The Editorial Team |

Angola Is Said to Plan Currency Sale Tuesday as It Ends Peg

LUANDA (Capital Markets in Africa) – Angola’s central bank will hold an auction on Tuesday to sell foreign currency to commercial banks, its first since saying it will abandon a dollar peg, according to three people familiar with knowledge of the matter. The kwanza will probably be allowed to depreciate at the auction as the central bank shifts to a trading band, the people said, asking not to be identified because they aren’t authorized to…

Rand Falls as Cheer Gives Way to Hard Reality of Ramaphosa’s Job

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JOHANNESBURG (Capital Markets in Africa) – The rand fell, after clocking up its longest weekly winning run since 2010, as analysts at Rabobank and JPMorgan Chase & Co. said the currency has rallied too far. The rand weakened as much as 1.3 percent against the dollar, set for the biggest loss since Dec. 7. The selloff on Monday sent the 14-day relative strength index of dollar-rand pairing, which lingered in oversold territory for most of the past three weeks,…

Angolan Leader Denies Targeting Predecessor’s Family in Shake-Up

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LUANDA (Capital Markets in Africa) – Angolan President Joao Lourenco denied he’s targeting the family of his predecessor, Jose Eduardo dos Santos, whose eldest daughter was among hundreds of officials fired after he took the helm of Africa’s second-biggest oil producer in September. “This isn’t about chasing people,” Lourenco told reporters Monday in the capital, Luanda. “It’s about fixing situations that proved to be harmful to the public interest.” Since replacing Dos Santos, Lourenco has removed his daughter,…

Egypt Presidential Vote in March as Top El-Sisi Rival Out

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CAIRO (Capital Markets in Africa) – Egypt’s top election body said Monday that the next presidential election will be held in March, and gave prospective candidates about three weeks to declare. So far the race has only one potential contender: incumbent Abdel-Fattah El-Sisi. His most serious possible challenger to date, former premier and air force general Ahmed Shafiq, backed out of contention late Sunday after a mysterious string of events. That left the field wide open…

Cryptocurrencies Slide as Regulation, Demand Concerns Linger

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LAGOS (Capital Markets in Africa) – Bitcoin slumped as much as 17 percent, helping to drag down smaller rivals such as ripple and litecoin, as the world’s largest cryptocurrency continues to be whipsawed by concerns about regulation and demand from Asia. “The fuss about regulators tightening screws in South Korea is pushing the price of bitcoin,” said Naeem Aslam, chief market analyst at TF Global Markets in London. “This and the Chinese news is going to bring…

Nigeria SE Rises 2.1% to 39,746.29; Dangote Cement Leads Advance

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LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index rose for the third day, climbing 2.1 percent, or 823.03 to 39,746.29. The move was the biggest since rising 2.4 percent on Aug. 1. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 0.3 percent. Dangote Cement Plc contributed the most to the advance, rising 3.1 percent. Conoil Plc increased 10 percent, the biggest gain. Fidson Healthcare Plc fell 5 percent, the biggest loss. The…

Zimbabwean Opposition Leader Tsvangirai Suggests He May Retire

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HARARE (Capital Markets in Africa) – The leader of Zimbabwe’s main opposition party hinted Monday at his possible retirement, less than two months after the end of his long-time foe President Robert Mugabe’s almost four-decade rule. “We must recognize the imperative that new hands, with the full blessing of the people, must take this struggle and this country forward,” Morgan Tsvangirai of the Movement for Democratic Change said in a statement emailed from the capital, Harare. Mugabe, 93,…

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