Author: The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt’s main stock index extended a winning streak to the seventh session as investors increased bets on stocks poised to benefit from a surprise cut in interest rates. The EGX 30 climbed 0.2 percent on Monday, bringing gains to about 17 percent year-to-date. The gauge’s 50-day moving average climbed above the 100-day measure. The last time this happened, the shorter average stayed above the longer one for over two years. An unexpected rate…

LAGOS (Capital Markets in Africa) – Just as investors were beginning to suspect the emerging-market trade is getting crowded, the U.S. and China gave them another reason to throw caution to the wind. Stocks are headed for their biggest advance this month and currencies rebounded from a two-week slump on hopes the two nations will soon end a trade war that’s plagued emerging markets for about a year. The assets were also buoyed by China’s credit growth,…

JOHANNESBURG (Capital Markets in Africa) – Mozambique’s government is scrambling to contain the fallout from a U.S. investigation into the country’s $2 billion hidden-debt scandal, ordering a series of high-profile arrests in the past week. The detentions signal concern among Mozambican authorities that the U.S. probe may reveal more corruption by ruling Frelimo party officials as they prepare to compete in general elections in October. Those arraigned so far include the ex-head of intelligence and…

JOHANNESBURG (Capital Markets in Africa) – South African police arrested a former ambassador to Iran on corruption charges related to the award of a mobile-phone license to MTN Group Ltd. after it was initially given to Turkcell Iletisim Hizmetleri AS. The case has been the subject of legal claims for several years by the Turkish company, which accuses Johannesburg-based MTN of paying bribes to South African and Iranian officials. MTN secured 49 percent of Irancell Telecommunication Co….

JOHANNESBURG (Capital Markets in Africa) – Telkom SA SOC Ltd. sees an acquisition as one way to grow its mobile-phone business as the South African former landline monopoly looks to boost profit and attract higher-paying customers. Telkom has the balance sheet to pursue a deal, Chief Executive Officer Sipho Maseko said in an interview at Bloomberg’s Johannesburg office on Wednesday. While he didn’t name a specific target, local rival Cell C Pty Ltd. is on the group’s radar, people…