The Editorial Team |

Tencent Joins Naspers in a $1 Billion Funding for India’s Swiggy

JOHANNESBURG (Capital Markets in Africa) – Tencent Holdings Ltd. joined Naspers Ltd. in a $1 billion investment in Indian food delivery service Swiggy, which gains a potentially valuable ally in China’s largest social media and gaming company. Naspers led the financing, which snagged new backers Hillhouse Capital and Wellington Management in addition to existing investors DST Global, Meituan Dianping and Coatue. The funding round, which Bloomberg reported on in October, marks Swiggy’s third for 2018 and largest to date. Naspers, Africa’s most valuable company, said it put…

IMF Approves Disbursement of $172.1 Million to Sierra Leone

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LAGOS (Capital Markets in Africa) – The International Monetary Fund’s executive board approved disbursement of $172.1 million to Sierra Leone under a 43-month extended credit facility program. “The executive board’s decision enables an immediate disbursement of $21.5 million to Sierra Leone,” the Washington-based lender said Wednesday in an emailed statement. “The remaining amount will be phased over the duration of the program, subject to semi-annual reviews.” The program is aimed at reducing inflation, mobilizing revenue to allow for…

As Global Equities Take a Hit, Gold Miners Are Doing Fine

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LAGOS (Capital Markets in Africa) – Global equity markets are getting beaten up, but gold miners have been spared as haven demand swells and bullion’s outlook brightens. Newcrest Mining Ltd., Australia’s top producer, rallied as much as 2.3 percent on Tuesday, while South Africa’s Harmony Gold Mining Co. Ltd. was the biggest mover, rising 3.8 percent. Canada’s Barrick Gold Corp. — which is taking over rival Randgold Resources Ltd. — has surged 28 percent this quarter. The gold miners…

Congo Plans to Issue First Licenses to Private Insurers by March

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo plans to issue its first licenses to private insurance companies early next year. The central African nation plans to end more than four decades of state monopoly of an industry the Insurance Regulatory Authority estimates is worth $850 million annually and could grow threefold in the next five years. Congo is the continent’s fourth-most populous nation, with about 84 million people. ARCA, as the authority is…

Morocco Holds Key Rate Despite Signs of Economic Slowdown

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RABAT (Capital Markets in Africa) – Morocco’s central bank kept its benchmark interest rate unchanged at a record low 2.25 percent, even as it warned of an economic slowdown stretching into next year. The decision Tuesday came amid a dramatic falloff in credit growth and inflation, both potential catalysts for a rate cut to stimulate investment. Government data for the second quarter “indicate an economic activity level well below expectations,” Bank Al Maghreb said in a…

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

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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…

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