The Editorial Team |

Egypt EGX 100 Breadth Weakens: 200 Day MA, 50 Day MA

CAIRO (Capital Markets in Africa) – Market breadth for the EGX 100 Index weakened as 51 percent of companies closed above their 200 day moving average, compared with 62 percent the previous day. 24 percent of companies closed above their 50 day moving average, compared with 33 percent the previous day. The Egypt EGX 100 was little changed at 2,188.86, within 0.5 percent of its one-week low level reached on May 16. The loss follows the previous…

Zambia Central-Bank Head Kalyalya Faces Another Tough Test

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LUSAKA (Capital Markets in Africa) – Bank of Zambia Governor Denny Kalyalya can’t seem to catch a break. When he took leadership of the central bank in Africa’s second-biggest copper producer three years ago, the economy was on the brink of a crisis, with inflation rapidly accelerating to reach 22.9 percent. Now that he’s had his contract extended for five years, a new set of problems are emerging. The kwacha has fallen almost 7 percent against the…

Key Nigeria Crude Oil Flows Disrupted as Pipelines Are Curtailed

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LAGOS (Capital Markets in Africa) – Royal Dutch Shell Plc declared curbs on the flow of Nigeria’s Bonny Light crude, disrupting post-conflict recovery in the West African country’s oil industry. Shell’s local unit on Thursday declared force majeure on Bonny Light exports following the shutdown of the Nembe Creek Trunk Line by the operator, Aiteo Eastern E&P Co. It came just days after loadings of the country’s Forcados crude were said to be delayed. Forcados and Bonny are…

Glencore Said to Face U.K. Bribery Probe Over Congo Dealings

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JOHANNESBURG (Capital Markets in Africa) – The U.K.’s white-collar crime prosecutor is preparing to open a formal bribery investigation into Glencore Plc and its work with Israeli billionaire Dan Gertler and the leader of Democratic Republic of Congo, according to two people with knowledge of the matter. Investigators at the Serious Fraud Office plan to seek formal approval for a full probe into Glencore’s dealings in Congo, said the people, who declined to be identified because the matter isn’t…

How Saving Steinhoff Became Heather Sonn’s 14-Hour-a-Day Mission

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JOHANNESBURG (Capital Markets in Africa) – Chairwoman seeks a ‘fair outcome’ for stakeholders after accounting scandal brings giant retailer to the brink Until December, Heather Sonn was running a small investment firm in Cape Town. Then an accounting scandal erupted at Steinhoff International Holdings NV and she was tapped to chair the board. The 46-year-old says she accepted the non-executive role because she felt a duty to those affected by the crisis, which has wiped more than 95…

Congo Billionaire Seeks French Loan to Develop Iron-Ore Railway

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KINSHASA (Capital Markets in Africa) – Paul Obambi, a billionaire investor in the Congo Republic, is in talks with French lenders to fund a railway he’s building to export iron ore. Obambi’s company SAPRO SA is negotiating with “a consortium of banks” to finance the 450-kilometer (280-mile) track that will link the southwestern town of Mayoko to a port at Pointe Noire, he said in a phone interview from Paris on Tuesday. Construction is expected…

Egypt Holds Rates as Oil Price Rise Stokes Inflation Worries

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CAIRO (Capital Markets in Africa) – Egypt’s central bank kept its benchmark interest rate unchanged on Thursday, as the government prepares for a new round of fuel subsidy cuts against a backdrop of rising global oil prices. The bank’s Monetary Policy Committee, headed by Governor Tarek Amer, held the overnight deposit rate at 16.75 percent — in line with predictions by five out of eight economists surveyed by Bloomberg. The overnight lending rate was kept at…

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