The Editorial Team |

Emerging-Market ETF Rush Loses Steam as Investors Question Rally

LAGOS (Capital Markets in Africa) – Investors added money to emerging-market exchange-traded funds at the slowest pace this year last week, another sign that the optimism from the start of 2019 is wearing thin. Inflows into U.S.-listed funds that invest across developing nations as well as those that target specific countries totaled $313.1 million in the five days through Feb. 15, a fraction of the $3.97 billion inflow in the previous week, according to data…

Why Zimbabwe Is Fed Up With Using the U.S. Dollar: QuickTake

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HARARE(Capital Markets in Africa) – A decade after Zimbabwe scrapped its own currency to end hyperinflation and began using mainly the U.S. dollar, the economy is back in free fall. Fuel, medicines and other basics are hard to come by and less than 10 percent of the workforce is formally employed. While the new currency regime initially helped stabilize prices, it also increased imports, curtailed exports and gave rise to a chronic shortage of banknotes….

Nigerian Breweries Plc FY’18 results – EPS contracts by 41.2% to N2.43

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LAGOS (Capital Markets in Africa) – Nigerian Breweries Plc (NB) FY’18 results, top line growth came in at N324.4 billion (-5.9% YoY) for the year, in line with our estimate of N320.6 billion (+1.2% deviation). In the same vein, after-tax earnings declined by 41.1% YoY to print at N19.4 billion, although under-performing our estimate of N22.2 billion. The deviation from our profit-after-tax estimate was as a result of negative surprises stemming from higher direct costs, finance…

EOH, Buffeted by an Anonymous Tip, Launches Whistle Blower App

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JOHANNESBURG (Capital Markets in Africa) – EOH Holdings Ltd., the South African IT company reeling after an anonymous complaint prompted Microsoft Corp. to abruptly cancel a contract, has created an app that will make that process easier for future whistleblowers. Expose-It, which was made available for download on Monday, enables those with sensitive information about their company or organization to pass it on to relevant authorities without fear of being identified. The app is designed to…

ERG Will Suspend Copper, Cobalt Output at Congo Mine This Month

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HARARE (Capital Markets in Africa) – Eurasian Resources Group Sarl will halt production at a copper and cobalt mine in the Democratic Republic of Congo, as it considers future investment in new production methods. The shutdown at Boss Mining Sprl will curb cobalt supplies from a nation that accounts for three-quarters of global production of the metal used in rechargeable batteries. The suspension comes at a time of strained relations between Congo and investors after the nation last…

No Easy Solution to Power-Producer Drain on S.Africa Economy

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JOHANNESBURG (Capital Markets in Africa) – South African Finance Minister Tito Mboweni is looking for a way to keep the country’s main power producer from sucking the life out of the economy. Debt at Eskom Holdings SOC Ltd. has ballooned to 419 billion ($31 billion) and it’s struggling to supply Africa’s most-industrialized nation with enough power even as it weighs on finances, with most of its borrowings guaranteed by the state. The Department of Public Enterprises says the utility…

Zimbabwe Is Said to Consider Devaluing Quasi-Dollars

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HARARE (Capital Markets in Africa) -Zimbabwe’s central bank is considering devaluing its quasi-currency as part of a raft of reforms to the nation’s foreign-exchange system, according to a central bank official. Depreciating the so-called bond notes would be an acknowledgment that the official one-for-one exchange rate is no longer sustainable. It would also mark the second major overhaul to Zimbabwe’s currency regime since October, when the central bank ordered lenders to separate deposits of U.S. dollars and…

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