The Editorial Team |

Rand, Bonds Fall as South Africa Junk Rating Triggers Index Exit

JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand and dollar bonds fell after Fitch Ratings Ltd. became the second company to cut the country’s credit assessment to junk, triggering sales by some investors tracking investment-grade debt indexes. JPMorgan Chase & Co. said it would remove South Africa from gauges tracked by $59 billion of funds. President Jacob Zuma plunged South Africa into a political crisis when he fired Finance Minister Pravin Gordhan in a cabinet purge just after midnight on…

French Drugs Maker Targets Africa With Nigerian Acquisition

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LAGOS (Capital Markets in Africa) – Biogaran SAS, a closely held French pharmaceuticals manufacturer, plans to tap into Nigeria’s $1.3 billion drugs market as a launchpad for its expansion into Africa, company President Pascal Briere said. The unit of France’s second-largest drug maker, Les Laboratoires Servier, last month acquired Nigeria’s Swipha Limited. after an initial $500,000 investment. Biogaran expects Nigeria’s pharmaceuticals industry to grow by more than 12 percent annually. “We found that Nigeria is well adapted for what we…

Nigerian Bourse Sustains Uptrend …NSE ASI up 1.1%

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LAGOS (Capital Markets in Africa) – Nigerian equities sustained gains observed yesterday as the All Share Index further strengthened 1.1%, trimming YTD loss to 4.2%. The performance was largely driven by rebound in the prices of DANGCEM (+2.2%) and GUARANTY (+2.0%) as well as further appreciation in WAPCO (+5.0%) and 7UP(+9.4%). Consequently, market capitalization improved N98.1bn to settle at N8.9tn. Activity level also improved as volume and value traded increased 52.2% and 32.2% to 241.6m units and N1.5bn with a total…

Kibo Capital invests in I&M Bank Rwanda

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KIGALI (Capital Markets in Africa) – Kibo Capital Partners, a manager of regional private equity funds, today announced an investment by Kibo II in I&M Bank Rwanda, the oldest and one of the most profitable banks in Rwanda. “Our investment in I&M Rwanda (IMR) builds on a long relationship between Kibo and with I&M Bank. Investing in IMR allows Kibo to support a market leading bank to expand further in one of the Sub-Saharan Africa’s…

Nigeria to `Easily’ Get $3.5 Billion Foreign Debt, Moody’s Says

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LAGOS (Capital Markets in Africa) – Nigeria will easily achieve its target of $3.5 billion foreign borrowing in 2017 as improved oil output helps the economy to recover from last year’s contraction, the first since 1991, Moody’s Investors Service said. “The international financial institutions are ready to support Nigeria,” Aurelien Mali, a vice president and senior analytical adviser for Africa at the ratings company, said by phone on Wednesday. “As long as its project-based lending, the funding…

Gambia Chooses Lawmakers as Leader Seeks Backing for Reforms

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BANJUL (Capital Markets in Africa) – Gambians are going to the polls on Thursday in a parliamentary vote that will be crucial for the new government’s ability to implement reforms after two decades of rule by Yahya Jammeh, the former dictator ousted by West African neighbors in January. President Adama Barrow defeated Jammeh in presidential elections in December with the support of seven political parties that had rallied behind him amid growing discontent with the former leader’s repressive regime. While…

Ivory Coast to Receive IMF Budget Support as Cocoa Slumps

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ABIDJAN (Capital Markets in Africa) – Ivory Coast will receive additional assistance from the International Monetary Fund to support its 2017 budget after cocoa prices slumped, hurting the finances of the biggest grower of the crop. The IMF’s board will meet in June to decide on the amount of support, Dan Ghura, the Washington-based lender’s mission chief, told reporters late Wednesday in the commercial capital, Abidjan. The assistance will come as the IMF visited the West…

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