29 August 2024 Morning Biz News: Namibian Oil Reserves Boost Local Bonds; MTN’s New Appointments; Dollar Steady; Nvidia Surges

1. Namibian Oil Reserves Drive Local Bond Index Surge
   The discovery of substantial crude oil reserves in Namibia has ignited interest in Namibian assets, notably boosting an index fund tracking local government bonds. The Exchange Traded Fund, listed on both the Namibian and South African stock exchanges, has surged over 20% in U.S. dollar terms since Galp’s announcement in April of the Mopane field potentially holding at least 10 billion barrels of oil.
2. Nicky Newton-King Joins MTN Financial Services Board
   Former JSE CEO Nicky Newton-King has been appointed to the board of MTN’s financial services business. This move is part of MTN’s broader strategy to enhance leadership, which includes the addition of four nonexecutive directors to the boards of MTN Group Fintech and Bayobab, as reported by Businesslive.
3. Dollar Steady Ahead of Key Inflation Report
   The U.S. dollar steadied on Thursday following earlier losses, with traders focusing on Friday’s release of the core personal consumption expenditures price index. This key inflation gauge is expected to provide critical insights into the future of U.S. interest rates, as per Reuters.
4. Nvidia Reports Strong Earnings and Positive Outlook
   Nvidia’s second-quarter earnings exceeded expectations, with adjusted earnings per share of $0.68 on $30 billion in revenue, surpassing analysts’ forecasts of $0.64 EPS and $28.8 billion in revenue, according to Yahoo Finance. The results represent a 122% increase in revenue and a 168% rise in earnings year-over-year. Nvidia’s forecast for the current quarter also came in ahead of expectations.

Financial Indicators

• Namibia Dollar: 17.84 to the US$, 19.83 to the Euro, 23.52 to the Pound
• Gold: $2,505.09 per fine ounce
• Brent Crude: $79.55 per barrel
• Bitcoin: $1,051,466.77