The Editorial Team |

Steinhoff Rocked as Accounting Probe Claims Retailer’s CEO

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV plunged after its chief executive officer resigned amid accounting irregularities, rocking a company that rapidly expanded from its roots in South Africa into a retail empire spanning Australia, Europe and the U.S. The owner of the France-based Conforama furniture chain, Mattress Firm in the U.S. and Poundland in the U.K. said late Tuesday that CEO Markus Jooste quit as it appointed auditor PwC to probe the matter. The stock…

Uganda’s Museveni Defends Plan to Remove Presidential Age Limit

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KAMPALA (Capital Markets in Africa) – Ugandan President Yoweri Museveni said removing an age limit for the top job, a move that would allow him to seek a sixth term, could help ease what he called a leadership crisis in Africa. Maintaining the age limit of 75 would deny the East African nation the constitutional right to choose its leaders, Museveni told a parliamentary committee on Tuesday, according to a statement on his website. The committee is…

Nigerian Banks Extend Gains on Optimism for Dividends, Earnings

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LAGOS (Capital Markets in Africa) – Nigerian banking index rises 2.7% Wednesday in Lagos, highest since June 2009 on closing basis; Volume is more than twice the daily average for the past three months. “Market is reacting to a possible turnaround in performance in 4Q,” saysOluwasegun Akinwale, analyst at Codros Capital With full-year results due soon, investors are buying banking stocks to be positioned for attractive dividend yields, Kayode Omosebi of Asset & Resource Management says by phone…

EU to Rubber-Stamp Tax Blacklist as It Takes on Tech Giants

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LONDON (Capital Markets in Africa) – The European Union is set to agree on a blacklist of tax havens that could potentially face sanctions for failing to bring their standards in line with the bloc, as it seeks to further step up its fight against opaque practices that facilitate avoidance by multinationals and individuals. The group of jurisdictions is set to be rubber stamped by EU finance ministers at a meeting in Brussels on Tuesday. According to a…

Ramaphosa Wins Most Endorsements in S. Africa’s ANC Campaign

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JOHANNESBURG (Capital Markets in Africa) – President Cyril Ramaphosa won endorsement from most African National Congress branches to succeed President Jacob Zuma as ruling party leader, giving him an edge — but not a guarantee of victory — in this month’s election. Ramaphosa was nominated for the presidency of the ANC by 1,862 branches, while 1,309 backed his main rival Nkosazana Dlamini-Zuma, tallies released by the party’s nine provincial structures and collated by Bloomberg show. The branches will account for 90 percent of…

Kenyan Agency Mulls $1.46 Billion Bond to Repair Damaged Roads

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NAIROBI (Capital Markets in Africa) – A Kenyan government agency plans to offer 150 billion shillings ($1.46 billion) of bonds to fund repairs to roads in the East African nation that have suffered from historic neglect. The Kenya Roads Board is seeking approval from the Treasury to begin a July offering of the first tranche of debt that’ll be backed by a tax on fuel imports that provides a steady income, according to Executive Director Jacob Ruwa….

Nigeria SE Rises 1% to 38,372.61; FBN Leads Advance

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LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index rose for the fifth day, climbing 1 percent, or 398.03 to 38,372.61. The move was the biggest since rising 1.8 percent on Nov. 24. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 0.3 percent. FBN Holdings Plc contributed the most to the advance, rising 4.9 percent. Learn Africa Plc increased 8.2 percent, the biggest gain. Continental Reinsurance Plc fell 5 percent, the biggest loss….

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