The Editorial Team |

Kenyan Stocks Are World’s Worst Performers as Interest Cap Bites

NAIROBI (Capital Markets in Africa) – Kenyan stocks are being pummeled by a combination of market-unfriendly policies and a strong dollar. The country’s main equity index has fallen 14 percent this quarter, the most among 95 global indexes tracked by Bloomberg. Stocks in East Africa’s biggest economy are in a bear market after sinking 24 percent from a record high in April. They now trade at their biggest discount to frontier-market equities in almost a year, based…

Rwanda Keeps Key Interest Rate Unchanged as Inflation Is Subdued

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KIGALI (Capital Markets in Africa) – Rwanda’s central bank kept its benchmark lending rate at a record-low 5.5 percent for a third straight meeting as consumer-price growth remains subdued. They key rate was held at 5.5 percent, Governor John Rwangombwa told reporters in the capital, Kigali, on Tuesday. Inflation, which was at 2.1 percent in August, won’t exceed the central bank’s target of 5 percent by the end of the year, Rwangombwa said. That’s partly…

Rand Awaiting Catalyst as Traders, Analysts Diverge on Outlook

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JOHANNESBURG (Capital Markets in Africa) – The rand’s at a tipping point, with analysts and derivatives traders at odds over the next move for South Africa’s currency. For Societe Generale SA, the rand’s 7.3 percent rally in the past three weeks is just a temporary blip, with more weakness in store as poor fundamentals and an unfavorable external backdrop weigh on the currency. Others, including Standard Chartered Plc, see the currency as undervalued and due…

Nigerian Cocoa Shows High Mold Levels in Early Crop Arrivals

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LAGOS (Capital Markets in Africa) – Initial harvests of Nigeria’s main-crop cocoa arriving at ports and warehouses show high levels of mold in the major producing southwest region due to a prolonged wet season, according to commodities inspection agents and buyers. Cocoa beans inspected in a sample of warehouses in the region are showing mold in the range of 18 percent to 24 percent, compared with a maximum of 4 percent required by the International…

Tokyo Whale Sells $230 Million Bitcoin in Mt. Gox Wind-Down

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LAGOS (Capital Markets in Africa) – The trustee liquidating cryptocurrencies on behalf of defunct exchange Mt. Gox has offloaded another 25.98 billion yen ($230 million) of Bitcoin and Bitcoin Cash. The disposals were made in the period since the 10th creditors meeting was held on March 7, Nobuaki Kobayashi said in a statement on Tuesday. The total compares with 43 billion yen in the prior round of sales, which the bankruptcy attorney announced six months ago. Digital…

Key Congo Opposition Leader Is Excluded as Candidate in Vote

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo’s electoral commission confirmed opposition leader Jean-Pierre Bemba’s disqualification from this year’s presidential vote. Bemba’s removal excludes two key figures from challenging President Joseph Kabila’s anointed successor in the Dec. 23 vote, after businessman-turned-politician Moise Katumbi was prevented from registering for the race. Congo, the world’s biggest cobalt miner hasn’t had a peaceful transition of power since it gained independence from Belgium in 1960. Twenty-one of the 26 candidates…

Saipem Convicted in Algeria Corruption Case; Eni Cleared

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TUNIS (Capital Markets in Africa) – Saipem SpA was convicted in Milan of corruption linked to energy contracts in Algeria, while fellow Italian oil company Eni SpA was cleared. The oil-services company was fined 400,000 euros ($467,800), and another 197 million euros will be confiscated as part of the conviction, according to judge Giulia Turri. Eni, which owns 31 percent of Saipem, Eni’s former Chief Executive Officer Paolo Scaroni and current Chief Upstream Officer Antonio Vella were cleared of any wrongdoing. Saipem may…

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