The Editorial Team |

Egypt Assets Extend Declines After Anti-Government Protests

CAIRO (Capital Markets in Africa) – Egyptian stocks extended losses and dollar bonds fell after small but rare anti-government protests over the weekend. The EGX 30 dropped 1.5% on Monday, extending losses to 6.7% since rallies in several cities over the weekend evoked memories of the instability that followed the 2011 uprising and ouster of former President Hosni Mubarak. The country’s $1.75 billion of bonds due 2029 headed for the biggest decline in over a month as of 9:03…

Zimbabwe Black Market Gap Vanishes After Central Bank Intervenes

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HARARE (Capital Markets in Africa) – The gap between Zimbabwe’s black market and official currency rates vanished after the central bank tightened regulations on trade in foreign exchange by bureau de change operators. On Monday, black market rates for the Zimbabwe dollar ranged from 14.7 to 15 to the U.S. dollar, according to Marketwatch.co.zw., a site run by financial analysts. The official rate was at a record low of 14.91, according to the Reserve Bank of…

Yield Mania Is Back as Bond Sales Revive in Emerging Markets

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LAGOS (Capital Markets in Africa) – Emerging-market sovereign borrowers are returning to international debt markets as the stimulus from central banks cuts borrowing costs and investors chase yields again. South Africa’s decision to sell Eurobonds for the first time since May last year follow Kazakhstan, Pakistan and Abu Dhabi announcing new issues. That has revived action in a market that saw a seven-week lull amid a resurgence in U.S. Treasury yields and uncertainty over the…

Labour’s Brexit Splits Risk Undermining Party Ahead of Election

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LONDON (Capital Markets in Africa) – U.K. Labour leader Jeremy Corbyn is struggling to keep his party together as senior members demand an unambiguous commitment to staying in the European Union before a general election expected in the fall. Corbyn said his party is pledging to hold a second referendum on Brexit if it’s elected to government, pitting ‘Remain’ against a “credible” deal he negotiates with the EU — but he wouldn’t say which side he’d campaign…

U.K. Labour Says Legislation Is Ready to Nationalize Utilities

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LONDON (Capital Markets in Africa) – The U.K.’s opposition Labour Party said it’s already drafted laws to nationalize water and energy utilities as the prospect of a general election looms. Taking control of energy transmission and distribution networks as well as water companies will help bring down bills for consumers and allow the government to pursue a strategy to curb greenhouse gas emissions, Rebecca Long-Bailey, the party’s business spokeswoman, said on Sunday. “We’ve got the legislation…

Brexit Pops the Question for U.K. Courts: How Powerful Are You?

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LONDON (Capital Markets in Africa) – The white-haired Supreme Court judge leaned forward with a stern look, interrupting a lawyer who argued that Prime Minister Boris Johnson’s suspension of Parliament was unlawful. Justice Nicholas Wilson was miffed at Ronan Lavery for describing the Brexit risks to peace in Northern Ireland. That exposed the decade-old court to an accusation it’s been at pains to disprove: that it has become a player in the U.K.’s political arena. Played…

Boris Johnson Takes Bid for Brexit Deal to New York as Clock Runs Down

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LONDON (Capital Markets in Africa) – Boris Johnson will start a week of intense diplomacy on Monday, as he tries to push for a Brexit deal on the sidelines of the United Nations General Assembly in New York. The British prime minister will hold meetings this week with all the key players — Germany’s Angela Merkel, French President Emmanuel Macron, Irish Prime Minister Leo Varadkar and European Council President Donald Tusk. He will try to persuade them to renegotiate the divorce…

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