The Editorial Team |

Dangote Cement Profit Rises as Price Gains Offset Lower Volumes

LAGOS (Capital Markets in Africa) – Dangote Cement Plc, Africa’s largest producer of the building material and Nigeria’s biggest company, said first-quarter profit rose 34 percent as a price increase offset lower volumes sold and operations on the rest of the continent helped bolster sales. Net income increased to 70.6 billion naira ($220 million) in the three months through March, compared with 52.8 billion naira a year earlier, the Lagos-based company said in a statement on Friday….

Ivory Coast Economy Remains ‘Solid’ Despite Challenges, PM Says

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ABIDJAN (Capital Markets in Africa) – Ivory Coast’s economy is strong despite challenges including a slump in cocoa prices and social unrest, according to Prime Minister Amadou Gon Coulibaly. “The fundamentals of the Ivorian economy are solid, as evidenced by the growth that we’re experiencing,” Coulibaly said in an interview on state TV late Thursday. “But we’re confronted with numerous challenges.” The government of the world’s biggest cocoa producer cut this year’s budget by a 10th…

South Africa Trade Surplus Surges to 11.4 Billion Rand in March

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s trade surplus more than doubled in March as the exports of mining produce surged. The 11.4 billion-rand ($860 million) surplus compares with February’s revised 4.8 billion-rand surplus, the Pretoria-based South African Revenue Service said in an emailed statement Friday. The median of six economist estimates compiled by Bloomberg was for a surplus of 6.2 billion rand. Relief on the trade balance eases pressure on the current account, the broadest measure…

Moody’s to Visit South Africa in Coming Weeks, Buthelezi Says

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JOHANNESBURG (Capital Markets in Africa) – A team from Moody’s Investors Service will visit South Africa in the coming weeks after the ratings company put the nation on review for a downgrade early this month, Deputy Finance Minister Sfiso Buthelezi said. The National Treasury has concluded an international roadshow and will give an update on its outcomes at a later date, Buthelezi told reporters in Johannesburg on Friday. Buthelezi was appointed on March 31 as part of a…

IMF to Return to Zambia in May to Continue Loan Talks

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LUSAKA (Capital Markets in Africa) – The International Monetary Fund will send a mission to Zambia in May to continue talks over as much as $1.6 billion in aid the government is seeking after they failed to reach a deal in Washington this month. “Progress was made but program discussions have not yet been concluded,” Alfredo Baldini, the fund’s representative in Zambia, said Friday in response to emailed questions. “The authorities and IMF staff have agreed…

What Investors Need to Know About Nigeria’s New Exchange Window

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LAGOS (Capital Markets in Africa) – There’s a lot riding on Nigeria’s new foreign-exchange platform. The system — called the Investors’ and Exporters’ FX Window — is the government’s latest attempt to lure back traders who fled in the past two years. The idea is that by creating a market for some types of investment transactions, policy makers can satisfy calls to float the currency without risking an inflationary spiral that may come from a devaluation. Eventually,…

Kenyan Opposition Chooses Odinga to Run Against Kenyatta

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NAIROBI (Capital Markets in Africa) – An alliance of Kenyan opposition parties chose former Prime Minister Raila Odinga as its candidate to run against President Uhuru Kenyattain elections scheduled for August. Odinga’s running mate on the National Super Alliance ticket will be former Vice President Kalonzo Musyoka, co-principal Musalia Mudavadi said Thursday at a rally in the capital, Nairobi. The two were recommended by a technical committee that also considered Mudavadi and Senator Moses Wetang’ula as potential candidates. “The one who will fly the…

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