The Editorial Team |

Kenya Champions Turn Penny Stocks as Uchumi Sinks to Record Low

NAIROBI (Capital Markets in AfricaA) – At their peak, Kenya’s Uchumi Supermarkets Plc, retailer Deacons East Africa Plc, Mumias Sugar Co. and Eveready East Africa Ltd. were market leaders in their industries and well-known brands in East Africa’s largest economy. Today, the companies are penny stocks. Uchumi has lost 97 percent of its value in the past five years and slumped to a fresh record low in Nairobi Wednesday. Deacons and Mumias shares trade at less…

Tunisia Limbo as IMF Says Time Needed to `Flesh Out’ Policy

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TUNIS (Capital Markets in AfricaA) – Tunisia may have to wait a little longer for a much-anticipated IMF loan installment, as the Washington-based lender said the North African nation needs more time “to fully flesh out” its economic policy. The statement, released by the International Monetary Fund at the end of a staff visit to Tunisia, underscores how the nation’s ongoing political bickering is taking its toll on the implementation of broader economic measures, such as curbing…

Oil Near Five-Month High as U.S. Gasoline Stockpiles Decline

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LAGOS (Capital Markets in AfricaA) – Oil rose in New York, trading near a five-month high, after industry data indicated a sharp decline in American gasoline inventories last week. West Texas Intermediate crude futures increased 0.6 percent, while gasoline climbed as much as 1.5 percent to the highest since October. The American Petroleum Institute was said to report on Tuesday that gasoline stockpiles fell by 7.08 million barrels. That may change expectations for more comprehensive government…

High Inequality Hampers South African Reforms, Moody’s Says

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JOHANNESBURG (Capital Markets in Africa) – The tension created by high levels of inequality in South Africa increases political risk and hampers the progress of economic reforms, Moody’s Investors Service said. Joblessness among young people in Africa’s most-industrialized economy that’s at more than 50 percent and slow economic growth “are key credit challenges,” the ratings company said in an emailed statement on Tuesday. While President Cyril Ramaphosa has pledged reforms to boost the economy and lure investors,…

INTO AFRICA April 2019 Edition – Envision Africa’s Digital Revolution

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Welcome to the April 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: Envision Africa’s Digital Revolution. Technology has the potential to fundamentally transform societies. It enables rapid improvements to industrial production and societal services, positively influencing the way we live and interact with our environment. Africa is…

The Hunt for Canada’s Vast Diamond Riches Is Reaching an End

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LAGOS (Capital Markets in Africa) – The story of how two prospectors, down to their last nickels, discovered diamonds in Canada’s frozen north is the stuff of legend. Back in 1982, Chuck Fipke and Stewart Blusson laid low in a pup tent by day while their competitor De Beers hauled 45-gallon drums of rock samples to a nearby outpost for transport to South Africa. Using the long hours of summer sunlight north of the 65th parallel, the two searched…

Dangote Sugar Nigeria Says Illegal Imports Hurt Sales, Profit

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LAGOS (Capital Markets in Africa) – Dangote Sugar Refinery Plc, Nigeria’s biggest grower of the sweetener, said illegal, low-quality imports are putting pressure on its selling price while a traffic gridlock around its production site in Lagos is hampering delivery of goods to customers. “Sales and production volumes were constrained’’ in 2018 because of “these challenges,’’ the company said in emailed presentation. It plans to “work with the regulatory agencies to compact smuggled sugar’’ this…

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