The Editorial Team |

Steinhoff’s Unitrans Is Said to Be Worth Up to $280 Million

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV’s Unitrans Motor Group, which the embattled retailer is in talks to sell, may be valued at as much as $280 million, according to people familiar with the matter. The lower end of the valuation range may be about $204 million, said two of the people, who asked not to be identified because the negotiations are private. Steinhoff on Thursday said it plans to sell 75…

Worst-Performing Stocks Are Found in Ghana as Foreigners Exit

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ACCRA (Capital Markets in Africa) – Ghana’s stocks are the worst-performers globally in the first quarter after a sell-off by foreign investors hobbled the local currency and demand from local institutional investors dried up. The Ghana Stock Exchange Composite Index had lost more than 15 percent this year as of Friday, making it the laggard in dollar terms among 94 global equities benchmarks tracked by Bloomberg. Ghana’s impending exit from a four-year International Monetary Fund…

Kenya Airways Talking to Airbus, But Boeing Still on Radar

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NAIROBI (Capital Markets in Africa) – Kenya Airways Plc. is in discussions with Airbus SE to acquire an unspecified number of planes from the Toulouse, France-based company, but remains a “happy and loyal customer” of Boeing Co., according to Chief Executive Officer Sebastian Mikosz. Sub-Saharan Africa’s third-largest carrier, which wants to add 50 airliners to its fleet over the next six years to ward off competition from the rest of Africa and the Middle East, is “seriously thinking” about…

JPMorgan’s Role in Nigerian Oil Deal Has Come Back to Haunt It

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LONDON (Capital Markets in Africa) – Under the rule of the Nigerian dictator Sani Abacha more than 20 years ago, a handful of high-ranking government officials looted billions of dollars from the country’s coffers. Now the Nigerian government is demanding some of its money back — from JPMorgan Chase. In a British court, lawyers for the country are suing a subsidiary of the largest United States bank, charging that it enabled corrupt former officials to…

Investor Darling Egypt Holds Rates Amid Inflation Worries

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CAIRO (Capital Markets in Africa ) – Egypt’s central bank held the benchmark deposit rate unchanged on Thursday, defying expectations of a cut as it sought to keep inflation on target. The bank’s Monetary Policy Committee kept the overnight deposit rate at 15.75% and the lending rate at 16.75%. Most economists surveyed by Bloomberg had predicted a cut of as much as 100 basis points, arguing that while inflation had accelerated for two consecutive months through February, the central…

World’s Deepest Rate Cuts Beckon in Egypt After Fed’s Pivot

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CAIRO (Capital Markets in Africa ) – Monetary stimulus is needed to revive growth and attract foreign direct investment. Business activity in Egypt’s non-oil private sector slipped in February to its lowest level since September 2017. The central bank is still a long way from unwinding rate increases deployed to steady inflation after floating the currency in November 2016. While price growth has since stabilized, however, it accelerated for a second month to an annual…

South Africa Holds Key Rate as It Cuts GDP Growth Forecasts

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JOHANNESBURG (Capital Markets in Africa) – Higher power, food and fuel prices will likely crimp household spending and limit prospects for stronger economic growth, resulting in the South African Reserve Bank having to hold the nation’s key interest rate for the rest of the year, economists said. The Monetary Policy Committee’s unanimous decision to maintain the repurchase rate at 6.75 percent was in line with the expectations of all 18 economists in a Bloomberg survey. The bank…

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