The Editorial Team |

Mozambique Government Says Won’t Make Interest Payment Due July 18

MAPUTO (Capital Markets in Africa) – Mozambique won’t meet its obligations to holders of $726.5m notes due 2023, Ministry of Economy and Finance says in an emailed statement. Challenging macroeconomic, fiscal situation have affected public finances; “debt payment capacity of the republic remains extremely limited in 2017, and does not allow the republic room to make the scheduled interest payment on the notes”. While government is committed to resolving financial crisis through dialogue, it will…

Analysts Eye South Africa Rate, Even If No Change Seen: Street Wrap

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s Reserve Bank faces a tricky interest-rate decision on Thursday. The nation’s economy unexpectedly fell into recession in the first quarter. Combating the slump with looser monetary policy may fan inflation, which slowed to within the central bank’s 3 percent to 6 percent target in April for the first time in eight months. It would also be problematic for international investors, given that the rand already has one of the worst…

Market Watch: Egyptian Equity Indices End in Mixed Note, Market Cap up EGP3bn

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Cairo (Capital Markets in Africa) – The Egyptian Exchange (EGX) ended Monday’s (17th July 2017) trading session on a mixed note, as the benchmark index EGX30 rose 1.02%, gaining 140.55 points, and closed at the level of 13,956.32 points. The equal-weighted index EGX50 rose 0.81% to 2,141.02 points. On the other hand, EGX70 declined by 0.75% to the level of 679.46 points, while the broader index EGX100 slipped 0.09% and closed at 1,569.44 points. The…

Market Watch: Egyptian Equity Indices Drops Amidst Local Investor Sell-Off

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Cairo (Capital Markets in Africa) – The Egyptian Exchange’s (EGX) indices dropped collectively at Sunday’s (16th July 2017) close due to selling pressures from local investors. The benchmark EGX30 inched down 0.05% to 13,815.77 points. Sameh Gharib, head of technical research at Roots Stock Brokerage House, said that EGX30 closed at the level of 13,815 points losing 6 points from 13,864 points due to selling pressures, which began Thursday. After passing the level of 13,700…

Forte Oil Nigeria Counts on Power to Boost Company’s Profits

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LAGOS (Capital Markets in Africa) – Forte Oil Plc, a Nigerian fuel retailer that has invested in power production, expects a jump in income this year after expanding generation capacity during a payment guarantee by the government to electricity companies. “Now we can be sure that whatever we generate will be paid for going forward,” Chief Executive Officer Akin Akinfemiwa said in an interview on Wednesday in Lagos, the country’s commercial capital. “It means that you can invest…

Best-Performing Metals as Hard to Trade as They Are to Find

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LAGOS (Capital Markets in Africa) – Even if you’d heard of this year’s best-performing metals, betting on them would probably have been a struggle. Ruthenium, iridium and the somewhat better known rhodium — used mostly in specialized products like hard disks, spark plugs and auto catalysts — have trounced almost all major commodities tracked by Bloomberg. Prices are up at least 33 percent this year as demand improved for raw materials that are among the world’s rarest and…

Nigeria to License Drones in New Rules for Unmanned Aircraft

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LAGOS (Capital Markets in Africa) – Nigeria plans to license drones used for both commercial and private purposes under new regulations governing unmanned aircraft, the head of the civil aviation agency said. “We have proposed regulations already,” Dele Sasegbon, director of general aviation at the Nigerian Civil Aviation Authority, told reporters Thursday in the capital, Abuja. “For the integration of unmanned aircraft into the national airspace system, we have to do it seamlessly.” Steps have…

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