The Editorial Team |

Egyptian Exchange EGX 30 Price Index Falls 2.5%; COMI EC Leads

CAIRO (Capital Markets in Africa) – The Egyptian Exchange EGX 30 Price Index fell 2.5 percent to 14,583.85. The move was the biggest since falling 2.7 percent on October 16 and follows the previous session’s increase of 0.6 percent. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 2.9 percent. Commercial International Bank Egypt SAE contributed the most to the decline, falling 2.8 percent. Pioneers Holding for Financial Investments SAE decreased 7.4 percent, the biggest loss. The…

Futuregrowth Unmoved on Lending as Eskom Eyes Bond Market

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s biggest specialist fixed-income money manager says it’s not quite ready to resume lending to the cash-strapped state electricity company. Cape Town-based Futuregrowth Asset Management, which oversees about 177 billion rand ($15 billion), halted lending to Eskom Holdings SOC Ltd. in 2016, citing concerns over governance and financial management. While the publication of overdue financial statements this week was a step in the right direction, Futuregrowth’s position hasn’t…

Opposition Fortunes Wane as Tanzania President Rules Supreme

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DAR ES SALAAM (Capital Markets in Africa) – Two years into his rule, Tanzanian President John Magufuli has some unexpected new fans: his political opponents. His chief rival in the 2015 vote, Edward Lowassa, has praised his reforms and urged others to support them. Another challenger became one of his regional commissioners, while two opposition lawmakers recently defected to the ruling party and will run as candidates in February by-elections. These could be signs that Magufuli, who’s nicknamed…

Stocks in Economy With Best Growth Forecast Lead the World

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ACCRA (Capital Markets in Africa) – The World Bank’s optimism about prospects for Ghana’s economy has proved a tonic for Accra-traded stocks: the country’s benchmark index sits atop the world as January draws to a close. The Ghana Stock Exchange Composite Index has gained 19 percent since the year began in dollar terms, the most among benchmarks tracked by Bloomberg. “We can’t discount the sentiment factor, the optimism in the market in terms of Ghana…

Steinhoff Refers Ex-CEO to Police on Suspicion of Corruption

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV reported former Chief Executive Officer Markus Jooste to South Africa’s anti-graft police, pinning the blame for an accounting scandal squarely on the man who built the retailer into a global force. The owner of Mattress Firm in the U.S. and Conforama in France referred Jooste to the unit known as the Hawks on Tuesday based on its investigation into financial irregularities, acting Chairman Heather Sonn told lawmakers in Cape…

Kenyan Inflation Rate Rises for First Month in Five in January

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NAIROBI (Capital Markets in Africa) – Kenyan inflation accelerated for the first month in five in January as corn prices rose and crude costs increased. Consumer prices climbed 4.8 percent from a year earlier, the Kenya National Bureau of Statistics said Wednesday in a statement emailed from the capital, Nairobi. Prices advanced 1.3 percent in the month. A government-imposed cap on commercial lending rates, a drought and two disputed elections have weighed on economic growth in…

Africa’s Newest Gold Miner Starts Output and Sees Potential IPO

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JOHANNESBURG (Capital Markets in Africa) – Toro Gold Ltd. became Africa’s newest gold producer last week when it delivered its first batch of bullion, and the privately held firm is now weighing the possibility of selling shares this year. The company, which achieved the unusual feat of building a bullion mine without tapping public markets for funding, expects to produce about 135,000 ounces of the metal a year from the Mako project in Senegal. The mine…

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