The Markets | - Part 199

Gold Climbs to Four-Week High on Dollar’s Drop and Haven Demand

LAGOS (Capital Markets in Africa) – Gold climbed to a four-week high as a weaker dollar and uncertainty over the impact of Donald Trump’s policies bolstered demand for a haven. Palladium rose, heading for the biggest five-day surge since November. Bullion has increased every trading session this year, with spot prices rising as much as 1.4 percent to $1,179.43 an ounce on Thursday. Gold is advancing as the Bloomberg Dollar Spot Index’s retreat from the highest in…

Libyan Oil Port Said to Re-Open as OPEC Nation Boosts Output

Posted on by The Editorial Team

TRIPOLI (Capital Markets in Africa) – Libya is re-opening its last major oil-export terminal and producing at the highest level in more than two years as the war-torn country benefits from an exemption from OPEC output cuts. The Zawiya terminal is preparing to resume exports after the pipeline supplying it was re-opened, an official at the state-run National Oil Corp. said, asking not to be identified for lack of authorization to speak to news media….

OPEC Oil Output Slides in December Amid Nigeria Disruptions

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – OPEC’s crude production fell by 310,000 barrels a day in December, as unplanned disruptions in Nigeria reduced the group’s supply before deliberate cuts take effect this month. Nigeria’s daily output dropped by 200,000 barrels to 1.45 million in December, ending three months of gains as the African nation struggled to restore capacity after a year of militant attacks on oil infrastructure. Saudi Arabia’s production fell by 50,000 barrels a day…

EFG-Hermes Hires Exotix Banker to Lead Frontier Market Expansion

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CAIRO (Capital Markets in Africa) – EFG-Hermes Holding SAE hired former Exotix Partners LLP banker Ali Khalpey to head its frontier division as it seeks to expand into new markets. The Cairo-based investment bank named Khalpey as chief executive officer of EFG-Hermes Frontier that will focus on securities brokerage, investment banking and research, the lender said in an e-mailed statement on Tuesday. Khalpey previously worked for Exotix Africa LLP, Blackrock Inc., Investec and Renaissance Capital LLC, it said. With growth in…

Oil Rises as U.S. Stockpiles Seen Falling While OPEC Starts Cuts

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LAGOS (Capital Markets in Africa) – Oil rose amid estimates that U.S. crude stockpiles declined, adding to signs that global crude markets are tightening as OPEC implements an agreement to cut production. Futures climbed as much as 1.2 percent in New York after tumbling 2.6 percent Tuesday. U.S. inventories probably dropped by 2.25 million barrels last week, according to a Bloomberg survey before an Energy Information Administration report Thursday. Libya, exempt from the OPEC deal to cut supply,…

Oil Trader Gunvor Suing Cerberus Over Failed Chevron Africa Bid

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LAGOS (Capital Markets in Africa) – Oil trader Gunvor Group is suing Cerberus Capital Management alleging that the private equity firm is refusing to pay its share of costs incurred when the two companies made a failed $650 million bid for Chevron Corp. assets in South Africa. While a relatively small amount of money is at stake, the suit sheds light on the acquisition campaign now under way after Gunvor sold the bulk of its Russian…

Interswitch Delays IPO Over Nigerian Dollar Supply Concerns

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Interswitch Limited, which processes payments for banks and owns a brand of debit cards in Nigeria, suspended plans to raise as much as $1 billion in an initial public offering as investors fret over further potential weakness in the naira and a shortage of foreign currency. The company, which operates in five African countries, said last year it met with banks including Bank of America Corp., Barclays Plc and Standard Bank…

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