The Editorial Team |

Tunisia’s economy to see recovery in 2017, Prime Minister Says

TUNIS (Capital Markets in Africa) – Tunisia’s economy will start to regain momentum this year after six years of slow growth, driven by the revival of the vital tourism industry and the return to state phosphate production, Prime Minister Youssef Chahed said. Chahed was speaking in an interview with state television late on Sunday, addressing concerns about the economy after hundreds of youths protested over the last week in some towns, demanding development and employment….

Senegal to issue Eurobond in April, Finance Minister Says

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ABIDJAN (Capital Markets in Africa) – Senegal will issue a Eurobond this month in order to finance a series of infrastructure and power production projects that it hopes will push economic growth above 7 percent from next year, Finance Minister Amadou Ba said on Friday. Ba declined to give the amount of the issuance or its maturity. The West African nation is rated B1 by Moody’s and B+ by Standard & Poor’s. “I think that the…

8 Miles acquires 20% stake in Blue Skies

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LONDON (Capital Markets in Africa) – 8 Miles LLP, the pan-African Private Equity firm, today announces an investment in Blue Skies, a UK-incorporated business with operations in several African countries that is the leader in the production of fresh-cut tropical fruit for UK and Western European supermarkets. The investment gives 8 Miles a significant minority stake alongside the founder investors and management team. Financial details of the transaction have not been disclosed. Blue Skies produces…

Banking and Industrial Counters Push Nigerian Benchmark Index 5bps Higher

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LAGOS (Capital Markets in Africa) – The equities market closed positive at the end of trade today as the All Share Index (ASI) added 5bps to close at 25,510.01 points. Consequently, market capitalisation advanced N4.6bn to settle at N8.8tn while YTD loss remained at 5.1%. STANBIC (+2.2%), WAPCO (+1.9%) and ZENITH (+1.3%) were the major drivers today. Also, market activity improved as volume and value traded rose 41.0% and 82.8% to settle at 349.3m units and N2.3bn respectively. Mixed…

South Africa’s Gigaba pledges to stave off third downgrade, meet with Moody’s

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CAPE TOWN (Capital Markets in Africa) – South Africa’s new finance minister pledged on Thursday to do what he can to keep the country from a third credit downgrade to junk status, saying he would meet ratings firm Moody’s to persuade it he will stay on the path of fiscal discipline. Malusi Gigaba, who replaced the respected Pravin Gordhan in a cabinet reshuffle that triggered credit downgrades to sub-investment by S&P Global Ratings and Fitch, told…

Nigerian Anti-Corruption Agency Finds Billions In Cash Inside Lagos Home

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LAGOS (Capital Markets in Africa) – The enormous value of whistleblowers has once again been demonstrated Wednesday with a tip-off by an anonymous whistleblower, leading to the discovery by the Economic and Financial Crimes Commission, EFCC, of yet another Huge Sums of Money in Lagos. At the end of counting, the sums stood at 43.4 million dollars, £27,800 and N23.2 million, the commission said in a statement on its Facebook page. The commission said the discovery…

Managing Political Risk When Investing in Africa

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LAGOS (Capital Markets in Africa) – Africa is rarely shy of reminders of the critical role that political risk can play in impacting on investments. From the headline-grabbing Arab Spring uprisings that rocked North Africa in 2011 to the sweeping changes in government witnessed in Nigeria and Tanzania following elections in 2015, politics can play a big role in determining business fortunes. And against a global backdrop of rising political uncertainty and nationalism, and a…

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