Markets and investing
Stocks, forex, bonds
Credit Suisse, in a research note, places Kenya, Morocco and Nigeria among the top 10 most promising investment destinations among frontier markets by 5-year expected returns.
Kenya’s benchmark bourse index, the NSE 20 Share hit a seven-year low in intraday trading.
Egypt’s pound sunk to 19 pounds per dollar amidst a spike in dollar demand. Meanwhile the country’s stock market surged 3.11%.
South Africa’s rand fell to near 3-week lows. Stock futures point to the JSE opening higher Tuesday after closing 0.38% higher Monday.
Nigeria’s naira depreciated heavily on the parallel market trading as low as N490/dollar driven by importer demand but remained stable on the inter-bank rate. Meanwhile, the country’s central bank has made a call for bids for a ‘special currency auction’.
Ghana’s private equity-backed Amandi Energy Consortium has reached financial close and commenced construction of the $552 million Amandi Energy Power Plant in Aboadze, Ghana. The plant is expected to start generating power by April 2019.