The Editorial Team |

Why South Africa Is Ripping Up Its Mining Rules Again

JOHANNESBURG (Capital Markets in Africa) – South Africa’s mining industry is a prime example of the nation’s stark imbalances. Its highly paid, mainly white male executives oversee hundreds of thousands of mostly black workers labouring in deep and dangerous operations. To spread the nation’s wealth more equally, in 2017 the government revised its mining charter to require that companies give more ownership to black shareholders. The industry lobby group sued to stop this, saying that…

Zuma’s Exit Sparks Shifting Political Alliances in South Africa

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JOHANNESBURG (Capital Markets in Africa) – Jacob Zuma’s forced resignation as South Africa’s president did more than revive confidence in the ruling African National Congress. It’s deepened divisions between the two main opposition parties, threatening their control of the nation’s key cities. Together with the ANC’s shift to support expropriation of land without compensation, Zuma’s replacement by Cyril Ramaphosa has thawed its relations with the Economic Freedom Fighters. The party hounded Zuma over allegations of graft and…

Tiger Falls as Factory Blamed for Outbreak That Killed 180

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JOHANNESBURG (Capital Markets in Africa) – Tiger Brands Ltd. tumbled after the South African company’s processed meat was identified as a source of the listeriosis outbreak that’s killed 180 people and infected about 1,000. Africa’s largest packaged food maker has been ordered to recall certain Enterprise brand ready-to-eat items and has suspended operations at two plants, while South Africans are being advised to avoid all similar processed meat products. The listeriosis outbreak in South Africa was…

Moody’s affirms ratings of Tanzanian banks; changes outlook to negative

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DAR ES SALAAM (Capital Markets in Africa) – Moody’s Investors Service has today affirmed the B1/ Not Prime long and short-term local-currency deposit ratings and the B2/ Not Prime long and short-term foreign-currency deposit ratings of NMB Bank PLC and CRDB Bank Plc. The outlook on the banks’ long-term deposit ratings was changed to negative, from stable. At the same time, Moody’s has affirmed NMB Bank PLC’s b1 baseline credit assessment (BCA), b1 adjusted BCA,…

Egypt Bourse Expects Up to Seven IPOs This Year, Most Since 2011

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CAIRO (Capital Markets in Africa) – The Egyptian stock exchange is expecting as many as seven initial public offerings this year, starting as soon as this month, which would be the highest number of share sales since the 2011 uprising that ousted President Hosni Mubarak. An IPO this month is likely to be followed by another in April, and a further four or five share sales before year-end, Egyptian Exchange Chairman Mohamed Farid said in an…

Nigeria SE Rises 2.8% to 44,062.47; Dangote Cement Leads Advance

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LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index rose for the second day, climbing 2.8 percent, or 1,186.24 to 44,062.47. The move was the biggest since rising 2.9 percent on Jan. 11. The MSCI Emerging Markets Europe, Middle East and Africa Index advanced 1.1 percent. Dangote Cement Plc contributed the most to the advance and had the biggest gain, increasing 9.4 percent. PZ Cussons Nigeria Plc fell 4.9 percent, the biggest loss. The biggest movers also included:…

Africa Guarantee Fund Seeks to Raise $400 Million in Three Years

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LAGOS (Capital Markets in Africa) – The Africa Guarantee Fund, which finances small and medium enterprises, intends to raise as much as $400 million by 2020 for its lending programs, said Chief Executive Officer Felix Bikpo. The Danish government-backed fund expects to receive the first of the sum by the end of this year to finance businesses focused on infrastructure, Bikpo said in a March 2 interview in the Kenyan capital, Nairobi. The next batch…

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