24 September 2024 Morning Biz News: Bank Windhoek’s Sustainability Bond Success and Global Financial Updates

Bank Windhoek’s Sustainability Bond Fully Allocated

Bank Windhoek has fully allocated the N$407 million raised from its inaugural Sustainability Bond, issued in 2021. According to reports by The Brief, the bond was released in two tranches, with the first tranche raising N$227 million in June 2021, followed by a second tranche in December of the same year, raising N$180 million. This bond forms part of Bank Windhoek’s efforts to finance projects focused on environmental and social sustainability, marking a milestone in Namibia’s green financing landscape.

Petrobras Eyes Stake in Namibia’s Mopane Oil Block

In international energy news, Reuters reports that Brazil’s state-run oil giant Petrobras is seeking to acquire the entire 40% stake in Namibia’s Mopane oil and gas exploration block, which is currently held by Portugal’s Galp. Petrobras’ Exploration and Production Director, Sylvia dos Anjos, revealed at an oil and gas event in Rio de Janeiro that acquiring the full stake would be crucial for Petrobras to operate the field. This move signals growing interest in Namibia’s emerging energy sector.

Nigeria’s Central Bank in Focus as Investors Watch MPC Decision

In Africa, all eyes are on the Central Bank of Nigeria’s Monetary Policy Committee (MPC), which began its fifth meeting of the year today. According to CNBCAfrica, the MPC has raised lending rates by 800 basis points so far in 2024, as part of measures to curb inflation and stabilize the economy. Investors are closely monitoring the outcome of the meeting, which is expected to influence financial markets across the continent.

Oil Prices Climb Amid Middle East Tensions

Oil prices surged on Monday as tensions in the Middle East, combined with a tropical disturbance in the Gulf of Mexico, led to production shutdowns. According to Reuters, Brent crude futures for November delivery rose by 51 cents, reaching $75 per barrel, while U.S. crude futures for November increased by 0.9% to $71.65. The market remains volatile as supply concerns continue to drive price fluctuations.

Latest Financial Indicators

• Currency Exchange Rates: The Namibia Dollar (NAD) is trading at 17.35 to the US Dollar, 19.28 to the Euro, and 23.15 to the British Pound.
• Gold: Gold is valued at 2,627 dollars 51 cents per fine ounce.
• Oil: Brent crude stands at 74.49 dollars per barrel.
• Cryptocurrency: 1 Bitcoin is trading at 1,089,539 dollars 35 cents.

Stay tuned for more updates on the global and local financial landscape.