The Editorial Team |

Nigeria Top Judge Pleads Not Guilty of False Assets Declaration

LAGOS (Capital Markets in Africa) – Nigeria’s Chief Justice Walter Onnoghen pleaded not guilty to charges of false declaration of his assets at the Code of Conduct Tribunal in the capital, Abuja. Onnoghen appeared at the court on Friday for the first time since charges were filed against him on Jan. 11 after tribunal Chairman Danladi Umar issued a warrant for his arrest on Wednesday. The chief justice, who was suspended from office by President Muhammadu Buhari on Jan….

Discovery Falls to 16-Month Low as Profit Drops on Soaring Costs

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JOHANNESBURG (Capital Markets in Africa) – Shares of Discovery Ltd. dropped to their lowest level since October 2017 after the South African financial-services company said first-half earnings will decline after investments into new initiatives soared. The owner of a wellness loyalty program that stretches from China to the U.S. is expanding into banking and commercial insurance to tap deeper into its existing customer base to boost income. Spending on new projects in the six months through December…

Why Lamb Chops Could Be on the Menu in a No-Deal Brexit

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LAGOS (Capital Markets in Africa) -The U.K. is the world’s third-largest lamb exporter and farmers will have a lot to sell if there’s no European trade deal. For the sheep on Alan Hutton’s farm outside Basingstoke, the outcome of Brexit will mean life or death. Hutton, who farms about 1,000 acres (405 hectares) on grassy, rolling hills in southern England, specializes in raising ewes for other farmers to breed. Like many farmers and business owners, he’s…

Momentum Shift in Kenya Spurs Stocks to Best Start Since 2013

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NAIROBI (Capital Markets in Africa) – There’s been a momentum shift in Kenya’s share market and it’s propelled Nairobi stocks to their best start to the year since 2013. After largely avoiding equities for the past two years in favor of the fixed-income market, local money managers are back buying stocks and in large-enough volumes to outweigh persistent foreign outflows. The benchmark stock index has jumped 16 percent in response, the best in the world in 2019 after Argentina…

Banks Urge Ramaphosa to Put Politics Aside, Fix State Firms

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JOHANNESBURG (Capital Markets in Africa) – A lobby group representing South African banks urged President Cyril Ramaphosa to prioritize the country’s wider interests rather than securing votes for the ruling African National Congress if he is to boost confidence in the economy before elections in May. Ramaphosa’s plan to split troubled power utility Eskom Holdings SOC Ltd. into three separate parts has met resistance from the country’s largest labor federation, which has been in an alliance with the ANC and the…

Johannesburg Stock Gains May Prove a Red Herring Amid Eskom Woes

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JOHANNESBURG (Capital Markets in Africa) – South African stocks are heading for the best weekly rally since Jan. 11, but don’t be fooled by the apparent momentum. The path of least resistance leads down. The benchmark FTSE/JSE Africa All Share Index has added 2.1 percent in the past five days, with its 50-day moving average looking to cross above the 100-day mean. That’s made equities look resilient even as a crisis at the state-owned power utility Eskom fuels…

Tharcherist Revival Or Stagist Clean-up For Nigeria?

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LAGOS (Capital Markets in Africa) – Nigerians will choose a new leader in elections on Feb. 16. The economic policy divide between the candidates is the widest in the country’s 59-year history. Opposition candidate Atiku Abubakar pledges a Thatcherist liberalization of the economy, which he says will ‘make Nigeria work again’ after the 2016 recession. Incumbent Muhammadu Buhari is sticking to his policy of state interventionism. He wants to reduce Nigeria’s dependency on oil exports,…

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