The Editorial Team |

It’s Up to Central Banks to Rescue EM Carry Trade, Nedbank Says

JOHANNESBURG (Capital Markets in Africa) – The emerging-market carry trade is running out of steam, and only central banks can resurrect it, according to Nedbank Group Ltd. Unless policy makers give markets a new liquidity injection, investors who borrow dollars to buy higher-yielding emerging-market assets may see a repeat of last year, when the wager resulted in the worst losses since 2015, Mehul Daya and Neels Heyneke, Johannesburg-based strategists at Nedbank, said in a client note. The next month will…

London Real Estate Market Stutters as Brexit Hits Dealmaking

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LONDON (Capital Markets in Africa) – London’s commerical property market has become the latest casualty of Brexit. Spending on U.K. offices, malls and warehouses plunged more than 40 percent in the first two months of the year to 4.3 billion pounds ($5.6 billion), according to research firm Property Data. With less than three weeks left before the U.K.’s scheduled withdrawal from the European Union, buyers are watching to see if the attempts to prevent a chaotic no-deal withdrawal…

Absa Drops on Profit Miss as South African Economy Struggles

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JOHANNESBURG (Capital Markets in Africa) – Absa Group Ltd., the South African lender once controlled by Barclays Plc, fell for the ninth straight day to head for its longest streak of losses in six years as full-year profit missed analyst estimates. Banks in Africa’s most industrialized economy are battling to overcome the challenges of tepid gross domestic product growth and a loss of consumer and business confidence, pressuring their ability to generate revenue. Tax increases, higher fuel…

Benin Said to Consider First Foray Into Foreign Bond Markets

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BENIN (Capital Markets in Africa) – Bond investors may be about to welcome a new kid on the emerging-market block: Benin. The West African country — gross domestic product about $10 billion — is readying a series of meetings with would-be takers for a first ever sale of Eurobonds, according to a person familiar with the matter. Citigroup Inc., Natixis SA and Societe Generale SA have been hired to organize the meetings, which will take place…

Steinhoff CEO to Update South African Lawmakers on Probe

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV Chief Executive Officer Louis du Preez will give an update to South African lawmakers next week about the ongoing investigation into an accounting scandal that almost destroyed the retailer more than a year ago. Representatives of regulators and a local anti-graft police unit are also expected to appear at the parliamentary hearing in Cape Town starting March 19, Du Preez told reporters in the city on Monday. The…

Old Mutual Misses Profit Goal as South African Economy Wilts

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JOHANNESBURG (Capital Markets in Africa) – Old Mutual Ltd. said earnings fell as a weak South African economy and sliding asset prices caused the insurer to miss one of its key operational goals. Full-year adjusted profit earnings declined to 11.51 billion rand ($798 million) from 12.95 billion rand a year earlier, the Johannesburg-based company said in a statement. “Persistently high unemployment rates, a value added tax-rate increase and fuel hikes contributed to lower real disposable incomes…

Boeing Drops Most Since 2001 as Second 737 Crash Grounds Flights

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ADISS ABABA (Capital Markets in Africa) – Boeing Co. Chief Executive Officer Dennis Muilenburg faces his biggest crisis yet following the second deadly crash of a 737 Max jetliner, as some airlines grounded the best-selling plane and the shares logged their biggest loss since the 9/11 attacks. China ordered its carriers to ground all 96 of Boeing’s newest 737 model, while Indonesia said it would also halt flights after Ethiopian Airlines Flight 302 went down in a field shortly after…

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