The Editorial Team |

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

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…

The World’s Best Stocks May Gain Even More If Oil Holds Up

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LAGOS (Capital Markets in Africa) – The world-beating rally in Nigerian stocks may not be over yet. The main equity index in Africa’s biggest economy has surged 12 percent this year in dollar terms, the most among 96 major bourses tracked by Bloomberg, pushing it to the highest level since 2008. Dangote Cement Plc, controlled by Africa’s richest man, Aliko Dangote, and the largest company on the exchange, has climbed to a record high. The advance will probably be…

Abraaj Is Said to Hire Citigroup for North Africa Hospitals IPO

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CASABLANCA (Capital Markets in Africa) – Abraaj Group, a buyout firm focused on emerging markets, hired Citigroup Inc. and EFG-Hermes Holding SAE to manage an initial public offering or sale of its North African hospitals business, according to people familiar with the matter. The private equity firm plans to list the business or find a buyer during the first half of the year, the people said, asking not to be identified as the information is private. The…

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