Markets and investing

Devalue the Naira already!

Today’s market report: naira, rand, shilling, stocks, oil and a hedge fund.

Nigeria needs to devalue the naira and loosen capital controls, according to Standard Chartered and London-based Duet Asset Management, even as the forex crisis persists into the year. SA’s rand firmed against the dollar in early trading Tuesday. In Kenya, the central bank has cautioned analysts on making rash predictions about the shilling as one investment firm predicted the currency may plunge as far as 110 against the dollar by year end. The shilling currently stands at about 103.70.

This infographic charts the events that shaped South Africa’s stock market in 2016. Access Bank Nigeria is the most active counter on the NSE FMDQ Over-The-Counter market in 2016.

In the private capital markets space, South Africa’s Oppenheimer family (associated with diamond giants Anglo American and De Beers) is backing a startup hedge fund.

Meanwhile oil prices slid on fears of record exports from Iraq and increasing U.S. output.