The Editorial Team |

Egypt Seeks New Debt Investors With Euroclear, Asian Foray

CAIRO (Capital Markets in Africa) – Egypt is in talks with Belgium-based Euroclear to settle its domestic debt transactions and will embark on a non-deal bond roadshow through Asia this year, part of a drive to attract more overseas investors and reduce borrowing costs. “We are in continuous talks with Euroclear and we are trying to finalize this issue as soon as possible,” Finance Minister Mohamed Maait said in an interview. “This step is very…

Standard Chartered to Stop Financing New Coal Power Plants

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JOHANNESBURG (Capital Markets in Africa) – Standard Chartered Plc said it will stop financing new coal-fired power plants anywhere in the world as part of its commitment to supporting the Paris Agreement on climate change. The move follows “detailed consultation with a range of stakeholders,” according to a statement Tuesday from the London-based bank. Standard Chartered said its existing commitments were excluded from its new policy on coal energy. It currently has 14 project financing facilities in seven…

Barrick’s Thornton Puts Shine Back in Gold With Randgold Bid

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LAGOS (Capital Markets in Africa) – As more than 1,100 gold mining executives, metals analysts and investors made their annual retreat to the mountains of Colorado, all anyone seemed to want to talk about was the deal that was announced just hours earlier. Mark Bristow, the outspoken chief executive officer of Randgold Resources Ltd. who helped arrange the merger with Barrick Gold Corp., didn’t seem surprised. “I have been agitating for this industry to rearrange itself,” Bristow said in…

Nigeria’s Buhari Could Lose the 2019 Election, Teneo Says

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LAGOS (Capital Markets in Africa) – Nigeria’s President Muhammadu Buhari could lose power in February’s election if the opposition manages to unite, according to New York-based analysis firm Teneo Intelligence. A close governorship election over the weekend in the south western state of Osun, currently held by Buhari’s All Progressives Congress, bodes badly for the ruling party and signals its waning popularity, Teneo said in a note to clients. While Nigeria’s electoral commission said there would be…

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

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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…

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