The Editorial Team |

Investec Exits Australia to Expand U.K., South African Units

JOHANNESBURG (Capital Markets in Africa) — Investec Group is exiting Australia as the South African and U.K. specialist bank and wealth manager focuses on expanding existing operations. “We are winding down the business in Australia to focus on building scale and relevance in our core markets,” the London- and Johannesburg-based lender said by email. “This is in line with our stated strategy to bring clarity, simplicity, and focus to every aspect of Investec.” The company…

Abu Dhabi Wealth Fund Targets Africa, Renewables to Lift Returns

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LAGOS (Capital Markets in Africa) — Abu Dhabi’s top sovereign wealth fund is looking to Africa and renewable energy to generate greater returns while relying more on artificial intelligence to mine data and spot new investment opportunities. “With an abundance of natural resources and young, growing, and increasingly educated populations, African countries are among those offering the greatest potential for long-term investors,” said Abu Dhabi Investment AuthorityManaging Director Hamed bin Zayed Al Nahyan. “We already…

South Africa GDP Far From Pre-Covid Levels Even as Recession Ends

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JOHANNESBURG (Capital Markets in Africa) — South Africa’s economy may only get back to pre-Covid 19 levels by 2025 and remains vulnerable to a local resurgence of the pandemic, even after exiting its longest recession in 28 years. Gross domestic product expanded an annualized 66.1% in the three months through September from the previous quarter following a 51.7% decline in the second quarter, Statistics South Africa said Tuesday in the capital, Pretoria. That was more…

Moody’s downgrades Namibia’s ratings to Ba3, maintains negative outlook

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NAMIBIA (Capital Markets in Africa) – Moody’s Investors Service (“Moody’s”) downgraded the long-term issuer and senior unsecured ratings of the Government of Namibia to Ba3. The outlook remains negative. The downgrade reflects a further weakening in Namibia’s fiscal strength despite policy statements of plans to rein in the fiscal deficit. The debt burden is now markedly higher, it will continue to rise for the foreseeable future; debt affordability is weakening. The coronavirus shock continues to…

Moody’s changes outlook on Gabon’s rating to stable from positive, affirms Caa1 rating

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GABON (Capital Markets in Africa): Moody’s Investors Service (“Moody’s”) has today affirmed the Government of Gabon’s Caa1 long-term issuer ratings and changed the outlook to stable from positive. The rating on Gabon’s foreign currency senior unsecured debt has also been affirmed at Caa1. The key driver for the outlook change to stable is Gabon’s more limited institutional improvements than previously seemed possible, combined with rising liquidity pressures from the coronavirus crisis and associated oil price…

U.K. Announces Law to Protect Key Assets From Foreign Buyers (2)

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LAGOS (Capital Markets in Africa) — The U.K. plans sweeping powers to intervene in foreign takeovers of British assets deemed a threat to national security. A draft law to be published Wednesday would expand the range of transactions open to government intervention, the Department for Business, Energy and Industrial Strategy said. There will be scope for fines and retroactive interventions in deals that complete after the bill’s publication — a potentially controversial provision that critics…

Quants With $1 Trillion Poised to Buy Stocks as Volatility Falls

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LAGOS (Capital Markets in Africa) — With the biggest event risk in recent memory over, Wall Street is quietly confident that systematic funds that take their cues from market swings are set to spend billions of dollars, fueling this stock rally. For this $1 trillion cohort, it all hinges on stable prices, a relative rarity during this rocky year. But lately, equities are sending the right signals. Realized volatility is starting to come down in…

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