The Editorial Team |

Kenyan Growth Jitters Rekindled as Court Orders Ballot Rerun

NAIROBI (Capital Markets in Africa) – Kenya’s economy may pay the price of opposition leader Raila Odinga’s successful bid to nullify the outcome of last month’s election, as prolonged political uncertainty pending a court-ordered rerun weighs on growth and investor confidence. “There was a lot of exuberance that the elections were over,” Kenneth Minjire, head of securities at Genghis Capital in Nairobi, said by phone. “Inquiries had shot up from private-equity firms, from foreign investors, who…

Mobius Foresees Cryptocurrency Crackdown Sparking a Rush to Gold

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LAGOS (Capital Markets in Africa) – Mark Mobius is sensing danger in the explosive growth of cryptocurrencies. Governments will begin clamping down on digital currencies because of their use in illicit financing, with terrorist groups to drug dealers contributing to their rise, Mobius, executive chairman at Templeton Emerging Markets Group, said in an interview in Hong Kong Monday. “Cryptocurrencies are beginning to get out of control and it’s going to attract the attention of governments around…

China’s Central Bank Declares Initial Coin Offerings Illegal

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LAGOS (Capital Markets in Africa) – China’s central bank said initial coin offerings are illegal and asked all related fundraising activity to be halted immediately, issuing the strongest regulatory challenge so far to the burgeoning market for digital token sales. The People’s Bank of China said on its website Monday that it had completed investigations into ICOs, and will strictly punish offerings in the future while penalizing legal violations in ones already completed. The regulator said that those who have…

Zuma Has Broken Businesses’ Trust, South African Lobby Says

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JOHANNESBURG (Capital Markets in Africa) – President Jacob Zuma and his ruling African National Congress have broken the business community’s trust after he recalled a finance minister from an investment roadshow in the U.K. and then fired him in a cabinet shuffle, the head of Business Leadership South Africa said. The exit of Pravin Gordhan as finance minister prompted two of the three main credit ratings agencies to cut the assessment on South Africa’s foreign-currency debt to junk, thwarting…

Ramaphosa Targeted as S. Africa’s Succession Race Turns Ugly

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JOHANNESBURG (Capital Markets in Africa) – The race to lead South Africa’s ruling party is turning increasingly nasty. Allegations that Deputy President Cyril Ramaphosa, a front-runner for the post, had extra-marital affairs with at least eight women and paid expenses for some of them were splashed across the front page of the Sunday Independent, which cited Ramaphosa’s private emails to back up the story. It didn’t say how it obtained them. Ramaphosa called the report part…

Acacia Drops Most Since July on Output Cut Over Tanzania Row

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DAR ES SALAAM (Capital Markets in Africa) Acacia Mining Plc shares dropped the most since July as the company will stop underground production at Tanzania’s Bulyanhulu mine until a dispute with the government over taxes and exports is resolved. The stock declined as much as 15 percent, the most since July 25, as Acacia cut its output forecast to about 750,000 ounces, from 850,000 to 900,000 ounces, for this year. It traded down 8.9 percent by 11:31…

Kenyan Assets Jolted by Ruling That May Deliver Long-Term Gains

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NAIROBI (Capital Markets in Africa) – Short-term pain, long term gain is the prognosis for Kenyan assets after a landmark court ruling that nullified last month’s presidential election and ordered a fresh poll. Yields on Kenya’s foreign debt climbed the most in almost two months, the shilling weakened and stocks tumbled after the judgment. But for investors willing to look past the immediate political risks, it’s good news, according to JPMorgan Asset Management. The court upheld an…

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