it’s still battling to entice them back. But trying to placate investors by introducing multiple exchange rates isn’t going to work, bond funds and Wall Street lenders including Citigroup Inc. say. To end the dollar shortage that has hamstrung West Africa’s biggest economy and oil producer, President Muhammadu Buhari and central bank Governor Godwin Emefiele will have to weaken the naira’s official rate again,…

Orange Said to Expect African Growth Trailing Expectations

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Orange SA, France’s largest phone company, expects disappointing growth in Africa and the Middle East this year mostly due to poor performance in Egypt and the Democratic Republic of Congo, according to people with knowledge of the matter. While business performance in Africa is improving when compared with last year, revenue is set to expand just slightly more than in 2016, weighed down by political and economic issues in the two…

Nigeria May End Multiple Naira Rates in Quest for Inflows

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria will end a system of multiple exchange rates that has deterred investment in its stocks and bonds, according to the head of the country’s main currency-trading platform. The central bank and Lagos-based FMDQ OTC Securities Exchange are taking a “phased approach toward a single foreign-exchange market,” according to Bola Onadele. “There is opportunity for convergence and there is no better time for it,” Onadele, also known as Koko, said…

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