Moody’s downgrades IHS Netherlands rating to B2

Moody’s downgrades IHS Netherlands rating to B2

LAGOS (Capital Markets in Africa) – Moody’s Investors Service, has today downgraded IHS Netherlands Holdco B.V.’s (IHS) corporate family rating (CFR) to B2 from B1. At the same time, IHS probability of default rating was downgraded to B2-PD from B1-PD. The company’s $800 million 9.5 % senior unsecured guaranteed notes due 2021 were downgraded to B1 from Ba3. The outlook on the ratings is stable. The downgrades follow Moody’s downgrade of Nigeria’s sovereign rating to…

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South Africa’s Main Stock Index Hits 60,000 for First Time

South Africa’s Main Stock Index Hits 60,000 for First Time

JOHANNESBURG (Capital Markets in Africa) – South Africa’s benchmark stock index reached the 60,000 points level for the first time as investors responded positively to news that Cyril Ramaphosa has the lead in the African National Congress leadership race and a weakening rand gave support to exporters. The FTSE/JSE Africa All Share Index climbed as much as 0.8 percent to 60,140.33 in Johannesburg, before settling at a record close of 59,975.67, a gain of 0.6 percent. Signs that…

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Bets on Ramaphosa Sweeten South African Stocks Rally as Risk Wanes

Bets on Ramaphosa Sweeten South African Stocks Rally as Risk Wanes

JOHANNESBURG (Capital Markets in Africa) – Buoyant commodities and a weaker currency have already made South African stocks a tasty treat for investors. Now, some are betting on politics to add to the flavour. Advancing raw-material prices and the rand’s plunge to the lowest level this year boosted exporters’ shares, sending the benchmark gauge in Johannesburg to a record. Yet, some money managers have remained doubtful on how far the rally could go given President…

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UBS Wealth Has Good Things to Say About EM, Not South Africa

UBS Wealth Has Good Things to Say About EM, Not South Africa

JOHANNESBURG (Capital Markets in Africa) – There’s one emerging market country that Michael Bolliger can’t get bullish about at the moment: South Africa. President Jacob Zuma is fighting to stay out of court before the African National Congress votes for a new leader in December. He’s pushing for his ex-wife to succeed him, but most analysts in a Bloomberg survey think the nation’s Deputy President Cyril Ramaphosa probably will. It’s more noise for a market that has already paid a price…

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INTO AFRICA August 2017 Edition: Delivering Value via African Capital Markets

INTO AFRICA August 2017 Edition: Delivering Value via African Capital Markets

LAGOS (Capital Markets in Africa) – Welcome to the August edition of INTO AFRICA, the publication with fresh insight into Africa’s emerging markets. This month edition focuses on Capital Markets in Africa and titled: Delivering Values via African Capital Markets. The capital market is one of the key components of the engine of a modern economy, as it mobilises and pools savings from the public and efficiently channels them into business investments. It also helps…

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Market Watch: Egyptian Major Equity Indices End in Red, Market Cap up EGP1bn

Market Watch: Egyptian Major Equity Indices End in Red, Market Cap up EGP1bn

Cairo (Capital Markets in Africa): The benchmark EGX30 index of the Egyptian Exchange (EGX) fell at Wednesday’s close by 0.08% or 10.4 points to the level of 13,707.13 points. Similarly, the EGX70, EGX100, and EGX50 indices declined by 0.25%, 0.10%, and 0.23%, respectively. The market capitalization increased by EGP 1 billion to EGP 708.99 billion. Trading volume reached 276.79 million shares exchanged at EGP 804.6 million through 23,200 transactions. Foreign and Arab traders were net…

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Market Watch: Key Egyptian Equity Indices down, Market Cap up EGP8bn

Market Watch: Key Egyptian Equity Indices down, Market Cap up EGP8bn

CAIRO (Capital Markets in Africa) – The Egyptian Exchange (EGX) ended Tuesday’s (18th July 2017) trading session in red, pressured by the selling activity of Arab and foreign investors. The main index EGX30 lost 1.71% or 140.55 points, and closed at the level of 13,717.53 points. The equal-weighted index EGX50 declined by 1.19% to 2,115.55 points. Similarly, EGX70 went down by 1.51% and closed at 669.21 points, while the broader index EGX100 decreased by 1.58%…

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