The Markets | - Part 212

Nigeria Next for Allan Gray’s Ndiritu After Zambia Triumph

LAGOS, Capital Markets in Africa: A year ago, Nick Ndiritu, a portfolio manager at Cape Town-based Allan Gray Ltd., took a bet on the world’s worst-performing debt. The Zambian bonds Ndiritu bought at the height of the southern African nation’s currency crisis have returned 29 percent this year as the economy rebounded, helping to boost returns at the Allan Gray Africa ex-South Africa Bond Fund to almost double its peer average. Now Ndiritu is seeing value in local-currency…

Nigeria to Sell $1 Billion in Eurobonds as Recession Bites

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Lagos, Capital Markets in Africa: Nigeria soon will sell $1 billion in Eurobonds to finance a budget deficit as a recession grips the major African oil producer amid foreign currency shortages and double-digit inflation, officials said Friday. The sale is part of government plans to borrow $5 billion from abroad for capital infrastructure projects to boost Africa’s largest economy. Already some $3 billion has been secured in low-cost, long-term loans from the World Bank and…

Oil Holds Below $44 as Libya, Nigeria Seen Adding to Oversupply

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LAGOS, Capital Markets in Africa: Oil held below $44 a barrel amid speculation the global crude glut will expand as OPEC members Libya and Nigeria prepare to boost exports within weeks. Futures fell as much as 0.6 percent in New York after losing 5.9 percent the previous two sessions. Libya’s state oil company on Wednesday lifted curbs on sales from three ports, potentially unlocking 300,000 barrels a day. Exxon Mobil Corp. was said to be ready to resume…

Messiest Politics the Best, Emerging-Market Money Manager Says

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LAGOS, Capital Markets in Africa: Developing countries experiencing the deepest political turmoil shouldn’t deter investors, because they offer some of the best opportunities, according to the joint head of Old Mutual Investment Group’s emerging-markets unit. “The politics always give us an opportunity,” Siboniso Nxumalo, co-head of Global Emerging Markets at OMIG, told reporters in Johannesburg Wednesday. “The best-performing market in the world this year is Brazil, which had one of the messiest politics. Russia is the second-best…

Libya Bids to Resume Oil Exports From Key Ports Within Weeks

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LIBYA, Capital Markets in Africa: Libya’s National Oil Co. plans to restart oil exports from key ports “immediately” after reaching a deal with Khalifa Haftar, commander of the military forces who took control of the facilities on Sunday. The resumption of shipments from ports including Ras Lanuf, Es Sider and Zueitina would allow Libya to double crude output to 600,000 barrels a day within four weeks, NOC Chairman Mustafa Sanalla said Tuesday in a statementon the company’s website. The…

Kenya Treasury Secretary to Meet Prospective Eurobond Buyers

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NAIROBI, Capital Market in Africa: Kenyan Treasury Secretary Henry Rotich said he’s likely to meet potential investors in the East African nation’s next Eurobond while visiting the U.S. next month. The government has also factored a possible U.S. Federal Reserve interest-rate hike later this year into its plans for selling more debt offshore, he said in an interview Tuesday in the capital, Nairobi. Rotich will be attending the International Monetary Fund annual meetings in Washington scheduled to take place…

Libya’s Oil Comeback Derailed as Former General Seizes Ports

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LIBYA, Capital Markets in Africa: Libya’s plans to restore oil production suffered a significant setback after forces loyal to the eastern region’s powerful military commander ousted government-backed fighters from key export terminals, just days before a tanker was due to load the first shipment in nearly two years. Khalifa Haftar’s fighters took the ports of Ras Lanuf and Es Sider from Ibrahim Jadran, leader of local Petroleum Facilities Guard units, on Sunday. His forces now control shipping…

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