The Editorial Team |

Next Week Becomes Less Daunting for Rand Traders as Swings Ebb

JOHANNESBURG (Capital Markets in Africa) – For the first time since August, traders are less concerned about the rand’s immediate future than the longer-term outlook for the currency. One-week implied volatility for the rand against the dollar fell below one-month volatility this week, with the three-month, six-month and one-year measures dropping even lower. That’s a turnaround from a month ago, when short-term volatility surged amid a sell-off sparked by crises in Argentina and Turkey. The…

Ex-Standard Bank Lawyer Tells of Pressure to Serve Zuma Allies

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JOHANNESBURG (Capital Markets in Africa) – A former Standard Bank Group Ltd. lawyer testified that the South African lender resisted pressure to reverse its decision to close accounts linked to members of the Gupta family, who are friends of former President Jacob Zuma, after they were implicated in a series of suspicious transactions. Ian Sinton, who retired as Standard Bank’s group general counsel in June, was testifying on Monday at the judicial panel investigating the use of political…

Ugandan Exchange Sees More IPOs as Cipla Breaks Six-Year Drought

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KAMPALA (Capital Markets in Africa) – Uganda’s stock exchange is in talks with three companies about listing, after Indian drugmaker Cipla Ltd.’s domestic unit ended a six-year drought with its bourse debut. One of the companies may launch an initial public offering in the next six months, Uganda Securities Exchange Chief Executive Officer Paul Bwiso said in an interview Monday in the capital, Kampala. The bourse has been buoyed by a new government initiative to support the…

Ramaphosa Gives Taste of Plan to Kickstart South African Economy

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JOHANNESBURG (Capital Markets in Africa) – South African President Cyril Ramaphosa shared parts of a package of reforms to kickstart an economy that’s in recession with business and labor leaders last week. The measures, already adopted by the cabinet, will “secure confidence in sectors affected by regulatory uncertainty” and cover mining, telecommunications, tourism and transport, the presidency said in a emailed statement Sunday. It will “reprioritize government spending, within the existing fiscal framework, toward activities that will stimulate…

Trafigura-Backed Puma Energy Hammered by Angola Fuel Freeze

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LAUNDA (Capital Markets in Africa) – A $5.7 billion spending spree is catching up with Puma Energy Holdings Ltd. The fuel station operator, whose biggest shareholder is commodities trader Trafigura Group Pte. Ltd, is struggling to increase profits after Angola’s new president froze pump prices this year, slashing Puma’s traditionally lucrative margins in the African country. The troubles in Angola are highlighting Puma’s weighty debt burden, incurred as it forked-out between 2012 and 2016 to buy and build fuel…

Nigeria Fires Back at HSBC After Bank Criticizes President

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LAGOS (Capital Markets in Africa) – Nigeria accused HSBC Holdings Plc of money laundering after an analyst working for the lender said that the second term for President Muhammadu Buhari may stall economic recovery in Africa’s biggest oil producer. “What killed Nigeria’s economy in the past was the unbridled looting of state resources by leaders, the type which was actively supported by HSBC,” presidential spokesman Garba Shehu said in a statement late Saturday. A bank that “continued until a…

What to Watch in Commodities: OPEC, Iron Ore, Gas, Trade, Storms

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LAGOS (Capital Markets in Africa) – Commodity investors have a busy docket this week, with near-term headlines set to be dominated by the damage wrought by Hurricane Florence in the U.S. and its far-flung Asian cousin, Typhoon Mangkhut. There’s also likely be squalls for raw materials from the U.S.-China trade war, with metals including copper sinking on Monday on concern more levies may hit. Beyond the bad weather, there’s a trio of a meeting that’ll command attention, with…

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