The Editorial Team |

What Are Sin Stocks and Why Should We Care?

LAGOS (Capital Market in Africa) – Some online gambling companies, like Bet365 and Betway, the parent company of Betway Ghana, are privately owned, meaning that they never listed their stock on any stock exchange. Other major operators like William Hill, Paddy Power Betfair, and the Kindred Group (the owner of Unibet) as well as development and infrastructure providers like NetEnt, are public, with shares traded on stock exchanged ranging from London to Stockholm, and beyond….

Rwandan and Seychelles Central Bank Keeps Key Interest Rate Unchanged

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SEYCHELLES (Capital Markets in Africa) – Rwanda’s central bank kept its benchmark lending rate at a record-low 5.5 percent as it sees inflation and exchange-rate pressures remaining subdued. The key rate was held at 5.5 percent, Governor John Rwangombwa told reporters in the capital, Kigali, on Tuesday. While inflation could accelerate to about 4.5 percent by the end of this year, from 3 percent in May, price pressures are low, he said. The Rwandan franc weakened 1.5…

Trump Travel Ban Upheld by High Court in Win on Signature Issue

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LAGOS (Capital Markets in Africa) – A divided U.S. Supreme Court upheld President Donald Trump’s travel ban, rejecting contentions that he targeted Muslims and giving him a legal and political victory on a controversy that helped define his presidency. The 5-4 ruling Tuesday ends a legal saga that dates to the beginning of the Trump presidency and helped establish his assertive, divisive leadership style. The decision bolsters the president’s already broad control over the nation’s borders. Trump hailed…

Days into His New Job, Egypt Finance Chief Eyes Sukuk for Funds

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CAIRO (Capital Markets in Africa) – Egypt is considering tapping the international sukuk market in the coming fiscal year, as it looks to diversify funding sources to drive forward its economic revival efforts. The Sharia-compliant issuance, either in dollar or euro-denominated sukuk, which Finance Minister Mohamed Maait hopes will happen in fiscal 2018-19, would mark a revival of a plan shelved since 2013 when the government under then-Islamist President Mohamed Mursi issued the law to pave the way for…

Old Mutual Sheds Acquisitive Past to Grow African Businesses

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LAGOS (Capital Markets in Africa) – Old Mutual Ltd. plans to grow its existing insurance, asset-management and lending business in Africa, spurning the acquisitive approach taken by its parent. “We’re definitely not shopping,” Chief Executive Officer Peter Moyo said in an interview. “Don’t expect any acquisitions from us.” The 173-year-old insurer is refocusing its efforts on Africa after being spun out of Old Mutual Plc and listing its shares on the Johannesburg Stock Exchange on Tuesday. Its London-based…

Sibanye Tumbles as 2018 Deaths Reach 21 With Latest Accident

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JOHANNESBURG (Capital Markets in Africa) – Sibanye Gold Ltd. shares fell after another worker was killed at its Driefontein operation in South Africa, bringing the total deaths at the company’s mines this year to 21. Sibanye accounts for nearly half of the 46 people reported killed at South African mines in 2018 and is already the subject of an investigation by the chief inspector of mines. The company said last week it named a new head of…

Nigeria Manufacturing Body Opposes African Free Trade Area

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LAGOS (Capital Markets in Africa) – Nigeria’s main manufacturing body said it will oppose plans for an African free trade area until the government has done more studies on its impact. “When they open our borders for all manner of products to come into this country, most of our industries will be out of business,” Frank Jacobs, president of the Manufacturers Association of Nigeria, told reporters in Lagos, the commercial capital, on Tuesday. “We will continue…

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