The Editorial Team |

Bank of England Holds Rates in Carney’s Swansong as Britain Exits EU

LONDON (Capital Markets in Africa): The Bank of England kept interest rates on hold in Governor Mark Carney’s final meeting, waiting for more evidence of an economic rebound before supporting it with a cut. The pound jumped. Policymakers voted 7-2 to keep the benchmark at 0.75%, an unchanged split from their previous meeting that belied investor expectations the decision was on a knife-edge. The committee noted that surveys of business activity have picked up “quite markedly in some…

Oil and Gas Council plays host to the first Senegal Offshore Licencing Round

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President Macky Sall opened the Oil & Gas Council’s 4th MSGBC Basin Summit & Exhibition in Dakar on Wednesday. Held in partnership with PETROSEN, Senegal’s National Oil Company, the conference played host to the official launch of the country’s first offshore licensing round. Comprising 12 offshore blocks, it is expected to draw wide interest from a variety of operators given the country has had eight major oil and gas discoveries since 2014, when the Council…

RisCura launches new Bright Africa investment research

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Investment firm RisCura’s 2019 Bright Africa research was released today and provides a broad analysis of the investment landscape across Africa. The annual Bright Africa research initiative was started by RisCura in 2013 to answer key investor questions about investing on the continent. This year, RisCura expanded the breadth of its analysis, to include inter-Africa connectivity, currency risk, sources of capital on the continent and the inclusion of sovereign bonds, real estate and infrastructure asset…

Shunned by the West and China, Zimbabwe Turns to U.A.E.

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HARARE (Capital Markets in Africa) – Sanctioned by the West and spurned by China, Zimbabwe has turned to the United Arab Emirates in its latest bid to find a savior that can arrest the collapse of its economy. Zimbabwe’s government has approached the U.A.E. in hopes of selling a stake in its national oil company, according to three companies and government officials familiar with the plan. It also wants companies in the U.A.E. to buy…

Virus Sell-Off Hits South African Stocks Hard on China Exposure

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JOHANNESBURG (Capital Markets in Africa) – On a grim day for global equities, South African stocks have been hit harder than most of their emerging-market peers. The local benchmark index dropped as much as 2.6% in Johannesburg Monday, the steepest decline in more than eight months. The MSCI Emerging Markets Index fell as much as 0.8%. South African stocks came in for particular punishment because of their high exposure to China, source of the deadly coronavirus outbreak that’s chasing investors away…

World Bank Raises Rwanda 2019 Growth, Delays Tanzania Loan Decision

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LAGOS (Capital Markets in Africa): Economic growth in Rwanda could accelerate to more than 10% this year if the construction of a planned $1.3 billion airport starts, according to the World Bank, which increased its estimate for 2019 expansion for a second time. Growth was likely 8.5% last year, more than the 7.8% the Washington-based lender had initially anticipated, according to World Bank Senior Economist Aghassi Mkrtchyan. “The growth will be driven by an unexpected…

Kenya Central Bank Follows South Africa With a Surprise Cut

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NAIROBI (Capital Markets in Africa): Kenya’s only licensed online currency-trading money manager, Standard Investment Bank, plans to add more retail investors to its forex-focused fund and grow it to $100 million this year. In 2019, its first year, Mansa X as the fund is known, returned an average 24% and closed at $3 million, SIB Executive Director for Global Markets Nahashon Mungai said in an interview in Nairobi. That compares with returns of 18.5% for…

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