The Editorial Team |

‘Stars Aligning’ for South African Stocks as Risk Demand Builds

JOHANNESBURG (Capital Markets in Africa) — Equity strategists are making a growing case for 2021 to be a good year for South African stocks as global investors respond to the anticipated widespread availability of a coronavirus vaccine with an increased appetite for riskier assets. Local money manager Momentum Investments was the latest to add its voice on Tuesday, suggesting that “the stars are finally aligning” for the South African equity market. According to the Pretoria-based…

Ghana Opposition Alleges Rigging as Election Result Delayed

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ACCRA (Capital Markets in Africa) — Ghanaian opposition leader John Mahama accused the ruling party of using the military to alter the results of Monday’s election. The government denied the allegation. Claims of election rigging are unusual in Ghana, Africa’s top gold producer and one of the continent’s most stable democracies. In the last vote in 2016, Mahama conceded defeat to President Nana Akufo-Addo before a final tally was announced. Ghana’s electoral commission said it’s delayed the release of…

When $2 Trillion Falls Short, the Next 2020 May Be Uninsurable

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LAGOS (Capitals in Markets in Africa) — There aren’t many contexts where $2 trillion seems like a paltry sum. Then a pandemic comes along. The economic fallout from Covid-19 has left insurers issuing existential warnings and businesses discovering they weren’t covered. It’s resulted in courts packed with lawsuits and governments scrambling to head off more pain. At the core is the reality that the global non-life insurance industry’s $2 trillion in the capital won’t last in a…

Biden Reaches Deadline That Makes Victory Nearly Irreversible

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NEW YORK (Capital Markets in Africa) — Joe Biden will be one formal step closer to the presidency after Tuesday’s deadline for states to certify their slates of electors to the Electoral College — locking in the names of the people who will formally vote to make Biden the president. Once that happens, there’s little turning back. Congress must by law accept those electors if there’s no outstanding litigation, and President Donald Trump’s legal challenges have…

Egypt Lays Out What Bond Investors Craving Yield Can Expect

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CAIRO (Capital Markets in Africa) — Egypt wants to get its local debt settled by Euroclear Bank SA in less than a year and introduce its first floating-rate bonds by mid-2021, part of a push to cut borrowing costs and stoke rebounding demand for its notes. A deal with Belgium-based Euroclear will mean a “safe gateway” to the market for “big-ticket investors such as central banks and increase demand and liquidity by expanding our investor…

Emerging-Markets’ Prospects Bright, Even If Risks Never Far Away

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LAGOS (Capital Markets in Africa) — For all the risks of a year-end cooling-off period, emerging-market backers can’t complain about the lie of the land right now. From the rollout of vaccination programs in some countries to rising commodity prices and the prospect of a breakthrough in U.S. stimulus talks, there are plenty of tailwinds to justify the buying spree that has sent gauges of developing-nation stocks, currencies and bonds to five straight weeks of…

Ghana Votes for President in Race Pitting Longtime Rivals

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ACCRA (Capital Markets in Africa) — Ghanaians voted Monday in a presidential election that’s expected to be tight, as the two front-runners face off for the third time. President Nana Akufo-Addo of the New Patriotic Party is seeking another four years at the helm of Africa’s top gold producer. His predecessor, John Mahama of the National Democratic Congress, aims to unseat him with a promise of mass infrastructure spending. The winner of Monday’s contest will…

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