Tag: oil prices
“In times of extreme market volatility (and corrections), it is often unnecessary for investors to look far down the quality curve to find attractive opportunities that will generate significant returns in future. This is oftentimes the correct strategy as those economic uncertainties causing market volatility can have far more dire consequences for lower-quality businesses,” writes Stephán Engelbrecht, Fund Management.
Moody's Investors Service ("Moody's") has today placed Angola Government's B3 long-term issuer ratings and senior unsecured rating and its (P)B3 senior unsecured MTN rating under review for downgrade. The short-term issuer rating is affirmed at Not Prime (NP).
NKC African Economics expects the coronavirus-related knock to economic growth in Africa’s three largest economies alone to shave off 1 ppt from the continent’s GDP growth this year, from 3.8% to 2.8%.
Shares in the petrochemicals group rose 15% at the market open before reversing some gains to trade up 6.28% at 47.55 rand by 0716 GMT.
Demand for oil will likely be negative in 2020, adding further downward pressure to plummeting prices, according to BP CFO Brian Gilvary.
Oil prices are set for one of their biggest weekly drops since 2008 this week, while the global economy remains gloomy due to the impact of the coronavirus pandemic. So what options are there for Africa's largest economy to cushion the impact? Oluwole Adelokun, Associate Director at KPMG joins CNBC Africa for more.
Oil prices have given up gains scored earlier today after Saudi Aramco said it had been directed by the energy ministry to raise its production capacity by a million barrels per day. Brent crude slid $1 and 20 cents to trade a $36 per barrel, while U.S. West Texas Intermediate crude dropped $1 and 12 cents to $33 and 24 cents. As global markets continue to respond to impact from the coronavirus, Lukman Otunuga, Senior Research Analyst at FXTM Market joins CNBC Africa for more.
Nigeria’s Finance Minister, Zainab Ahmed says the country will cut its budget due to declining and volatile oil prices. Nigeria's 2020 budget benchmark for oil was earlier set at $57 a barrel. Bismark Rewane, CEO of Financial Derivatives joins CNBC Africa to in on weigh the impact of latest dynamics on Nigeria’s economy.