The Editorial Team |

Côte d’Ivoire and Ghana Resilient to Credit Pressure from 10-yr low in Cocoa Prices

LONDON (Capital Markets in Africa) – While cocoa prices at 10-year lows will put pressure on the economies and fiscal position of leading producers Côte d’Ivoire and Ghana, both will be able to withstand short-term price fluctuations, Moody’s Investors Service said in a report today. Current average cocoa prices reflect a drop of around 30% compared to mid-2016. The report, “Sovereigns — Africa: Côte d’Ivoire and Ghana Resilient to Credit Pressures from Fall in Cocoa…

South Africa’s finmin Gigaba to take “tough, unpopular choices” to grow economy

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s new Finance Minister Malusi Gigaba said on Monday he would pursue “tough and unpopular choices” to oversee economic growth and a redistribution of wealth to the country’s black majority and help grow a flagging economy. Africa’s most industrialised economy faces the risk of being downgraded to junk status owing to weak growth and the political upheavals after it got a reprieve last year. The economy grew by 0.3…

South African markets fall sharply after S&P downgrade

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JOHANNESBURG (Capital Markets in Africa): South Africa’s rand, bonds and banking shares tumbled sharply on Tuesday after S&P Global Ratings cut the country’s credit rating to junk in response to President Jacob Zuma’s move to sack its respected finance minister. Zuma’s cabinet reshuffle has triggered public criticism from within the ruling African National Congress (ANC) and pressure is likely to mount on the president after the credit agency handed South Africa its first downgrade since…

Weak Appetite for Large Caps drag Nigerian Equity Index lower

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LAGOS (Capital Markets in Africa) – The Nigerian equities market started the month of April on a bearish note as the All Share Index recorded a 95bps loss to settle at 25,273.03 points. Performance was dragged by declines inDANGCEM (-2.4%), NIGERIAN BREWERIES (-1.5%) and GUARANTY (-2.4%). Thus YTD loss worsened to –6.0%. Investors lost N84.2bn as market capitalization closed at N8.7tn. Activity level also slowed as volume and value traded declined by 83.5% and 99.3% to 97.7m units and N682.8m…

Rand tumbles after S&P downgrades South Africa to “junk”

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand fell more than 2 percent on Monday to its weakest in almost three months after S&P Global Ratings cut the country’s credit score to sub-investment grade with a negative outlook after last week’s dismissal of the South African finance minister. Stocks were higher on the day, led by gold shares, as demand for the safe-haven asset rose globally in response to worries U.S. President Donald Trump…

Ghana $2.2 bln debt sale boosts Central Bank reserves by one-third

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ACCRA (Capital Markets in Africa) – Ghana has raised $2.2 billion from a sale of long-dated domestic bonds on Friday, boosting its central bank reserves by one-third, transaction leads and central bank sources said on Monday. Offshore buyers constituted 90 percent of accepted bids, according to Barclays Bank Ghana sources. The cedi fell to a record low of 4.7420 to the dollar last month but rallied to 4.2750 by noon (1200 GMT) on Monday, down…

South Africa’s credit rating downgraded to junk by S&P after finmin changed

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JOHANNESBURG (Capital Markets in Africa) – S&P Global Ratings downgraded South Africa’s sovereign credit rating to BB+ from BBB- grade on Monday, saying the recent firing of its internationally respected finance minister posed a risk fiscal policy. The rand fell by as much 2 percent to the dollar in response to the news of the downgrade, while government bonds also weakened sharply. “The downgrade reflects our view that the divisions in the ANC-led government that…

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