The Editorial Team |

Zimbabwe stock market hits new highs as currency, cash problems worsen

HARARE (Capital Markets in Africa) – Zimbabwe’s stock market hit a record high on Monday, propelled by local investors seeking a safe haven in an economy suffering acute shortages of foreign exchange. The Zimbabwe Stock Exchange’s (ZSE) main industrial index touched 301.03 points, the highest since it was rebased in 2009 when Zimbabwe dumped its hyperinflation-hit currency in favor of the US dollar. Market capitalization reached $8.5 billion. It has more than doubled since January…

Petra Shutters Tanzanian Mine After Diamond Shipment Seized

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DAR ES SALAAM (Capital Markets in Africa) – Petra Diamonds Ltd. halted production at its mine in Tanzania after the government seized a parcel of diamonds suspected of being undervalued, as a dispute between the state and foreign-owned mining companies widens. Petra shares fell the most in 16 years. Employees of the Johannesburg-based company are cooperating with the authorities in the East African nation who are investigating a shipment of 71,654 carats of gems that was…

How EM Bonds Help Explain the Global Financialization of Assets

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LAGOS (Capital Markets in Africa) – Would you like a little Ivory Coast with your 16-year Senegalese securities? Perhaps some Ukrainian debt to go with your Iraqi five-year bonds? For something really unusual, try the Argentine 100-year bonds. A spate of frontier and emerging-market bond sales stretching from the grassy highlands of Mongolia to the lush tropics of Sri Lanka have underscored investor appetite for financial assets of all stripes in recent years. While many…

Nigeria | Cracks Grow in Nigerian Ruling Party Over Buhari’s Plans

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LAGOS (Capital Markets in Africa) – With doubts growing that Nigerian President Muhammadu Buhari will seek a second term because of lingering health issues, cracks are emerging in the ruling All Progressives Congress as key politicians jostle to succeed him. Women Affairs Minister Aisha Alhassan appeared in an online video last week declaring support for former Vice President Atiku Abubakar to become leader in 2019, when Buhari’s term ends. Alhassan confirmed the recording to the British Broadcasting Corp., saying she…

Why Africa Is Set to Backstop Britain’s Post-Brexit Health Care?

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JOHANNESBURG (Capital Markets in Africa) – The South African companies that dominate the U.K.’s growing private hospital industry are counting on more people like Katie Corrie. A children’s party entertainer, Corrie opted to use 13,000 pounds ($17,000) of her savings and inheritance to get a hip replacement rather than spend months on a National Health Service waiting list. Britons like her are forking out almost 1 billion pounds a year to cover their own medical…

Diamonds Fund Zimbabwe’s Secret Police, Global Witness Says

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HARARE (Capital Markets in Africa) – Zimbabwe’s government is using money earned from diamond exports to fund its Central Intelligence Organisation, blamed for a raft of human-rights abuses as it’s helped to keep President Robert Mugabe in power since 1980, Global Witness said. Diamonds dug from the Marange fields in eastern Zimbabwe are channelled through Dubai, India, the Netherlands and South Africa by a complicated web of cross-owned companies based in places as diverse as Mauritius, Hong…

INTO AFRICA September 2017 Edition: Taking Stock towards Africa’s Recovery

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Welcome to the September 2017 edition of INTO AFRICA, a publication with fresh insight into Africa’s emerging capital markets. This edition reviews Africa’s economies in the first half of 2017 and is aptly timed as it coincides with a recovery in fortunes for the African largest economies – South Africa and Nigeria – hence its title: Taking Stock towards Africa’s Recovery. The year 2016 was a difficult year for many countries, with the sub-Saharan Africa…

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