The Editorial Team |

Carney’s Countdown to BOE Rate Hike Faces Make or Break Week

LAGOS (Capital Markets in Africa) – Mark Carney is heading into a crucial week in the countdown to a possible Bank of England rate increase in early November. After the International Monetary Fund meetings where most central bankers fretted about weak inflation even amid robust global growth, the governor returns to an economy that’s almost the mirror opposite. While Brexit is weighing on U.K. businesses, price growth is above target — something for lawmakers to press him on…

Sierra Leone Ruling Party Names Koroma Successor for 2018 Polls

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FREE TOWN (Capital Markets in Africa) – Sierra Leone’s ruling All People’s Congress appointed Foreign Affairs Minister Samura Kamara as its candidate for next year’s presidential polls to succeed President Ernest Bai Koroma. Kamara was named uncontested on Sunday as Koroma’s preferred successor at a party convention that was broadcast live on state-owned radio from Makeni, 187 kilometers (116 miles) northeast of the capital, Freetown. Koroma is due to step down after more than 10 years in…

Busy IPO Season Beckons for Cairo as Reforms Yield Results

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CAIRO (Capital Markets in Africa) – Egypt’s stock market is shaping up to be the Middle East’s hot spot for initial public offerings next year. At least six companies plan IPOs by the end of 2018, following two sales since January, according to data compiled by Bloomberg. That’s a marked increase on the average of three in the past three years as foreign investors fretted that a severe dollar shortage would trap their money. Between…

London’s Stock of Unsold Homes Under Construction at Record High

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LAGOS (Capital Markets in Africa) – The stockpile of unsold London homes under construction rose to a record as developers ramped up supply, despite a housing market that has been suppressed by higher taxes and economic uncertainty. The number of properties being built or completed that have yet to find a buyer rose to 12,952 units from 12,601 at the end of last year, according to a report by Molior London seen by Bloomberg News. That’s the…

Egypt’s EGX 30 Falls Most in Five Months; CIB and AMOC Pressure

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CAIRO (Capital Markets in Africa) – Egypt’s main stock benchmark falls 2.6% to 13,546.24 as of 2:09pm in Cairo, the most since April 23 and the lowest level in a month. Index is pressured by Commercial International Bank Egypt (CIB) and Alexandria Mineral Oils (AMOC). Commercial International Bank Egypt down 2.3% to 76.17 Egyptian pounds Biggest contributor to index decline; down to the lowest level since May NOTE: Bank is the biggest singular weight to the EGX 30 (35.2%) Overal, Egyptian…

Zuma May Face Graft Charges After South Africa Court Ruling

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s Supreme Court of Appeal opened the way for the reinstatement of criminal charges against President Jacob Zuma by upholding a lower court’s ruling that a decision by prosecutors to scrap them was “irrational.” Zuma’s lawyers conceded in a Sept. 14 hearing at the High Court that the National Prosecuting Authority’s reasoning in dropping the case eight years ago was wrong but argued that the president should be allowed to make representations before…

Ghana Cocoa Regulator Is Said to Face $280 Million Shortfall

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ACCRA (Capital Markets in Africa) – Ghana’s cocoa regulator is facing a 1.25 billion ($285 million) cedi budget shortfall for the new harvest as the world’s second-biggest producer of the beans is keeping farmer pay unchanged even after global prices slumped, according to two people familiar with the matter. At a forecast crop of 850,000 metric tons for the new season through September, the Ghana Cocoa Board will lose 1,481 cedis per ton after all expenses are paid,…

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