The Editorial Team |

South Africa Avoids a Second Fitch Cut as Rating Affirmed

JOHANNESBURG (Capital Markets in Africa) – South Africa avoided a second downgrade in two months from Fitch Ratings Ltd. as the company left its assessment of the nation’s debt at the highest non-investment grade. The local- and foreign-currency ratings were affirmed at BB+, Fitch said in an emailed statement Thursday. The outlook on both assessments was kept at stable. Fitch and S&P Global Ratings cut their assessments of South Africa’s foreign-currency debt to the highest junk level in…

Nigerian stocks rise to 11-month high on banking, cement shares

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LAGOS (Capital Markets in Africa) – Nigeria stocks jumped to a 11-month high on Thursday, driven by gains in banking and cement shares as investors took advantage of the low valuation for some commercial bank shares. The stock market index rose 2.37 percent to cross 30,197 points, lifted by gains in First Bank Holdings and Dangote Cement. The banking index rose 1.61 percent amid expectations Africa’s biggest economy would exit recession soon as higher oil revenues…

OPEC Can Still Do What It Takes to Prop Up Oil: Robin Mills

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LAGOS (Capital Markets in Africa) – The cartel needs to make deeper reductions or a long-term commitment to higher output. “We’re going to do what it takes,” Khalid Al-Falih, Saudi Arabia’s energy minister, said in March. But by agreeing to an unexciting extension of cuts on May 25, the Organization of Petroleum Exporting Countries is merely tinkering. Unless the group acts decisively, it faces a slow process of attrition in rebalancing the market. But it…

Emerging-Market Bulls Are Cooling Off After Impressive Rally

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LAGOS (Capital Markets in Africa)- After a surprisingly good run in emerging markets that sent equities to a fifth monthly gain, some bulls are easing up. Credit Suisse Group AG forecasts developing-nation equities will underperform in the short term, while Deutsche Bank Wealth Management said it’s not as positive on emerging-market bonds as a year ago. Goldman Sachs Group Inc.said strong returns have partially eroded a previously compelling valuation signal, and BNP Paribas SA said the best gains in…

Barclays Reaches Target on Africa Stake as It Boosts Sale

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JOHANNESBURG (Capital Markets in Africa) – Barclays Plc reached a long-term target for shrinking its stake in its African unit earlier than expected as the bank boosted the size of a share sale by more than 50 percent. The London-based lender is selling 285.7 million shares of Barclays Africa Group Ltd., equal to a 33.7 percent stake, at 132 rand each, it said in a statement on Thursday. The bank previously planned to sell a 22 percent stake…

`Gupta Leaks’ Emails Set to Show Family’s South Africa Influence

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JOHANNESBURG (Capital Markets in Africa) – Two South African news organizations plan to publish a series of stories about the influence of the Gupta family in the country after they obtained thousands of emails they say exposes dealings that allegedly include influence over government and state company decisions. Scorpio, the investigative unit of the Daily Maverick, and the amaBhungane Centre for Investigative Journalism have access to as many as 200,000 emails and other documents about the work…

Industry 4.0 and IoT: Transforming the Manufacturing Industry

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JOHANNESBURG (Capital Markets in Africa) – A massive change is coming in the way that manufacturing does business, ranging from the design and manufacturing of goods to how we service customers. Industry 4.0, otherwise known as the ‘4th Industrial Revolution’, along with IoT (Internet of Things) is central to digital transformation in the manufacturing industry. Creating a significant level of manufacturing agility is key to making it possible for customers’ needs, to be aligned with…

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