The Editorial Team |

Boris Johnson to Work for Brexit Deal After Losing Six Key Votes

LONDON (Capital Markets in Africa) – After Parliament blocked his Brexit strategy, and then refused to give him the election he wanted, U.K. Prime Minister Boris Johnson is promising to work for a deal with the European Union. Monday night saw the British premier suffer his sixth consecutive defeat in a vote in the House of Commons, after his attempt to get approval for a snap poll was rejected for a second time. “This government will press…

Interswitch Is Said to Seek Anchor Investors Ahead of IPO

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LAGOS (Capital Markets in Africa) – Interswitch, a Nigerian-based payments business, is in talks with potential anchor investors as it ramps up preparations for a potential London initial public offering, people familiar with the matter said. The company is planning to kick off the share sale as soon as November, the people said, asking not to be identified because the discussions are private. An IPO could value the company at as much as $1.5 billion,…

Nigerian Exchange Wants to Kick-Start Mortgages to Boost Trading

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LAGOS (Capital Markets in Africa) – Nigeria’s FMDQ Securities Exchange Plc is working on a plan to kick-start mortgages to boost trading on the nation’s capital markets. “The lack of housing finance is one of the reasons why our capital market has not grown as it should,” Chief Executive Officer Bola “Koko” Onadele said in an interview. “We should be talking of 30-year mortgages for Nigerians. If you want 70% of the people to own their own…

Old Mutual Again Blocks Its CEO From Getting Back to Work

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JOHANNESBURG (Capital Markets in Africa) – Old Mutual Ltd. directors barred Peter Moyo from resuming his duties as chief executive officer, opening a new round in their bitter feud. The 56-year-old, accompanied by his lawyer, arrived at the company’s headquarters by 8:30 a.m. dressed in a blue suit with a gray and white tie. He was gone before lunchtime, having spent most of the morning in a boardroom awaiting a decision on whether he would be allowed…

Equity Group Marches on Across Africa With Fresh Congo Purchase

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NAIROBI (Capital Markets in Africa) – Equity Group Holdings Plc plans to buy a lender in the Democratic Republic of Congo, its second acquisition in five months, as part of the Kenyan bank’s strategy to expand across Africa. Directors agreed to enter a “non-binding term sheet with certain shareholders of Banque Commerciale du Congo for the purchase for cash of a controlling stake in BCDC with a view to eventually amalgamating the business of BCDC with that of…

Positive inflation reading in August supports a cut in rates this month

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CARIO (Capital Markets in Africa) – Positive inflation reading in August, below expectations, despite seasonality Annual headline inflation saw a deceleration to 7.5% in August, well below both our estimate of 8.4% and July’s reading of 8.7%, on the back of a monthly rise of 0.7% vs our estimates of a rise of 1.5% and July’s monthly rise of 1.8%. August’s reading marks the lowest inflation reading in six years, which was aided by the…

Got Nigeria Risk? This Market Is Planning 10-Year Naira Futures

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LAGOS (Capital Markets in Africa) – Nigeria wants to offer naira futures of as long as 10 years to help cushion against foreign-exchange risks and attract longer-term funding to Africa’s top oil producer. The Central Bank of Nigeria started selling foreign-currency futures contracts on the FMDQ Securities Exchange Plc in 2017 with a maximum duration of 13 months. This was to alleviate pressure on the naira by spreading dollar purchases over a period time, enabling investors to hedge against…

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