The Markets | - Part 224

Kenya to Switch KenGen Debt in Region’s Biggest Rights Offer

NAIROBI, Kenya, Capital Markets in Africa: The Kenyan government will convert 20.2 billion shillings ($200.4 million) of debt owed by the East African nation’s biggest electricity producer into equity as part of a rights offer that’s the largest in the region. The Kenya Electricity Generating Co. Ltd., known as KenGen, is asking investors for 28.8 billion shillings to help finance 720 megawatts of new production capacity over the next four years. Other shareholders apart from the…

Africa’s Busiest Oil Industry Is Running Hard to Stand Still

Posted on by The Editorial Team

Algiers, Algeria, Capital Markets in Africa: Algeria has more drilling rigs than the rest of Africa combined, yet oil production still isn’t recovering after years of decline. It’s little wonder the nation remains one of the most vocal supporters of action to increase prices by curbing output at the OPEC meeting next month. The Organization of Petroleum Exporting Countries has been hit hard by the decline in oil prices. Algeria, like other members, is rolling out economic reforms to deal with…

Crude Falls as Canada to Resume Oil-Sands Output After Fires

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LAGOS, Nigeria, Capital Markets in Africa: Oil dropped for a fourth day as producers in Canada worked to resume operations after wildfires and Iran continued to raise exports. July crude fell as much as 2.1 percent. Cooler weather is helping to control a blaze in Canada’s oil-sands region and allowing Suncor Energy Inc. and Syncrude Canada Ltd. to start getting back to work. Iranian exports could surpass 2.2 million barrels a day by midsummer, the state oil company told…

Market Watch | Tech Stocks Lead Emerging Markets Higher, Hungary Bonds Advance

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Technology companies led emerging-market stocks higher for a second day while declines in oil and metal prices dragged down energy shares. Brazil’s real and South Africa’s rand led currencies of commodity-producing nations lower while Hungarian bonds advanced after the country was raised to investment grade by Fitch Ratings. The Taiex index led advances as Apple Inc. vendors such as Taiwan Semiconductor Manufacturing Co. surged on reports production is gearing up on…

South Africa Rand Rout Little Help as South African Companies Hoard Cash

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa: South African businesses are flush with money. Too bad they aren’t willing to spend it at home. They’re hoarding cash or expanding abroad, put off by a stagnating economy, power shortages, low commodity prices and slower growth in export markets China and Europe. Delays in passing business regulations and a dispute between President Jacob Zuma and Finance Minister Pravin Gordhan are compounding their unease. “Corporate South Africa has continued to build international business…

Market Watch | Emerging Assets Decline as Fed Move in June Seen as Possibility

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks and currencies fell to two-month lows as Federal Reserve minutes revived the possibility of an interest-rate increase as soon as next month, raising the specter of capital flows out of riskier assets. Raw-material producers led Brazilian equities toward a one-month low. Egyptian stocks posted a weekly loss after an EgyptAir plane went missing with 66 people on board. South African gold mining companies dropped, ending a four-day rally in…

Glencore’s Best Start to Year Eases Blow From Post-IPO Slump

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Glencore Plc shareholders showing up for the miner’s annual meeting on Thursday can take comfort in the stock’s best ever start to a year. Less so the loss of about half the company’s value since they met 12 months ago and more than 70 percent since a $10 billion initial public offering in 2011. Such wild share swings highlight both the opportunities from billionaire Chief Executive Officer Ivan Glasenberg’s plans to…

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