The Editorial Team |

Moody’s: Morocco’s diversifying economy and stable policy support positive banking system

RABAT (Capital Markets in Africa) – Moody’s Investors Service (Moody’s) says its outlook for the Moroccan banking system is positive, supported in part by the country’s on-going economic diversification and stable and predictable political and economic policy environment. Moody’s report, “Banking system outlook: Morocco, improving operating environment and rising credit growth support positive outlook”, is available on www.moodys.com. Moody’s subscribers can access this report via the link provided at the end of this press release….

Diamond Bank Sells West African Units for 61 Million Euros

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LAGOS (Capital Markets in Africa) – Nigerian lender Diamond Bank Plc sold the majority stake in its units in four West African countries as it seeks to shore up capital and focus on the home market. Manzi Finances SA, based in Abidjan, Ivory Coast, bought 97 percent of Diamond Bank’s ownership of units in that country as well as Benin, Togo, and Senegal for 61 million euros ($71 million), according to a filing on Friday to the…

CME’s Bitcoin Foray Has Three Plausible Outcomes: Aaron Brown

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LAGOS (Capital Markets in Africa) – Cryptocurrencies are valued at $182 billion, but probably only a couple of billion dollars of that is actual investment. CME Group announced plans to offer a bitcoin futures contract this year. This brings it in line with Cboe Global Markets, which announced similar plans in August, and LedgerX, which began trading in bitcoin options and day-ahead swaps two weeks ago. These contracts are important steps toward integrating bitcoin with…

Commodity prices likely to rise further in 2018: World Bank

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LAGOS (Capital Markets in Africa) – Oil prices are forecast to rise to $56 a barrel in 2018 from $53 this year as a result of steadily growing demand, agreed production cuts among oil exporters and stabilizing U.S. shale oil production, while the surge in metals prices is expected to level off next year, the World Bank said on Thursday. Prices for energy commodities – which include oil, natural gas, and coal — are forecast…

Moody’s: Senegal’s credit profile balances economic and political stability

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DAKAR (Capital Markets in Africa) – Moody’s Investors Service (“Moody’s”) said in a report today, the Government of Senegal’s (Ba3 stable) credit profile is supported by its record of macroeconomic and political stability and policy aimed at improving economic governance and infrastructure. High government debt represents the country’s main source of credit challenges. The annual update, “Government of Senegal — Ba3 Stable, Annual credit analysis”, is now available on www.moodys.com. Moody’s subscribers can access this…

Guptas Inflated Oakbay Price Through Trade by Singapore Firm

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JOHANNESBURG (Capital Markets in Africa) – The Gupta family inflated the share price of a company it controlled on its Johannesburg Stock Exchange debut by lending money to a Singapore firm to be used to trade the equities. That came ahead of plans to raise funds for a uranium mine. The Guptas, who are embroiled in a corruption scandal linked to South African President Jacob Zuma, agreed to loan $1 million from bank accounts in Dubai…

Barrick’s Trouble in Tanzania Deepens as Acacia Chiefs Depart

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DAR ES SALAAM (Capital Markets in Africa) – The downfall of Acacia Mining Plc took a new turn as the company’s top executives resigned, bringing fresh uncertainty to the future of the Tanzanian miner owned by Barrick Gold Corp. Chief Executive Officer Brad Gordon and Chief Financial Officer Andrew Wray will step down on Dec. 31, the gold miner said in a statement. The miner’s top three executives are planning to leave, as Chief Operating Officer Mark Morcombe said last month…

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