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Egypt faces rising financial risk-data
July 5, 2013--Egypt's crumbling public finances may be in even worse shape than previously estimated.
While stock and bond markets have cheered the ouster of unpopular President Mohamed Mursi by the army and Egypt's debt insurance costs have tumbled, data shows that financial risks are about to escalate.
The central bank's net hard currency reserves, which a country needs to pay for imports, are in negative territory if upcoming short-term obligations are included, indicating a looming funding crunch for Egypt unless it quickly accesses external aid.
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Source: FIN24
Africa: Private Equity-Bringing Development Capital to Africa?
July 4, 2013--Africa's private equity industry has been gaining ground. Last year, despite difficult global economic circumstances, deal value reached $1.1bn with East Africa taking the lion's share.
And the sector has raised as much as $3.7bn of capital, in its 2008 peak before the financial crisis, according to data from Private Equity International.
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Nigeria sells $1bn bonds, Okonjo-Iweala says view more
Rand dips on stronger dollar view more
Nigeria: NSE Assures Investors of Market Stability view more
JSE treading softly at the start
The spot price of gold increased by 0.91% to $1 265.10 and that of platinum was at $1 385.50. view more
Rand, bonds slightly firmer view more
JSE down despite gold stock gains view more
The yield on the bond due in 2026, the market benchmark, edged up one basis point to 7.955%, as did the shorter-dated 2015 paper to 6.135%.
Source: FIN24
July 3, 2013--The Minister of Finance, Ngozi Okonjo-Iweala, said on Wednesday that Nigeria returned to the capital market after two years of absence and sold $1 billion bond with ease.
Ms. Okonjo-Iweala said this in Abuja while briefing newsmen on the recently concluded road show in Europe and U.S. to float the billion dollar bond to international investors.
Source: Premium Times
July 3, 2013--The rand breached the psychologically important 10-to-the-dollar level on Wednesday as a stronger greenback weakened global currencies while market liquidity remained thin.
The rand was at R10.0350/$ at 08:35, nearly 0.5% weaker than its close in New York on Tuesday.
Source: FIN24
July 2, 2013--The Nigerian Stock Exchange (NSE) has urged investors not to panic as a result of the perceived downturn in the capital market as the fundamentals remained strong.
The Head of Strategy at the Exchange, Yvonne Emordi stated this during the 2nd Technical Session for Institutional Investors organized by Investment One Financial Services Limited held in Lagos last week.
Source: AllAfrica.com
July 2, 2013--Despite commodity prices having picked up since Monday, the JSE was trading in negative terrain on Tuesday morning.
By early morning the all share index was down 0.11% at 39 890.03 points and the top 40 index down only -0.07%.
Source: FIN24
July 2, 2013--The rand edged up against the dollar on Tuesday, but trading is expected to be cautious ahead of US labour data due later this week and interest rate decisions by major central banks.
The unit was at R9.8960 to the dollar at 0641 GMT, 0.3% firmer than its close in New York on Monday.
Source: FIN24
July 1, 2013--The JSE was trading in negative terrain on Monday morning despite gold miners continuing their rebound amid a firmer gold price.
At 9:42 the All Share [JSE:J203] index was trading 0.60% softer at 39 341.32 points‚ with the Top 40 index giving back 0.70%.
Source: FIN24
