The Editorial Team |

Clashing With Your Colleagues Over Trump Can Boost Stock Returns

JOHANNESBURG (Capital Markets in Africa) – Ever find yourself nodding along as a colleague delivers their latest political rant? For fund managers, that could be a problem. Portfolio management teams with similar political views trail those with different ideologies by 0.4% in benchmark-adjusted returns per year, according to new academic research based on U.S. political contributions data. Diversity is also linked to greater deviations from the benchmark, suggesting stock pickers in disagreement may be better at using…

South Africa Consumer Confidence Remains Stuck at Two-Year Low

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JOHANNESBURG (Capital Markets in Africa) – South African consumer confidence remained trapped at a two-year low and economic prospects are expected to worsen. The consumer-confidence index stayed at -7 in the fourth quarter, FirstRand Ltd.’s First National Bank said in an emailed statement on Tuesday. That’s still the lowest level since the final three months of 2017 and well off the record high of 26 when Cyril Ramaphosa took over as president two years ago. Business confidence in Africa’s…

Woolworths Hires CEO From Levi Strauss as Moir Steps Down

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JOHANNESBURG (Capital Markets in Africa) – Woolworths Holdings Ltd. appointed Roy Bagattini from Levi Strauss & Co. as chief executive officer to replace Ian Moir, who will step down after nine years at the helm of the South African retailer. Bagattini, 56, will start next month, the Cape Town-based company said in a statement on Tuesday. He is the head of the Americas region of the U.S. jeans maker, where he has worked since 2013. Before that, the South African held senior roles…

Vodacom in Talks to Take Subscribers From Struggling Cell C

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JOHANNESBURG (Capital Markets in Africa) – Vodacom Group Ltd. is in talks with Cell C Pty Ltd. about taking on the smaller rival’s contract-paying mobile-phone customers, a move that would strengthen its position as South Africa’s telecom market leader, according to people familiar with the matter. The unit of the U.K.’s Vodafone Group Plc would gain just over 1 million high-paying subscribers from the deal, said the people, who asked not to be identified as the discussions are…

Guinean Leader’s Bid to Change Constitution Sparks Protests

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JOHANNESBURG (Capital Markets in Africa) – Two people were killed Monday as protesters clashed with security forces across the West African nation during demonstrations against proposed changes to Guinea’s constitution that may allow President Alpha Conde to extend his 10-year rule. Conde, 81, is likely to try to stay in power after his second — and legally last — term ends in October. Last month, he unveiled a proposed new constitution that’s to replace a 2010 version…

Egypt’s Red-Hot Currency Continues to Rise as Inflows Pick Up

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CAIRO (Capital Markets in Africa) – Egypt’s currency, one of the world’s best performers in 2019, has breached a key threshold following inflows of more than $1.5 billion in the past week. The pound rose 0.9% to 15.92 per dollar Monday, trading stronger than 16 against the greenback for the first time since March 2017. Local banks saw $1.7 billion of inflows in the five days through Jan. 13, the central bank said in a…

Kenyan President Reshuffles Cabinet as Chasm With Deputy Widens

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NAIROBI(Capital Markets in Africa) – Kenyan President Uhuru Kenyatta made changes to his cabinet that include the dismissal of a key member considered an ally of his estranged deputy while placating his voter base by announcing a raft of economic policy changes. Kenyatta dropped Agriculture Secretary Mwangi Kiunjuri, who is said to side with Deputy President William Ruto. He confirmed Ukur Yatani as Treasury Secretary, effectively sacking former finance chief Henry Rotich, who is facing graft charges in court. Ruto’s…

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