The Markets

Emerging Markets Extend Losses as Fed Wake-Up Call Halts Rally

Posted on by The Editorial Team
Emerging Markets Extend Losses as Fed Wake-Up Call Halts Rally

LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks fell for a second day and currencies retreated from a 13-month high as renewed prospects for a U.S. interest-rate hike this year sapped risk appetite. Saudi Arabian shares dropped the most in almost three months and futures on Ibovespa declined on lower commodity prices. Egypt’s benchmark index slid for a second day as Commercial International Bank, which accounts for 40 percent of the gauge by weight, headed for…

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Oil Trades Near $46 a Barrel as Nigeria Sees OPEC Cuts Unlikely

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: Oil traded near $46 a barrel after the biggest three-day gain since April as Nigeria’s oil minister signaled the prospect of production cuts from OPEC was unlikely. Futures were little changed in New York, erasing an earlier loss of 0.9 percent as the dollar weakened, making commodities more attractive. Prices climbed 9.7 percent the previous three sessions following comments by Saudi Arabia’s energy minister that it’s prepared to discuss stabilizing the…

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Soutth Africa’s Rand Heads for Fourth Week of Gains as Johannesburg Stocks Rise

Posted on by The Editorial Team
Soutth Africa’s Rand Heads for Fourth Week of Gains as Johannesburg Stocks Rise

Johannesburg, South Africa, Capital Markets in Africa: The rand strengthened for a fourth week against the dollar as investors seeking higher yields piled into South African bonds and stocks and data showed the continent’s biggest economy may avoid a recession this year. The rand was also set for a fourth weekly advance against Britain’s pound, the longest stretch since the four weeks to April 10, and poised for the biggest gain against sterling since the…

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Old Mutual Drops Most in Six Weeks as Profit Misses Estimates

Posted on by The Editorial Team
Old Mutual Drops Most in Six Weeks as Profit Misses Estimates

Johannesburg, South Africa, Capital Markets in Africa: Old Mutual Plc, the London-based insurer planning to split into separate businesses, dropped the most in more than six weeks as first-half profit missed analyst estimates and the company said the rest of the year will be fraught with challenges. The stock slid as much as 6.3 percent on Thursday, the biggest intraday decline since June 24, before paring losses to trade 5.6 percent down at 212.90 pence as of 9:26…

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Nigeria Helped by Low Debt as It Tackles Slump With Spending

Posted on by The Editorial Team
Nigeria Helped by Low Debt as It Tackles Slump With Spending

LAGOS, Nigeria, Capital Markets in Africa: Nigeria is facing a recession, a plunging currency, inflation at a decade-high and a widening budget deficit. It has one thing going for it: low debt. That means the west African nation has room to tap international markets as it plans to spend its way out of an economic slump, according to analysts including Manji Cheto at Teneo Intelligence. Nigeria said on Aug. 8 it’s seeking banks to manage a Eurobond sale…

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Emerging Markets Advance as Fed Optimism Sparks Dollar Weakness

Posted on by The Editorial Team
Emerging Markets Advance as Fed Optimism Sparks Dollar Weakness

JOHANNESBURG, Capital Markets in Africa: Emerging-market currencies and bonds rallied as traders pushed back forecasts for when the Federal Reserve will increase U.S. interest rates, bolstering demand for higher-yielding assets. Most developing-nation currencies trading on Wednesday strengthened against the dollar, led by the South Korean won, Malaysian ringgit and South African rand. Russia’s ruble fell as oil declined for a second day, while the yuan strengthened the most in almost two weeks. Government bonds rallied, with Polish and…

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Emerging Assets Halt Five-Day Gain as Oil Falls, Ringgit Weakens

Posted on by The Editorial Team
Emerging Assets Halt Five-Day Gain as Oil Falls, Ringgit Weakens

LAGOS, Nigeria, Capital Markets in Africa: Emerging-market assets halted a five-day gain as a slide in oil prices sapped demand for higher-yielding assets. A gauge of developing-nation shares dropped from the highest level in a year, led by losses in Slovenia, Estonia and the Philippines. Malaysia’s ringgit fell the most among emerging-nation currencies as the country derives 20 percent of its revenue from energy-related sources. The Korean won weakened as the central bank governor said there was still room to…

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