The Editorial Team |

Oversold Bank Stocks Bashed for ‘South Africa Inc.’ Proxy Status

JOHANNESBURG (Capital Markets in Africa) – The weight of bad news about the economy has proved too much for bank stocks traded in Johannesburg, pushing a sector index to technically oversold levels for the first time in more than two years. While the index was 1.2% higher Tuesday, rising for the first time in six sessions as a stronger rand brought some relief, it has dropped 15% since President Cyril Ramaphosa pledged a relentless focus on growth…

Uganda Will Be Able to Get Oil-Pipeline Funding, Stanbic Says

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KAMPALA (Capital Markets in Africa) – Uganda will be able to get the cash it needs to build a planned $3.5 billion oil-export pipeline, with financiers ready to commit funds as soon as a final investment decision is made, according to Stanbic Bank Uganda Ltd. The project has attracted “a lot of interest” and raising capital “is not a problem,” Stanbic Chief Executive Officer Patrick Mweheire said Tuesday in Kampala. The pipeline, which is crucial to plans…

Tunisia’s First Post-Uprising Leader Joins Packed Electoral Race

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TUNIS (Capital Markets in Africa) – Tunisia’s former president, Moncef Marzouki, joined a fast-growing list of candidates seeking the top job in the Arab world’s only true democracy next month. Marzouki, who announced his candidacy to a local radio station Tuesday, is the latest of more than two dozen would-be challengers for the Sept. 15 vote. Rivals reportedly include Defense Minister Abdelkarim Zbidi and a populist media mogul, Nabil Karoui. Tunisia’s moderate Islamist party, Ennahda, is…

Opponents of No-Deal Brexit Harden Plans to Block Johnson Threat

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LONDON (Capital Markets in Africa) – Opponents of Boris Johnson’s threat to crash out of the European Union without a deal on Oct. 31 are hardening their plans to stop him as the new U.K. prime minister seeks to build support with a series of targeted spending pledges. Opposition Labour Party leader Jeremy Corbyn signaled he will call a vote of no-confidence when Parliament returns next month while rebel MP Dominic Grieve said a growing number of his fellow Conservatives…

Sirius Ends Bond Sale, Putting $3.8 Billion English Mine at Risk

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LONDON (Capital Markets in Africa) – Sirius Minerals Plc plunged as its plans to build a $3.8 billion mine in the northeast of England were thrown into doubt after the company suspended a $500 million bond sale. The setback to a critical part of Sirius’s financing plan is the latest blow in almost a decade of efforts to build its giant potash mine. It’s so far had to overcome environmental opposition, concerns about demand prospects…

Investors Bet on BOE Cutting Rates Below Zero by Early 2021

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LONDON (Capital Markets in Africa) – Investors have begun betting that the Bank of England will join the European Central Bank in cutting interest rates below zero. Traders bought more than 21,000 option contracts in the past month that will pay out if the BOE delves into negative territory by March 2021. The bets will succeed if the central bank buckles under the twin pressures of Brexit and a global economic slowdown and eases policy…

Trump Courts `Good Man’ Boris Johnson as an Ally on Iran, Huawei

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LONDON (Capital Markets in Africa) – As Boris Johnson hurtles toward a no-deal Brexit that could leave the U.K. diplomatically adrift and economically vulnerable, President Donald Trump is looking to seize an opportunity to lure the country away from Europe on some of his top foreign policy priorities: Iran and Huawei. Yet with Johnson focused on negotiating a breakup with the European Union — and perhaps a snap election at home — the White House may have to be…

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