The Editorial Team |

Relief Still Far Off After Lost Year: African Markets in 2019

LAGOS (Capital Markets in Africa) – Traders in African markets have had a year to forget, and there are signs the rout’s not over yet. The continent’s stocks and bonds have performed worse than those of all other emerging-market regions in 2018, reversing their outperformance of last year. The sell-off has left equities in nations such as South Africa, Egypt, Nigeria and Kenya at or near their cheapest levels in years. And the yields of Eurobonds issued by governments…

JPMorgan, Nomura in Opposite Corners on Rand 2019 Prospects

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LAGOS (Capital Markets in Africa) – The rand’s implied volatility against the dollar tells you one thing about the currency in 2019: it’s going to be a wild ride. It’s just not clear which way. The cost of hedging in the options market against price swings in the South African currency over the next year has climbed almost 500 basis points since April. Though it has moderated from its September high, it’s still about 200 basis points…

Kenya Could Lose Port on Default of China Exim Loan, Nation Says

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NAIROBI (Capital Markets in Africa) – China’s Export-Import Bank could take over East Africa’s biggest port should Kenya fail to repay a loan taken to finance its new railway, Nation newspaper said, citing a report by the country’s auditor-general. The Chinese bank agreed in 2014 to lend Kenya 90 percent of the $3.8 billion it required for the railway’s first phase linking the port city of Mombasa to the capital, Nairobi. The East African nation secured another…

Nigerian Leader Proposes $24 Billion Spending for 2019

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LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari presented an 8.8 trillion-naira ($24.2 billion) budget for next year to lawmakers after the cabinet agreed to reduce spending plans as the nation struggles to meet revenue targets. Nigeria, Africa’s biggest oil producer and most populous nation, has “recovered from recession” after a slump in 2016, Buhari told a joint session of the Senate and House of Representatives in the capital, Abuja, broadcast live on TV. Key…

Bain Calls Its South African Tax-Body Work `Serious Failure’

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JOHANNESBURG (Capital Markets in Africa) – Bain & Co., the Boston-based consultancy company that was hired to assist in restructuring South Africa’s tax agency in 2015, said it has become “painfully evident” that the firm’s involvement with the authority was a “serious failure.” Not only was Bain’s hiring potentially irregular, but it overstated the need for change at the South African Revenue Service, allowed the former SARS head Tom Moyane to influence its work and didn’t walk away…

South Sudan Sees $2 Billion in Oil Investments as Just the Start

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SOUTH SUDAN (Capital Markets in Africa) – Recent pledges of $2 billion in investment for South Sudan’s oil may be just the start, with the war-torn nation expecting further agreements in early 2019, its petroleum minister said. Ezekiel Lul Gatkuoth’s prediction comes as the African nation’s warring sides prepare to form a power-sharing government in the latest bid to end five years of conflict. The country, home to sub-Saharan Africa’s third-largest crude reserves, is banking…

AngloGold Is Said to Weigh London Listing, South Africa Exit

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JOHANNESBURG (Capital Markets in Africa) – AngloGold Ashanti Ltd. is considering listing its shares in either London or Toronto in a move that could see the company hive off its remaining South African operations, according to people familiar with the situation. While no final decision has been made, the world’s third-largest gold producer has been discussing the plan internally and with advisers, said the people, who asked not to be identified as the talks are private….

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