The Editorial Team |

President Mugabe’s Party Is Said to Consider Early Zimbabwe Elections

HARARE (Capital Markets in Africa ) -Zimbabwe’s ruling party is considering calling elections early next year out of concern that President Robert Mugabe’s health is worsening and disputes among his supporters could galvanize opposition efforts to form an alliance, three officials familiar with the government’s plans said. While general elections must be held constitutionally by Aug. 21 in 2018, the Zimbabwe African National Union-Patriotic Front’s chances of maintaining its more than three-decade grip on power will…

MTN Drops After Return to Profit Falls Short of Expectations

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JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd., Africa’s biggest mobile-network operator by sales, fell the most in more than a year after a return to first-half profit after a $1 billion regulatory fine fell short of analyst expectations. Headline earnings per share, which exclude one-time items, were probably 2.10 rand to 2.30 rand in the six months ended June 30, the Johannesburg-based company said in a statement Thursday. Analysts at Citi expected 2.60 rand a share, they…

Dangote Cement Profit Jumps as Higher Prices Lift Revenue

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LAGOS (Capital Markets in Africa) – Dangote Cement Plc, Africa’s largest producer of the building material and Nigeria’s biggest company, said first-half profit surged as an increase in revenue offset lower volumes and operations in the rest of the continent helped bolster sales. Net income rose 35 percent to 143.5 billion naira ($447.7 million) in the six months through June, compared with 106 billion naira a year earlier, the Lagos-based company said in a statement…

Next Leg of Emerging-Bond Rally About to Start as Rate Cuts Loom

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LAGOS (Capital Markets in Africa) – The bond rally across emerging markets may get fresh legs. Pressure is growing on central banks in developing nations to cut interest rates more aggressively as inflation eases and the Federal Reserve takes a gradual approach to policy change. That’s reducing the need for the high borrowing costs that deter capital outflows and protect emerging-market currencies. Looser monetary policy is a potential boon to already surging sovereign and corporate bonds in emerging…

World’s Biggest Tax Bill Is Latest Woe for Africa Gold Miner

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DAR ES SALAAM (Capital Markets in Africa) – It was supposed to mark a fresh start for the African business of the world’s biggest gold producer. In November 2014, African Barrick Gold Plc would get a new name and new management to distance itself from a troublesome past and disputes with local politicians. Less than three years later, things are worse than ever. Acacia Mining Plc, renamed after a local tree with pom-pom blossoms and…

Copper Trumps Politics as Investors Take Shine to Zambian Assets

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LUSAKA (Capital Markets in Africa) Investors are overlooking Zambia’s political risk and buying the nation’s assets as the price of copper, its biggest export, rises. The yield on Zambia’s $1 billion Eurobonds due April 2024 have fallen 135 basis points this year to 7.55 percent on Wednesday. The southern African nation’s currency has appreciated 12 percent against the dollar in 2017, making the kwacha the continent’s best performer after Mozambique’s metical. Copper prices are at…

South African Miners Apply to Block Minister’s Rights Freeze

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s Chamber of Mines, which represents the industry, made a court application to block a proposal by the mines minister to freeze granting and renewing mining rights, intensifying a legal clash between the two sides. The lobby group applied to the Pretoria High Court “to review and set aside the notice and to interdict the minister from taking any decision or issuing any directive contemplated in the notice,” it said…

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