The Editorial Team |

Botswana gets offer for struggling BCL mines

GABORONE (Capital Markets in Africa) – Botswana’s high court agreed on Tuesday to delay the provisional liquidation of state-owned BCL Mine Ltd after lawyers representing the liquidator KPMG said they had received an offer to buy its mothballed mines, which produce copper and nickel. While the lawyers declined to name the company making the offer, a source close to the process told Reuters a company from the United Arab Emirates had put forward an offer…

How African Equities and Currencies feared in 2016

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) -African equity markets settled in the South Pole 2016 was a difficult year for African markets, each in varying degrees. Most of the African equity index ended in negative zone at the end of 2016, with six positive growths and twelve negative returns on a local currency basis. The performance was more disheartening on a US-dollar adjusted basis, with just four equity markets produced a positive return and average return across markets…

African Sovereign Eurobonds: Recap and Prospects in 2017

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LAGOS (Capital Markets in Africa) – Eurobond issuance by African sovereigns was recorded at US$9.726 billion by four countries (South Africa, Ghana, Egypt, and Mozambique) in 2016 compare to US$6.750 billion issued by eight countries (Egypt, Ghana, Gabon, Ivory Coast, Namibia, Zambia, Cameroon, and Angola) in 2015. In April, the Republic of South Africa successfully priced and issued a US$1.25 billion 10-year Eurobond. The US dollar bond was priced at a coupon (interest rate) of 4.875 percent,…

Rwanda to sell 20 pct stake in I&M Bank next week

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NAIROBI (Capital Markets in Africa)) – The Rwandan government plans next week to sell its 20 percent stake in I&M Bank operations in Rwanda, with the aim of raising 11.5 billion francs ($14.1 million), a minister and a senior executive said. The initial public offering (IPO) would be launched on Feb. 14 and the proceeds would be used to help finance a new airport at Bugesera, east of the capital Kigali, the officials said. “The…

Recession-hit Nigeria targets economy to grow at annual 7 percent by 2020

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ABUJA (Capital Markets in Africa) – Nigeria is targeting economic growth of at least 7 percent a year by 2020, the Ministry of Budget and National Planning said on Tuesday, a far cry from its current recession, the first in 25 years. Nigeria’s economy is heavily dependent on exports of crude oil and is undermined by decades of endemic corruption, It has been hobbled by low global oil prices that have slashed government revenues and…

Nigerian Equities Open the Week Bearish …Benchmark Index Down 0.8%

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LAGOS (Capital Markets in Africa) – Similar to the previous week, the All Share Index opened the week bearish, sustaining the negative sentiment from the previous trading session. The benchmark index declined 0.8% to settle at 25,600.64 points whilst YTD loss worsened to -4.7%. Today’s performance was broadly shaped by sell-offs in Industrial Goods and Banking bellwethers including DANGCEM (-1.8%), UBA (-4.0%) and ZENITH(-1.5%). Accordingly, investors lost N69.6bn as market capitalization closed at N8.8tn. Similarly, activity level waned as volume…

Fairfax Financial Holdings to Raise $500 Million for Africa Fund

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LAGOS (Capital Markets in Africa) – Prem Watsa’s Fairfax Financial Holdings Limited is expected to raise about $500 million for its new African investment fund, attracting less than its original goal as investor interest in the region proved weaker than anticipated, according to people familiar with the matter. The Toronto-based insurer sought to raise as much as $1 billion at $10 a share for Fairfax Africa Holdings Corp. in an initial public offering on the Toronto Stock Exchange, according…

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