The Editorial Team |

Clock Ticks for Kenya as Squabbles Overshadow Election Rerun

NAIROBI (Capital Markets in Africa) – Kenya is running out of time to ensure a credible rerun of presidential elections that were annulled by the nation’s top court after the main opposition party alleged that they were rigged. With the next vote due in just five weeks, the electoral commission is mired in infighting over who should take the fall for last month’s botched contest. Demands by ex-Prime Minister Raila Odinga, 72, and his National Super…

Standard Bank Group Names Tshabalala First Sole Black CEO

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JOHANNESBURG (Capital Markets in Africa) – Standard Bank Group Limited appointed Sim Tshabalala as sole chief executive officer, ending a dual role he shared with Ben Kruger, and making him the first black person to lead Africa’s largest lender independently. Kruger, 58, will step down as joint-CEO immediately and continue as an executive director, reporting to Tshabalala, 49, Johannesburg-based Standard Bank said in a statement on Tuesday. The joint leadership structure was necessary as part of the company’s management succession…

Zambia’s economy to grow 4.3 percent, copper output easing slightly in 2017

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LUSAKA (Capital Markets in Africa) – Zambia’s economy will grow 4.3 percent this year and 5.1 percent in 2018, boosted by improved agriculture and mining output and a recovery in electricity generation, the central bank reported. “There has been strengthening confidence in Zambia’s medium to long-term economic prospects as reflected by the participation of non-resident investors in the Government securities markets,” the Bank of Zambia hinted in a report surveying the first half of 2017….

Moody’s: South African gold and platinum miners’ restructuring supports their credit profiles

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JOHANNESBURG (Capital Markets in Africa) – The credit profiles of South African gold and platinum group metals (PGM) miners are benefitting from restructuring programmes that aim to protect the sustainability and profitability of their South African mines, Moody’s Investors Service said in a report today. The report, “Metals & Mining — South Africa, Restructuring of South African operations is credit positive for gold, PGM miners”, is now available on www.moodys.com. Moody’s subscribers can access this…

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

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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…

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