The Editorial Team |

Discovery Extends Slump on South African Health-Plan Concerns

JOHANNESBURG (Capital Markets in Africa) – Discovery Ltd. extended its slump in Johannesburg trading, dropping the most since December 2015, as some investors fretted over the outlook for the medical insurance administrator under South African plans to shake up the country’s health insurance system. Discovery fell as much as 11% Monday before paring the decline to 5% as of 1:47 p.m. At its lows for the session, Discovery was heading for its worst two-day plunge on record….

The Market Has Already Downgraded South Africa to Junk

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JOHANNESBURG (Capital Markets in Africa) – Moody’s Investors Service hasn’t said it, but investors already think it: South Africa’s credit is junk. The company, which rates South Africa’s debt Baa3, the lowest investment level, is due to review its assessment in November. Given Eskom Holdings SOC Ltd.’s financial woes and its implications for government debt, the market is pricing in a downgrade. These three charts show how traders view the country’s fiscal outlook: The premium…

INTO AFRICA August 2019 Edition – Managers of Africa’s Asset and Wealth

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Welcome to the August 2019 edition of INTO AFRICA, a publication written by the professionals, for professionals, investors, policymakers … Advancing and providing fresh insight into Africa’s emerging markets through renowned thought leadership and peer-to-peer knowledge-sharing. The edition is titled: Managers of Africa’s Asset and Wealth. African countries have been increasing their ranks of wealthy citizens through a phase of rapid economic growth. Knight Frank’s 2019 Wealth Report forecasts that there will be over 400…

Soros-Backed Helios Towers Is Said to Revive IPO Preparations

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LAGOS (Capital Markets in Africa) – Helios Towers, one of sub-Saharan Africa’s largest mobile-phone tower operators, is reviving plans for an initial public offering, people familiar with the matter said. The company’s advisers are resuming preparations for an IPO that could value Helios at about $3 billion, according to the people. It is considering filing for the share sale as soon as this year, the people said. The tower owner is weighing London and Johannesburg…

Let Down by China, Mauritius Turns to Saudi Arabia for Growth

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PORT LOUIS (Capital Markets in Africa) – Let down by falling numbers of Chinese visitors and fretting about Brexit, the tourism industry of Mauritius is turning to an unexpected savior: Saudi Arabia. While surging numbers of Chinese visitors to the Indian Ocean island’s resorts helped underpin an 11% annual growth rate in tourists in 2015, that slowed to 4.3% last year, partially as a result of the scrapping of direct flights by China Southern Airlines Co….

Glencore Plans to Shut Giant Cobalt and Copper Mine in Congo

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KINSHASA (Capital Markets in Africa) – Glencore Plc is planning to halt production at one of the world’s biggest cobalt mines after prices for the battery metal collapsed and costs at the project increased, according to a person familiar with the situation. The announcement that Glencore will close its Mutanda mine in the Democratic Republic of Congo is expected to come as the company lays out an overhaul of its key African copper and cobalt business…

World Economy Edges Closer to a Recession as Trade Fears Spread

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LONDON (Capital Markets in Africa) – The escalating trade war between the U.S. and China is nudging the world economy toward its first recession in a decade with investors demanding politicians and central bankers act fast to change course. In the U.S. alone, the recession risk is “much higher than it needs to be and much higher than it was two months ago,” Lawrence Summers, a former U.S. Treasury secretary and a White House economic adviser…

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