The Editorial Team |

U.K. Abandons Effort to Contain Virus as 10,000 May Be Infected

LONDON (Capital Markets in Africa) – U.K. authorities have abandoned efforts to contain the spread of coronavirus and will focus on delaying the worst of the outbreak, as officials said as many as 10,000 Britons may be infected. Prime Minister Boris Johnson warned “many more” families will lose loved ones and advised everyone with any symptoms of the virus, including a cough or a fever, to stay at home for seven days. Schools will not…

Nigeria Naira Devaluation Likely Soon on Oil Price Slump

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LAGOS (Capital Markets in Africa) – The Nigerian central bank will be unable to maintain the naira’s value for much longer as a slump in oil prices drains foreign reserves, according to a Bloomberg survey of investors and analysts. Seven of 16 respondents expect the currency to be devalued in the third quarter, while four forecast a downward adjustment as early as the second quarter. Another three foresee a devaluation in the fourth quarter and…

KCB Kenya Banking on Mobile-Loan Recoveries to Boost 2020 Profit

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NAIROBI (Capital Markets in Africa) – KCB Group Ltd., Kenya’s second-biggest bank by market value, is betting on recovering bad loans and issuing more credit to boost profit by at least 12% this year, Chief Executive Officer Joshua Oigara said. The lender’s 2019 earnings were dampened by a tripling in loan loss provisions, weighed down chiefly from souring mobile phone-based loans. Total non-performing loans jumped by 90%, the lender said on Thursday, while reporting full-year…

Investec Scraps Asset Management Unit IPO But Spinoff Goes Ahead

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JOHANNESBURG (Capital Markets in Africa) – Investec scrapped a plan to sell a 10% stake of its asset-management unit in an initial public offering as the coronavirus sparked a global selloff in equities. A spinoff and separate listing of Investec’s Ninety One division in London and Johannesburg will go ahead as scheduled on March 16, the South African and U.K. bank said on Thursday. The IPO was expected to raise as much as 226 million…

Low Oil Prices Negative for Nigerian Banks, Moody’s Says

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LAGOS (Capital Markets in Africa) A sustained period of low oil prices will weaken dollar liquidity and elevate asset risks for Nigerian lenders as their “balance sheets are partially dollarized,” Moody’s Investors Service said. “Foreign-funding contributes about 25% of total funding and low oil prices translate to lower foreign currency receipts for the Nigerian government,” analysts including Peter Mushangwe said in a note to clients on Thursday. Banks will come under pressure from a drop in foreign…

Ivory Coast Economy More Than a Third Bigger After Data Overhaul

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ABIDJAN (Capital Markets in Africa) – Ivory Coast’s economy is more than a third bigger than previously estimated after the West African nation changed its base for measuring gross domestic product. The country’s GDP at current prices measured 27.1 trillion CFA francs ($46 billion) in 2015, government spokesman Sidi Toure said in an emailed statement. That’s 38% bigger than the 19.6 trillion francs-estimate of the previous 1996 base. The statement didn’t give updated figures for…

Here’s What Investors Say About Trump’s Shock Virus Plan

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LAGOS (Capital Markets in Africa) – A combination of President Donald Trump’s unprecedented travel restrictions between the U.S. and Europe and underwhelming stimulus measures sparked a fresh exodus from risk assets in global financial markets Thursday. The rush to gauge the impact on the global economy and corporate earnings, a sense of disappointment at the lack of detail in the U.S. stimulus package and an impression that Washington has fallen behind the curve in its…

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