The Editorial Team |

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

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…

Naspers Amsterdam Foray Eases Pain for S. African Fund Managers

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JOHANNESBURG (Capital Markets in Africa) – The dominance of Naspers Ltd. over the South African stock market is about to be reduced — partially at least. And that’s good news for a number of fund managers concerned about the tech giant’s weighting in the main local index. After Naspers lists its unit Prosus NV in Amsterdam on Sept. 11, the company will drop to about 15% of Johannesburg’s equities benchmark from a massive 21% currently, Peter Takaendesa, a…

S&P Advice to South Africa: Beware What You Say About Eskom Debt

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JOHANNESBURG (Capital Markets in Africa) – Talks around restructuring Eskom Holdings SOC Ltd.’s bonds must be approached carefully to avoid spooking the market, according to S&P Global Ratings. Public Enterprises Minister Pravin Gordhan said on Thursday the government will consult with the power utility’s debt holders on any reorganization and that there isn’t any real concern about haircuts. “Whether you are talking about a haircut or a re-profiling or a restructuring, one has to tread very carefully because…

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 acquire a lender in the Democratic Republic of Congo, the second purchase in four months, as part of the Kenyan bank’s strategy to expand across Africa. “Directors have agreed to the entry into 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…

Defiant Johnson Pushes On With Brexit Plan as Court Threat Looms

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LONDON (Capital Markets in Africa) – Boris Johnson is refusing to back down and pushing on with his hardline Brexit strategy despite the risk of being taken to court and the threat of more resignations from his Conservative Party. After a bruising week of defeats for his Brexit strategy culminating in the resignations of his own brother and cabinet minister Amber Rudd, Johnson faces further setbacks on Monday. The prime minister will probably lose another vote in…

United Kingdom Economy: New Ways to Fight the Next Recession

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LONDON (Capital Markets in Africa) – The U.K. economy has been teetering on the edge of the Brexit precipice for several years now. Should it stumble over, the slump that follows could call for a major boost — that’s harder now than it was in 2009. Bloomberg Economics explores ways to extend the runway for monetary policy to land new forms of stimulus, without compromising the Bank of England’s independence. A deep downturn would likely…

Ireland’s Bonds Seen Increasingly Risky as Brexit Nears Endgame

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LAGOS (Capital Markets in Africa) – Investors in Ireland’s bonds are sitting on double-digit returns this year after a global debt rally and now they are starting to get nervous. Fears of a bubble in bond markets have been growing on doubts over the extent of future monetary easing. In Ireland’s case, the U.K.’s political turmoil is an added hurdle as the neighboring economies are intertwined and a crash exit from the European Union could…

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