The Editorial Team |

South African Stocks Close Higher for Third Day As Rand Strengthens

JOHANNESBUG (Capital Markets in Africa) – FTSE/JSE Africa All Share Index climbs 0.7% on Tuesday, extending gains to eight-week high. Positive sentiment around political affairs strengthened currency, leading banks and insurers to climb. Biggest gainers by percentage: Royal Bafokeng (+9.4%), MMI (+3.9%), Consolidated Infrastructure (+7%), RCL (+6.9%), Clover (+6.8%) Biggest laggers by percentage: Net1 (-10.2%), Kumba (-6.9%), Grindrod (6.1%), Capital & Regional (-5.5%), Allied Electronics (-5.4%), Trustco (-5.3%), Impala (-4.2%) Rand climbed as much as 0.9%…

Nigerian Bourse CEO Sees IPO Revival as Economy Improves in 2018

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LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange expects its first initial public offerings for at least two years as companies take advantage of an improving economy and stock market to raise funds, the chief executive of the bourse said. “A number of companies have indicated interest” in selling shares as sentiment picks up, Oscar Onyema, CEO of the Lagos-based exchange, told reporters Tuesday. He didn’t name any companies or give any further details….

Rand at a Crossroads as Key Levels to Determine Rally’s Future

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JOHANNESBURG (Capital Markets in Africa) – Some traders are wondering whether the rand’s 20 percent rally since November has gone too far. This week may settle that question. The South African currency has just completed a so-called “golden cross”, signalling an extension of the gains versus the dollar on the back of market-friendly swings in national politics. But it has come up against another hurdle, which it briefly cleared on Tuesday before falling back. Traders may…

Angola Owes $5 Billion to Suppliers, Plans Eurobond Sale in 2018

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LUANDA (Capital Markets in Africa) – Angola owes more than 1 trillion kwanzas ($5 billion) to companies in Africa’s second-biggest oil producer and may sell an international bond this year, according to its Macroeconomic Stabilization Plan. President Joao Lourenco’s government is seeking to settle the unpaid invoices by 2019, according to the document seen by Bloomberg. The arrears relate to costs incurred in the country between 2014 and 2016, it showed. “The payment of these arrears,…

Liberia’s Ruling Party Expels Outgoing President Johnson Sirleaf

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MONROVIA (Capital Markets in Africa) – Liberia’s ruling party expelled outgoing President Ellen Johnson Sirleaf, saying she violated the party’s rules by not supporting its candidate, who was defeated in last month’s presidential election. The Unity Party’s executive committee voted on Saturday to expel Johnson Sirleaf because she campaigned against Vice President Joseph Boakai in the election, according to an emailed statement from the party. Three other party officials were also expelled. “The behaviour of the expelled persons…

Woolworths Falls as Retailer Revalues Australia’s David Jones

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JOHANNESBURG (Capital Markets in Africa) – Woolworths Holdings Ltd. plunged the most in almost two years after South Africa’s largest food and clothing retailer said profit will be hurt by a revaluation of its David Jones business in Australia. Earnings per share are expected to be more than 20 percent lower, in part because of the Australian review, the Cape Town-based company said in a statement on Monday. Revenue increased by 2.5 percent in the 26-week period…

Ramaphosa Treads Carefully in Sidelining Zuma in South Africa

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JOHANNESBURG (Capital Markets in Africa) – Less than a month after Cyril Ramaphosa assumed the leadership of South Africa’s ruling party, he’s taking a diplomatic tack as he moves to stamp his authority over Jacob Zuma’s scandal-ridden government. Ramaphosa, speaking in a television interview broadcast Sunday by Johannesburg-based eNCA, said the African National Congress has to be careful about deciding on Zuma’s future as the nation’s leader before he’s due to step down in 2019 when general elections…

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