The Editorial Team |

Quant Funds Lift Man Group Despite $1.1 Billion of Withdrawals

LONDON (Capital Markets in Africa) – Man Group Plc’s computer-driven funds are boosting earnings prospects for the world’s biggest publicly traded hedge fund even as the firm reported its first outflows for a six-month period since 2015. About 90% of Man AHL strategies, which use complex algorithms to trade, were at the “high water mark,” a level that allows funds to charge performance fee, according to a company statement on Wednesday. Man Group shares rose as much as…

MTN Nigeria Interim Profit Jumps 35% on Broadband, 4G Rollout

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LAGOS (Capital Markets in Africa) – MTN Nigeria Communications Plc, the largest unit within MTN Group Ltd., grew interim profit by 35% as its newly acquired spectrum enabled it to increase broadband and 4G offerings in the West African country. Chief Financial Officer Adekunle Awobodu will be leaving the business later this year “for family reasons,” and the process to find his replacement is well underway, the company said. Earnings before interest, tax, depreciation and amortization for…

Naspers Backs U.S. Education Platform Brainly in Investment Push

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JOHANNESBURG (Capital Markets in Africa) – Naspers Ltd., Africa’s biggest company by market value and soon to be one of Europe’s largest listed technology companies, is investing more of its $10-billion cash-pile in educational platforms. The Cape Town-based company has led the latest $30 million investment round in Brainly, a U.S. startup that allows learners to help each other with homework problems in different parts of the world. The students earn points for the quality…

U.S. Firms Want Nigeria Reforms Before Investing, Official Says

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LAGOS (Capital Markets in Africa) – Nigeria, Africa’s biggest oil producer, could attract more U.S. investment if the oil and gas sector becomes less opaque and a fuel-price peg is removed, according to a U.S. official. “Nigeria needs to think strategically about what is going to make it a more attractive destination,” Brent Omdahl, commercial counselor at the U.S. Department of Commerce, said in an interview in Lagos. “Our investors are willing to compete on…

Kganyago Says South Africa Central Bank Owners Debate a Distraction

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JOHANNESBURG (Capiatla Markets in Africa) – As the South African Reserve Bank’s shareholders prepared for its annual general meeting on Friday, Governor Lesetja Kganyago derided the debate over who owns the institution as a distraction from the real problems that the economy faces. This AGM was the second since the ruling African National Congress decided in December 2017 that the central bank, which is one of a handful worldwide owned by private investors, should be…

The Central Bank Punishing Lenders That Won’t Lend: QuickTake

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LAGOS (Capiatla Markets in Africa) – Nigeria’s central bank introduced measures last year to encourage commercial banks to lend more, part of a bid to revive one of Africa’s biggest economies. Credit growth, however, has stagnated, despite the new rules enabling lenders to deploy funds previously earmarked as reserves. Now, central bank Governor Godwin Emefiele is taking a more aggressive approach, penalizing banks that are deemed too risk-averse. Why is the central bank doing this? Nigeria’s economy contracted…

Vote Corbyn, Stop Brexit: How Labour Plans to Take On Johnson

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LONDON (Capiatla Markets in Africa) – Top officials in Britain’s main opposition Labour Party are preparing a dramatic policy to campaign to reverse the 2016 Brexit vote and keep the U.K. inside the European Union, if a snap election is held in the months ahead. Labour’s manifesto for an election is being drafted already and is likely to promise another referendum on EU membership with the party campaigning for remain, people familiar with the matter…

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