The Editorial Team |

South Africa’s Long Road Back From Meltdown

JOHANNESBURG (Capital Markets in Africa) — Even before the pandemic struck, South Africa was in a parlous state. Jacob Zuma’s disastrous nine-year rule left a toxic legacy of endemic graft, soaring government debt, and evaporating investor confidence. President Cyril Ramaphosa has made only stuttering progress since he succeeded Zuma in 2018, replacing some inept and corrupt officials, but has struggled to ignite economic growth or tackle rampant unemployment. The arrival of Covid-19 has compounded South…

South African Factory Activity Stabilizes After Lockdown Slump

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JOHANNESBURG (Capital Markets in Africa) — An index measuring South African manufacturing sentiment pulled back in July as activity levels in the sector stabilize. Absa Group Ltd.’s Purchasing Managers’ Index, compiled by the Bureau for Economic Research, fell to 51.2 from 53.9 in June, the Johannesburg-based lender said Monday in an emailed statement. The median estimate of six economists in a Bloomberg survey was 52.8. The July reading is the first time since the start…

Ethiopia Starts Covid Test Campaign; Cases Spike After Protests

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ADDIS ABABA (Capital Markets in Africa) — Days of protests and violence in Ethiopia following the assassination of a prominent musician in June likely caused a spike in coronavirus cases, prompting the government to start a month-long testing campaign. The government plans to carry out 400,000 tests in the next month. Ethiopia has done close to 430,000 tests since the first case was reported in the country in mid-March. “Following the conflicts and protests of…

Dollar Rebound Signals Rocky Road Ahead for South Africa’s Rand

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JOHANNESBURG (Capital Markets in Africa) — With the dollar heading into what is traditionally its best month of the year, the outlook for South Africa’s rand has taken a turn for the worse. The world’s second-most volatile currency has weakened during August in four of the past five years, for an average decline of 5.3%, according to data compiled by Bloomberg. The dollar, by contrast, has gained on average 0.4% in August against a basket…

Covid Antibodies Fade Rapidly, Raising Risk of Lost Immunity

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LAGOS (Capital Markets in Africa) — Recovering from Covid-19 may not offer much lasting protection from future infections for those with only mild cases, according to a report that suggests caution regarding so-called herd immunity as well as the durability of vaccines. The correspondence in the New England Journal of Medicine outlined research on antibodies taken from the blood of 34 patients who had recovered after suffering mainly mild symptoms that didn’t require intensive care. Just two…

Boris Johnson’s Global Britain Collides With Global Reality

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LONDON (Capital Markets in Africa) — In early February, just after leaving the European Union and before Britain was engulfed by the coronavirus, Prime Minister Boris Johnson declared his country ready to make its mark on the world again. The U.K. was embarking on a “great voyage” to champion free trade, he said in a speech in London. While not wishing to exaggerate British influence, he warned against downplaying “the eagerness of our friends around the world…

Foreign Investors Shun South African Gold Stocks on Virus Fears

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JOHANNESBURG (Capital Markets in Africa) — Not even a record rally can entice foreign investors to South African gold stocks. With gold prices soaring on the heels of monetary stimulus, shares in producers of the metal are back in favor around the world. But investors are fretting about supply disruptions at South Africa’s mines as a result of soaring Covid-19 infections, according to Benguela Global Fund Managers Ltd. Non-residents sold a net 2.1 billion rand ($128 million) of…

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