The Editorial Team |

Oil to Open 2018 Stuck Between Thirst for Growth, Wary Investors

LONDON (Capital Markets in Africa) – Investor exhaustion with poor returns from the oil and gas industry may mean less financing to expand the U.S. shale boom next year, and less of a drive for consolidation. After nearing a record in 2016, equity issues from U.S. oil and gas companies are on pace for an eight-year low this year, amid doubts about the stability of the rally in global crude prices. Mergers and acquisitions and…

Goldman’s an Oil Bull in 2018 With 9% Total Returns Forecast

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LONDON (Capital Markets in Africa) – Goldman Sachs Group Inc. predicts oil prices will retain their strength, at least through 2018. The bank raised its forecast for U.S. West Texas Intermediate as well as global benchmark Brent crude, saying OPEC and its allies showed a stronger commitment than expected to extending their output curbs at the producer group’s meeting last week. It expects positive total returns of 9 percent from crude over the next 12 months, according to a…

Supreme Court Lets Trump Travel Ban Take Full Effect for Now

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LAGOS (Capital Markets in Africa) – A divided Supreme Court let President Donald Trump’s ban on travel to the U.S. from six mostly Muslim countries take full effect while legal challenges go forward, handing him a major victory and suggesting the court ultimately will uphold the restrictions. Trump will now be able to bar or limit entry by people from the Mideast and North African nations even if they have a relationship with a U.S.-based person…

Ivory Coast Confident `Turbulent’ 2017 Is Over as Calm Back

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ABIDJAN (Capital Markets in Africa) – Ivory Coast is unlikely to repeat the upheaval of 2017, when it had to bow to the pay demands of mutinous soldiers and striking government workers while prices for its biggest export plummeted, Finance Minister Adama Kone said. The West African nation received financial support from the International Monetary Fund to cope with individual payments of almost $20,000 to more than 8,000 military staff and a settlement of more than $400 million…

Petronas Unit Said to Hold Talks With Shell Operator in Africa

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JOHANNESBURG (Capital Markets in Africa) – Petroliam Nasional Bhd’s South African unit, Engen, is in talks with Vivo Energy Holding BV to combine some of their African fuel-retail assets, according to two people familiar with the matter. The deal would be worth as much as 3.5 billion rand ($256 million), or about 20 percent of Engen’s equity value, said the people, who asked not to be identified as the negotiations are ongoing. Engen, which is 26…

Former Nigerian Vice President Abubakar Joins Opposition PDP

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LAGOS (Capital Markets in Africa) – Nigeria’s former vice president Atiku Abubakar, a potential candidate for 2019 presidential elections, announced that he has re-joined the opposition People’s Democratic Party that he helped found. Abubakar said in a video posted to his Facebook account that the ruling All Progressives Congress Party, or APC, which he quit last month, had failed to improve lives and create the 3 million jobs a year it had targeted. “I left the PDP four…

Steinhoff Africa Retail Gains Most Since Listing as Profit Beats

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff Africa Retail Limited rose the most since its September listing after South Africa’s second-biggest retailer reported debut earnings that beat estimates. The stock climbed as much as 6.6 percent and traded 1.1 percent higher at 25.99 rand as of 10:28 a.m. in Johannesburg, valuing the company at 90 billion rand ($6.5 billion). That brings its gain since listing to 27 percent. With more than 4,800 stores in 12 African countries, the…

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