The Editorial Team |

Tunisians Clash With Police as Protests Over Economy Build

TUNIS (Capital Markets in Africa) – Tunisian police fired rubber bullets and tear gas at demonstrators in the capital, Tunis, as increasingly violent protests test a government struggling to put its finances in order and attract investors. Late Tuesday, a branch of the French superstore Carrefour was looted and attempts made to set the building on fire. Demonstrations began last week over the government’s budget, which includes higher taxes and spending cuts. One protester has…

Angola’s Devaluation Is Just the Start as Investors Expect More

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LUANDA (Capital Markets in Africa) – Angola may have devalued its currency by more than 10 percent, but it will take more than that to end dollar shortages and revive the OPEC member’s battered economy. The kwanza weakened 11 percent to 187.95 per dollar by 2:34 p.m. in Luanda, the capital, a day after the central bank let it drop in an auction of foreign exchange, its first since saying last week it would end an almost…

South Africa’s Zuma Retains Office as Ramaphosa Bides His Time

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JOHANNESBURG (Capital Markets in Africa) – Jacob Zuma retained his hold on South Africa’s presidency, defying speculation that he’d be forced to make way for his deputy, Cyril Ramaphosa, who won control of the ruling party last month. The option of toppling Zuma wasn’t raised at a meeting of the African National Congress’s National Executive Committee in the southern city of East London, according to three members of the panel who spoke on condition of anonymity. Earlier…

Buffett Elevates Abel or Jain as Likely Successor With New Roles

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LAGOS (Capital Markets in Africa) – Warren Buffett finally confirmed what many investors have already guessed about who will succeed him as chief executive officer of Berkshire Hathaway Inc., the sprawling conglomerate he’s built over the past five decades. In naming two senior executives — Ajit Jain and Greg Abel — to the company’s board and giving them each responsibility for large swaths of Berkshire’s businesses, he positioned one of the two men to probably be his replacement. “It’s part…

Nigeria SE Rises 2.2% to 41,241.55; Guaranty Trust Leads Advance

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LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index rose for the fifth day, climbing 2.2 percent, or 878.58 to 41,241.55. The index advanced to the highest level in at least a year. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 1 percent. Guaranty Trust Bank Plc contributed the most to the advance, rising 5 percent. Dangote Flour Mills Plc increased 10 percent, the biggest gain. Newrest Asl Nigeria Plc fell 4.9 percent,…

Egyptian Financial & Industrial Rises 5%; Trading Volume Surges

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CAIRO (Capital Markets in Africa) – Egyptian Financial & Industrial Co. rose 4.6 percent, the biggest gain since Oct. 8, 2017 compared with end-of-day price changes and 30 times the country’s benchmark index. The shares climbed to EGP 18.10 from EGP 17.31. Trading volume was almost seven times the 30-day average of 132,061 for this time of day. Egyptian Financial & Industrial’s move compares with little change in the Egyptian Exchange EGX 30 Price Index, which was up 0.15…

Zuma Is Said to Allow Gupta Probe in Bid to Keep Job

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JOHANNESBURG (Capital Markets in Africa) – South African President Jacob Zuma agreed to the appointment of a commission to probe allegations that his son’s business partners had exerted undue influence over state decisions, a move aimed at defusing calls for him to step down immediately, three ruling-party officials with knowledge of the matter said. The rand fell. Zuma, 75, announced the formation of the commission late Tuesday, two days after he agreed to the probe in a…

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