The Editorial Team |

The Nairobi Securities Exchange welcomes its first green bond issue, Acorn Holdings, guaranteed by GuarantCo

NAIROBI (Capital Markets in Africa) – Acorn Holdings (Acorn), the largest student accommodation property developer in Kenya, has listed by introduction its KES 4.3 billion green bond programme, on the Nairobi Securities Exchange (NSE). To celebrate the Acorn bond programme listing, Sam Kimani, Chairman of the NSE, welcomed the Rt Hon Alok Sharma, UK Secretary of State for International Development, and Patrick P. Njoroge, Central Bank of Kenya Governor, to open trading today. The programme…

Ethiopia Seeks Mediation Over Nile Dam Deadlock With Egypt

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ADDIS ABABA (Capital Markets in Africa) – Ethiopia’s prime minister asked South Africa’s president to intervene in the Nile dam deadlock between Egypt and his country. The three countries and neighboring Sudan are being hosted by the U.S. Treasury for negotiations in Washington on Monday. Last week Ethiopia said broader talks had reached a deadlock following Egypt’s introduction of new proposals to fill the dam in 12 to 21 years. “We are willing to…

U.S. Stocks Climb Before Earnings; Bonds Decline: Markets Wrap

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NEW YORK (Capital Markets in Africa) – U.S. equities advanced at the beginning of a busy week set to be dominated by the start of earnings season and the signing of a partial China trade deal. Bonds retreaded alongside the yen and gold. The S&P 500 opened in the green after pulling back a from a record high set Friday. The Stoxx Europe 600 swung from a gain to a loss as automakers sank. The dollar edged…

What to Watch in Commodities: Trade Deal, Oil, Alcoa, Palladium

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LAGOS (Capital Markets in Africa) – Commodity investors will focus this week on Washington’s top trade policy issue since Donald Trump won the presidency: reshaping relations with China. Tariff Man is to host a hard-won signing ceremony with Beijing on a first-phase deal, and markets want all details and ask what’s next. Earnings season kicks off in earnest with numbers midweek from aluminum maker Alcoa Corp., followed by Schlumberger Ltd. on Friday. The oilfield services giant…

MTN Nigeria Jumps by Maximum 10% After Tax Claim Is Dropped

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LAGOS (Capital Markets in Africa) – MTN Nigeria Communications Plc surged by 10% in Lagos Monday, the most allowed by the exchange and matching the biggest gain since its May market debut after the country’s Attorney General dropped a $2 billion tax claim against the mobile phone company. The removal of the payment demand is a boost to investor confidence, ending fears of cash outflow, Tunde Abidoye, an analyst at FBNQuest, said by phone from…

Nigerian Power Firms at Risk With $2.7 Billion Unpaid Bills

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LAGOS (Capital Markets in Africa) – Power producers in Nigeria are owed at least $2.7 billion by a state-owned company that buys their output and resells it, threatening their viability and undermining their ability to invest in the energy-starved nation, according to an industry association. Only 60% of residents of Africa’s most populous country have access to electricity and even those who do are plagued by regular outages. While President Muhammadu Buhari has made tackling the power…

Putin, Erdogan Press Libyan Rivals to Sign Moscow Truce

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TRIPOLI (Capital Markets in Africa) – Libya’s feuding leaders are holding talks in Moscow on Monday to sign a more lasting truce agreement after Russia and Turkey seized the initiative to try to end a conflict that was rapidly devolving into a proxy war. The country’s United Nations-backed prime minister, Fayez al-Sarraj, and eastern military commander Khalifa Haftar are at the negotiations held under the auspices of the foreign and defense ministers of Russia and…

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