The Editorial Team |

U.S. Futures Climb With Stocks on China Tariff Cut: Markets Wrap

NEW YORK (Capital Markets in Africa) – U.S. equity futures rose with stocks on Thursday as China’s plans for tariff cuts on American imports added to optimism the global economy will weather the hit from the coronavirus. Treasuries fluctuated. Contracts on the main American equity benchmarks all pointed to the fourth day of gains after China said it will lower levies on $75 billion of U.S. goods next week, likely satisfying part of the interim…

Sudan Appears to Back Away From Rapid Normalization With Israel

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SUDAN (Capital Markets in Africa) – Sudan appeared to back away from any rapid move toward normalization with Israel, less than two days after the military leader who heads the power-sharing government held a historic meeting with Benjamin Netanyahu. “The transitional government as a whole must ensure accountability, responsibility, and transparency in all decisions made,” Sudanese Prime Minister Abdalla Hamdok said Wednesday on Twitter. Under a new pact agreed after the ouster of longtime President Omar…

U.K. Economy Enjoys Bigger-Than-Expected Election Bounce

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LONDON (Capital Markets in Africa) – The U.K. economy’s bounce since the general election is proving bigger than initially estimated, justifying the Bank of England’s decision to hold fire last month on monetary easing. IHS Markit’s composite Purchasing Manager’s Index jumped to a 16-month high in January, beating an initial estimate. The dominant services sector also improved, and sentiment rose to the strongest since 2015. Sterling gained 0.3% to $1.3069 as of 9:55 a.m. in London. The…

Ghana Gets $14 Billion of Orders as It Issues 40-Year Eurobond

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ACCRA (Capital Markets in Africa)- Ghana sold sub-Saharan Africa’s longest-ever Eurobond as part of a $3 billion deal that was almost five times oversubscribed. West Africa’s second-biggest economy issued a $750 million tranche, which amortizes and has an average life of 40 years, at 8.875%, making it the highest-yielding sovereign dollar bond so far this year. Pricing was reduced from the initial talk of 9.4%. Ghanaian Finance Minister Ken Ofori-Atta discusses the Eurobond. He speaks…

Qatar Airways to Buy Rwandair Stake to Gain African Foothold

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KIGALI (Capital Markets in Africa) – Qatar Airways plans to purchase a 49% stake in Rwanda’s national carrier, stepping up its presence in the market weeks after taking a majority holding in the African country’s new airport. The Gulf airline is investing in Rwandair after identifying Africa as a market with significant potential, Akbar Al Baker, its chief executive officer, said in a briefing at the CAPA Qatar Aviation conference on Wednesday. The holding being negotiated…

Ghana Finance Chief Looks at Tax Base to Lessen Debt Risk

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ACCRA (Capital Markets in Africa) – Ghana’s efforts to raise domestic revenue are beginning to bear fruit and will help the country to be less dependent on debt, Finance Minister Ken Ofori-Atta said a day after the nation sold $3 billion in Eurobonds. West Africa’s second-biggest economy received about $15 billion in offers for the debt issuance that included a tranche of sub-Saharan Africa’s longest-yet Eurobond with an average life of 40 years. The sale would increase…

Inflows Surge as South African Government Bonds Find New Favour

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JOHANNESBURG (Capital Markets in Africa) – South African government bonds are finding favour with foreign investors, extending a rally even as concerns over the effect of the coronavirus continue to roil global markets. Non-residents bought the most of the debt on a net basis in 16 months on Tuesday, and the order book at Treasury’s weekly auction was the strongest in five weeks. Inflows this year stand at 7 billion rand ($470 million), according to JSE Ltd. data,…

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