The Markets | - Part 220

Kenyan Bank Jamii Bora Seeks Investor as it Considers Listing

NAIROBI, Kenya, Capital Markets in Africa: Jamii Bora Bank Ltd., a Kenyan micro-lender, has begun the search for a strategic investor to inject 3 billion shillings ($29.6 million) to fund its expansion as it considers listing on the domestic stock market, Chief Executive Officer Sam Kimani said. The bank is courting private-equity investors and other lenders as potential investors, Kimani said June 21 in an interview in the capital, Nairobi. In April, the company raised 1.2 billion…

Nigerian Naira Gains as Central Bank Ensures Dollar Supplies

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s naira strengthened against the dollar, heading for its first gain since starting to trade without a peg three days ago, as the central bank sought to stabilize the market through the sale of dollars. The naira rose by 1.1 percent to 281.5 per dollar by 1:53 p.m. in Lagos, the commercial capital of Africa’s largest economy, after earlier dropping as much as 0.5 percent. The regulator has intervened in the market by…

Nigeria’s Naira Pulls Back From Record Low as Stocks Advance

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s naira gained on the second day of trading without a peg after the central bank spent more than $4 billion on Monday to clear pent-up demand for foreign currency. Stocks advanced and dollar-bond yields fell to 10-month lows. The currency of Africa’s biggest economy strengthened 0.7 percent to 280.5 per dollar by 10:44 a.m. in Lagos, the commercial capital, after declining as much as 1.4 percent earlier to a record…

Oil Halts Gain Near $49 Before U.S. Stockpile Data, Brexit Vote

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LAGOS, Nigeria, Capital Markets in Africa: Oil halted gains near $49 a barrel as markets awaited weekly U.S. stockpile data, while the U.K. referendum on membership of the European Union remained too close to call. Futures slid as much as 1 percent in New York. U.S. inventories probably fell by 1.5 million barrels last week, keeping them more than 100 million barrels above the five-year average, according to a Bloomberg survey before government data Wednesday. Separate polls showed leads…

Nigeria’s Naira Slumps as 15-Month Currency Peg Ends in Lagos

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s naira weakened 22 percent to 253.50 per dollar after the central bank allowed the currency of Africa’s biggest economy to float freely on Monday. Demand for foreign currency has built up to about $3 billion since capital controls were imposed 15 months ago to defend the currency’s peg of 197-199 per dollar, according to Chapel Hill Denham Securities Ltd. Even as the naira weakens, local stocks may extend the best three-day rally…

Nigeria | Out of Options Amid Economic Slump, Nigeria Abandons Naira Peg

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LAGOS, Nigeria, Capital Markets in Africa: Battered by the oil plunge, starved of foreign currency and with the economy headed into recession, Africa’s second-biggest crude producer said Wednesday it will allow the naira to float, setting the stage for the currency to weaken. Free trade in the naira, set for Monday, will mark the end of more than a year of resistance by President Muhammadu Buhari, who reiterated his opposition to devaluation as recently as two…

Commodity | Trafigura Profit Boosted by Angola Buying Dormant Iron Ore Mine

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LAGOS, Nigeria, Capital Markets in Africa: Trafigura Group Pte’s first-half profit was boosted through a deal where the Angolan government paid millions of dollars for a dormant iron ore project, allowing the trading house to avoid a 50 percent drop in net income. The transaction, reported in a note in its earnings report earlier this month, enabled the Singapore-based trading house to book a one-time gain of almost $265 million in the six months to March…

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