The Markets | - Part 32

Nigeria Using Managed-Float Forex Regime, Central Bank Says

LAGOS (Capital Markets in Africa) — Nigeria has not changed its foreign exchange policies from a managed float to a flexible regime, Central Bank Governor Godwin Emefiele said Tuesday. A report concluding that the country has adopted a flexible foreign-exchange rate based on comments by Finance Minister Zainab Ahmed is wrong, according to the Governor. Africa’s largest crude producer now uses the more flexible Nafex rate for all official transactions, abandoning the 379 naira to the dollar…

Cash Is King for Emerging Nations Facing Spike in Yields

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Cash is king may well be the mantra for emerging markets this year. With the relentless increase in Treasury yields pushing up global borrowing costs, developing-nation bond investors are scrutinizing the cash reserves of governments as they look to pick future winners. Russia, South Africa, and Indonesia may be among the best performers as they have each built up a sizable backstop. “It all boils down to flexibility and…

Africa Weekly Equity Market Commentary – March 19, 2020

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LAGOS (Capital Markets in Africa) – Overall sentiment on African equity markets was bearish. Among the markets we cover, 10 of them retreated this week – some of them, severely – while 6 advanced and one remained flat. Kenya led the pack as equities in Nairobi jumped 3% and are up 9.75% so far this year. Conversely, Namibian equities lost 6.69% over the 5-day period but remain up 8.25% YTD. West Africa BRVM – Bulls set the tempo on…

Spot the Dot – Rupert Thompson, Chief Investment Officer at Kingswood

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LONDON (Capital Markets in Africa) – Equity markets slipped back a little last week following their recovery over the previous two weeks. But it is government bonds, rather than equities, which remain the real focus of attention at the moment. If there is one variable market strategists are obsessing over at the moment, it is the 10-year US Treasury yield. It rose further last week to 1.73% and is now up as much as 0.82%…

What Happens when a Slot Game is Discontinued?

Posted on by The Editorial Team

All good things must come to an end, so they say – and sadly that is just as true of slot games as anything else. TV shows can be axed, books can be removed from publishers’ lists, and slot games can be discontinued, just like unwanted dishes on a restaurant menu – discover here. But what does this mean, and is there anything you can do if your much-loved slot game has been brought to…

World’s Top Real Rate Is Just Right for Egypt: Decision Guide

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CAIRO (Capital Markets in Africa) — Spiking U.S. Treasury yields and a rise in global commodity prices mean Egypt is likely to leave the world’s highest real interest rate unchanged on Thursday. With investors fleeing riskier assets, Egypt’s focus will likely be on retaining the competitive edge that’s driven foreign investment in its debt to a record high. All 12 economists surveyed by Bloomberg predict the central bank’s Monetary Policy Committee will hold its benchmark deposit rate…

Bonds Plunge, Stocks Undo Gains on Inflation Risk: Markets Wrap

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Inflation concerns are rattling investors worldwide once again, fueling a selloff in bonds and sending U.S. stocks down from record highs. Ten-year Treasury yields climbed above 1.75% for the first time since January 2020, while the 30-year breached 2.5% for the first time since August 2019. The Nasdaq 100 Index, a benchmark for high-valuation stocks that are sensitive to rising yields, sank, with Apple Inc., Microsoft Corp. and Tesla…

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