The Editorial Team |

Not Even Egypt’s Deadliest Terror Attack Can Faze Stock Traders

CAIRO (Capital Markets in Africa) – Holders of Egyptian stocks seem to have developed thick skin. The benchmark index rose 0.8 percent in Cairo on Sunday even after more than 300 people were killed in a militant attack in northern Sinai on Friday. “No one is in shock as investors have, unfortunately, become immune to such events,” said Ashraf Akhnoukh, the director of Middle East and North Africa sales trading at Arqaam Capital. Still, “there is…

Dispute at Congo Cobalt Mine Heads to Court, Halts Supply

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DR CONGO (Capital Markets in Africa) – An attempt by Congo’s Gecamines to profit from the boom in battery metals has backfired, leaving the state-owned miner facing two international court actions and halting cobalt production at a key mine. Gecamines blocked its 16-year partner GTL’s access to the cobalt site in the south eastern Congolese town of Lubumbashi in March to make way for a new investor, as prices for the metal soared. The attempt to switch…

Mugabe Said to Quit Over Fear of Being Zimbabwe’s Qaddafi

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HARARE (Capital Markets in Africa) – An emotional Robert Mugabe finally agreed to end his 37-rule in Zimbabwe when army generals who had seized power told him they would not prevent protesters from storming his home unless he relented, three people familiar with the talks said. The peril from the protesters was real. Three days before they’d approached the gates of his mansion, known as “the blue roof,” in the affluent northern Harare suburb of Borrowdale. Chris…

Bitcoin Guns for $10,000 as Cryptocurrency Mania Defies Skeptics

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LAGOS (Capital Markets in Africa) – Bitcoin blew past $9,700 just a week after topping $8,000 and approached its closest ever to five figures, gaining mainstream market attention as it defies bubble warnings. The biggest price jump since August consolidated during Japanese trading hours and vaulted the largest cryptocurrency’s value in circulation above the market caps of all but about 30 of the S&P 500 index members. The increase also buoyed its 10-day volatility to…

Kenya Is Said to Seek Proposals for $2 Billion Eurobond Sale

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NAIROBI (Capital Markets in Africa) – Kenya’s government is seeking proposals from banks about a possible $2 billion Eurobond offering in the first quarter of 2018, according to two people familiar with the matter. The East African nation’s Treasury asked banks for pitches on how to structure the sale, said the people, who asked not to be identified because they aren’t authorized to speak publicly about the matter. The deadline for proposals is Nov. 29,…

South African Rand, Brazil Pension Saga Top Emerging-Market Bill

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JOHANNESBURG (Capital Markets in Africa) – Emerging-market investors can almost always count on South Africa to keep them on their toes these days. Rand-denominated bonds will trade Monday for the first time since S&P Global Ratings lowered the country’s local-currency debt to junk last week. Elsewhere in emerging markets, Brazil’s government is seeking to drum up support for the pension overhaul, Mexico will nominate a new central bank governor and India will release third-quarter economic…

Diamond Bank to Boost Nigeria Loans Upon West Africa Retreat

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LAGOS (Capital Markets in Africa) – Diamond Bank Plc plans to boost lending and its customer numbers in Nigeria as it targets growth in its home market after divesting its units elsewhere in West Africa. The Lagos-based lender sees its loans growing by about 10 percent next year and customers increasing by a third to 20 million by 2019, Chief Executive Officer Uzoma Dozie said in a Nov. 23 interview in the commercial capital, Lagos. “The divestment is…

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