The Editorial Team |

U.S. Stocks Sink on Economic Outlook; Oil Jumps: Markets Wrap

NEW YORK (Capital Markets in Africa) — U.S. and European stocks slumped amid dire economic warnings, more dismal data and corporate results that showed the coronavirus’s toll on businesses. Oil extended a rebound after an early-week tumble. Banks led the S&P 500 Index lower as the latest U.S. unemployment figures showed a larger-than-expected jump in new benefit claims and European Central Bank President Christine Lagarde said the euro-area economy could shrink 12% this year. The…

Africell Looks Through Crisis in Bid for Angolan Mobile License

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LUANDA (Capital Markets in Africa) — Africell, a London-based telecommunications company, will go ahead with a final offer for Angola’s fourth mobile license even as the African nation struggles with the worst recession since the end of a civil war in 2002. The company will submit the application by May 1, according to Chief Investment Officer Ian Paterson. The Angolan government, which last month picked it as the only candidate for the 15-year mobile license, will have…

Africa’s Inflation Rate Climbs as Food Prices Jump

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NAIROBI (Capital Markets in Africa) — Kenya’s inflation accelerated to 5.6% in April from a revised 5.5% in the previous month as food prices rose by double digits, the Kenya National Bureau of Statistics said Thursday in an emailed statement. Prices rose 0.9% in the month. Prices of food and non-alcoholic drinks, which make up a third of the inflation basket, climbed almost 12%. The transport index climbed to 5.4% even after the government cut gasoline…

Virus Adds to Woes of Nigerian Banks Beset by Oil’s Collapse (1)

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LAGOS (Capital Markets in Africa) — Nigerian banks have more to worry about than the coronavirus: Cratering oil prices and the threat of another naira devaluation are emerging as the biggest risks to how many lenders will emerge unscathed. The industry has already agreed to forgo profit to support the economy as measures to contain the Covid-19 outbreak bring most businesses to a halt. Now, oil prices near $15 a barrel are drying up the largest source of foreign…

Nigeria’s Access Bank to Cut Staff Salaries to Avoid Job Losses

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LAGOS (Capital Markets in Africa) — Access Bank Plc plans to cut salaries to avoid job losses as a lockdown to contain the coronavirus hampers the operations of Nigeria’s biggest lender, according to people with direct knowledge of the matter. The reductions are expected to start from May unless business conditions improve, said the people, who were briefed on the matter during a conference call and asked not to be identified because they’re not authorized…

S&P Cuts South Africa Deeper Into Junk as Virus Hits Growth

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JOHANNESBURG (Capital Markets in Africa) — S&P Global Ratings cut South Africa deeper into junk territory amid concern the Covid-19 pandemic will send the economy into a sharp downturn. The rating firm downgraded the country’s long-term foreign-currency rating to BB-, three notches below investment-grade, from BB. South Africa’s cost of servicing the public debt will climb to about 6.5% of gross domestic product by 2023, S&P said Wednesday. The South African Treasury said it’s “disappointed”…

Bondholders Mull Joining Poor-Country Debt Waiver as Calls Grow

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LAGOS (Capital Markets in Africa) — Private creditors are exploring ways to join an initiative to waive debt payments from poor countries, potentially opening a new chapter in efforts to avert sovereign defaults in the wake of the coronavirus pandemic. Creditors will work in the coming weeks on reference terms for voluntary private-sector participation in debt-relief efforts, the Paris Club and the Institute of International Finance, a trade group that represents the world’s biggest banks and…

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