The Editorial Team |

Banks Lead Declines as South African Stocks Fall Most in 7 Weeks

JOHANNESBURG (Capital Markets in Africa) – FTSE/JSE Africa All Share Index closes 1.4% lower on Monday, biggest decline since Dec. 6. “The rand is weaker — a little bit of the excitement and positivity of Cyril Ramaphosa in Davos is waning,” Michele Santangelo, a money manager at Independent Securities, says by phone. “A lot of stocks that have had huge runs that are coming off, particularly in the financial sector, had a great start to the…

Deutsche Warns Against Crypto-Currencies, Risk of Total Loss

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LAGOS (Capital Markets in Africa) – Deutsche Bank AG’s Wealth Management currently does not advise to invest in crypto-currencies, according to Markus Mueller, Global Head of Chief Investment Officer. Problematic issues include high volatility, possible price manipulation and data loss or data theft, he told Bloomberg News in an interview. “We do not recommend that. It’s only for investors who invest speculatively,” he said. “There is a realistic risk of total loss.” According to Mueller, recent price increases…

Crypto Victims Flush Away Cash on Deal That’s More UTI Than ICO

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LAGOS (Capital Markets in Africa) – Lithuanian startup Prodeum set out to raise as much as 5,400 Ether (about $6.5 million) in an initial coin offering, ostensibly to revolutionize the agriculture industry and put fruit on the blockchain. That’s not the strange part. Tracking produce could actually be a good use for the technology, and some legit firms are already doing it, so investors can be forgiven for signing up. But then there’s the name. “Prodeum” is spelled almost…

Tharisa’s Pouroulis Meets Zimbabwe Leader, Seeks Opportunities

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HARARE (capital Markets in Africa) – Tharisa Plc Chief Executive Officer Phoevos Pouroulis met Zimbabwe’s new president, Emmerson Mnangagwa, on Jan. 18, as the Cyprus-based platinum and chrome mining company seeks opportunities in the country with the world’s second-biggest reserves of the metals. Pouroulis was accompanied to the meeting in Mnangagwa’s office in Harare, the nation’s capital, by executives including Gregory Taurog, the company’s marketing and sales director, and Hans van Wyk, the operations director of subsidiary Tharisa Minerals….

Zimbabwean Opposition Party Says Mnangagwa Rule Is Illegitimate

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HARARE (Capital Markets in Africa) – Zimbabwe’s opposition National People’s Party said the country’s new president, Emmerson Mnangagwa, lacks legitimacy and is overseeing military rule ahead of elections he says will take place before July. Mnangagwa should return Zimbabwe to legitimate civilian rule and introduce electoral reforms, Joice Mujuru, head of the NPP, said in an emailed statement late Thursday. He must also undo “oppressive” legislation that undermines press freedom and enables the persecution and arrest of…

EIB Plans to Double Kenyan Loans This Year for Infrastructure

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NAIROBI (Capital Markets in Africa) – The European Investment Bank may double its loans to Kenya this year to fund power plants, roads, and other infrastructure projects, the lender’s regional representative said. Financing has been agreed in principle for deals worth about 375 million euros ($465 million), Catherine Collin, EIB regional representative for East Africa, said in an interview Wednesday in the capital, Nairobi. Last year, the lender signed commitments totaling 182 million euros, she said. “Kenya…

West Africa’s Stock Exchange Expects Regional Bank IPO in 2018

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ABIDJAN (Capital Markets in Africa) – The IPO will be one of two initial public offerings expected this year on West Africa’s Bourse Regionale des Valeurs Mobilieres, known as BRVM, Edoh Kossi Amenounve says in an interview. Other IPO “should be Societe des Telecommunications du Mali” Average profitability growth of BRVM’s stocks seen rising to 6.5%-7% in 2018 after 5% in 2017 2017 profitability dropped after declining in capital gains BRVM to launch the online…

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