The Editorial Team |

Mondi Falls as Rising Costs, Currency Moves Weigh on Earnings

JOHANNESBURG (Capital Markets in Africa) – Mondi Limited shares slumped the most in more than a year after South Africa’s biggest packaging maker said rising costs and unfavourable currency moves would see full-year earnings come in below expectations. The stock plunged as much as 7 percent in early trade in Johannesburg and London, the most intraday since June 2016. The cost of wood, energy and chemicals increased in the three months through September, while the weaker…

Rand Bulls Snub Risks as ING Sees South African Currency Rising

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JOHANNESBURG (Capital Markets in Africa) – Analysts at Rand Merchant Bank and ING Groep NV predict the South African currency, the second-worst emerging-market performer in the past month, will rebound against the dollar by year-end as the pull of improving fundamentals and the hunt for yield support buyers amid lingering political and fiscal risks. The rand fell to a six-month low of 13.8618 per dollar this week as tepid economic growth, an African National Congress leadership…

Kenya Plans to Start Oil Exports, Award Blocks Early 2018

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NAIROBI (Capital Markets in Africa) – Kenya plans to ship its first oil at the end of February and award 17 new exploration blocks during the first quarter of 2018, the Energy Ministry said. While East Africa’s biggest economy was scheduled to export its first crude in June, it delayed the pilot program following a tussle between the Turkana community in Kenya’s northwest — where Tullow Oil Plc has discovered 1 billion barrels of oil — and the central government…

Mkhize Plays Unity Card in Bid to Lead South Africa’s ANC

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JOHANNESBURG (Capital Markets in Africa) – As the battle to succeed President Jacob Zuma as leader of South Africa’s ruling party grows increasingly bitter, party Treasurer-General Zweli Mkhize is positioning himself as the one candidate who can stop the African National Congress from splitting apart. “If I was to be elected there are specific things that I would contribute to the ANC that would take it forward — unity is the one main issue,” Mkhize said in an interview…

Liberia Begins Counting Ballots After Peaceful End to Voting

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MONROVIA (Capital Markets in Africa) – Election officials in Liberia started counting ballots after polling stations closed in presidential and parliamentary elections that regional observers said were conducted peacefully. Liberians chose a president to replace Nobel Peace Price laureate Ellen Johnson Sirleaf from among 20 candidates who include a retired soccer star, a former warlord and a wealthy chicken farmer. Voting ended at most stations from 6 p.m. on Tuesday, with the first official results expected to be released…

Kenya Opposition Takes to Streets as Election Decision Looms

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NAIROBI (Capital Markets in Africa) – Kenyan police fired teargas at opposition supporters in two cities as the East African nation awaits the electoral commission’s response toRaila Odinga’s withdrawal from a presidential vote rerun that threatens a constitutional crisis. Demonstrators marched in the capital, Nairobi, and the western city of Kisumu to protest what Odinga said is the electoral commission’s failure to ensure that the new vote ordered by the Supreme Court will be fair….

IMF Sees No `Substantive’ Zambian Aid-Deal Talks This Month

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LUSAKA (Capital Markets in Africa) – The Zambian government and the International Monetary Fund won’t be holding meaningful discussions on a proposed $1.3-billion aid program at the Washington-based lender’s annual meetings this month after talks were put on hold in August. The nation’s Eurobond yields climbed. “IMF staff will be meeting the Zambian delegation at the IMF-World Bank annual meetings to discuss next steps,” Alfredo Baldini, the fund’s resident representative in Lusaka, Zambia’s capital, said in reply…

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