The Editorial Team |

South Africa’s 2017 Budget Analysis: A tough and taxing year ahead – STANLIB

Johannesburg (Capital Markets in Africa) – The South African Minister of Finance, Pravin Gordhan, delivered a tough budget for 2017/2018, highlighting the need for significant tax increases, especially on wealthier individuals, while at the same time endeavouring to contain government expenditure. Although the government’s fiscal parameters are expected to remain largely under-control over the coming year, there is a lack of new initiatives to meaningfully stimulate the economic growth of the country. Under these circumstances,…

Amethis and Metier to invest in East African firm, Kenafric Industries

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Johannesburg (Capital Markets in Africa) – Private equity firms Amethis Finance and Metier have partnered to acquire a minority stake in Kenafric food industry. The three companies, Kenafric, Amethis and Metier have been working together on a promising acquisition. Mikul Shah, Chief Executive Director of Kenafric Industries said the firm has reached critical size and intends to expand into a regional packaged food enterprise, leveraging on its existing strengths to broaden its product range and…

South Africa’s Capitalworks to Acquire Aon’s Shareholding in 10 SAA Countries

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JOHANNESBURG (Capital Markets in Africa) – Capitalworks, a leading Africa focused and based private equity firm specialising in investing on the continent, is to acquire Aon’s shareholding in 10 employee benefit, insurance, and reinsurance brokerage operations in Angola, Kenya, Lesotho, Malawi, Mozambique, Namibia, Swaziland, Tanzania, Uganda and Zambia. The new entity will become Aon’s exclusive correspondent for these 10 countries and will be Aon’s largest exclusive global network correspondent on the African continent. The transaction will become…

Zambia Ratings Affirmed by Fitch; Outlook Negative

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LUSAKA (Capital Markets in Africa) – Fitch Ratings has affirmed Zambia’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘B’ with Negative Outlook. The issue ratings on Zambia’s long-term senior unsecured foreign- and local-currency bonds and short-term senior unsecured local-currency securities are also affirmed at ‘B’. The Country Ceiling is affirmed at ‘B+’ and the Short-Term Foreign and Local Currency IDRs at ‘B’. Zambia’s ‘B’ IDRs reflect a combination of the country’s persistent fiscal…

Afreximbank Targets $1.5 Billion Support for Burkina Faso’s Five-Year Plan

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Ouagadougou (Capital Markets in Africa) – The African Export-Import Bank (Afreximbank) will arrange up to $1.5 billion in multi-sourced finance to support projects and initiatives under Burkina Faso’s five- year National Economic and Social Development Plan (PNDES), Bank President Dr. Benedict Oramah has announced in Ouagadougou. Speaking on Tuesday after a meeting with Roch Marc Christian Kaboré, President of Burkina Faso, Dr. Oramah, said that the support would target activities aimed at building capacity in…

FX reserves – China has enough, Says Standard Bank

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LAGOS (Capital Markets in Africa) – China’s foreign exchange reserves are now below USD3tr, the lowest in three years. In fact, relative to GDP, this is the lowest since the early 2000s. China has seen a material decline in reserves-to-GDP since 2008 resulting from declining global demand combined with growing outbound investment. More recently, the sharp decline in China’s once heralded reserves has come with the defence of the renminbi, triggering concerns in global financial…

Nigerian Breweries Buoys Market Performance…NSE ASI marginally up 1bp

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LAGOS (Capital Markets in Africa) – The Nigerian equities market closed flat as the All Share Index rose 1bp to settle at 25, 251.63 points, while YTD loss of the index was unchanged at -6.0%. The major drivers of the positive performance today were NIGERIAN BREWERIES (+4.3%), FBNH (+3.2%) and ACCESS(+2.5%) as market capitalisation rose N741.4m to N8.7tn. Activity level strengthened as volume and value traded rose 26.9% and 181.1% to 131.2m units and N2.8bn…

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