The Editorial Team |

South Africa targets auto sector with fuel cell plant

CAPE TOWN (Capital Markets in Africa) – Africa’s first fuel cell component plant using platinum as a catalyst will start production by December aiming to take advantage of rising demand for clean energy cars, officials from Isondo Precious Metals said. Isondo has secured a license from U.S-based Chemours Technology to assemble components for fuel cells using platinum, which has mainly been used in catalysts to clean up car emissions. South Africa is the world’s top…

S&P/FMDQ Nigeria Sovereign Bond Index Launched To Mark Signing of MOU

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LONDON, FEB 8, 2017: FMDQ OTC Securities Exchange (“FMDQ”), an organization fostering the development of the Nigerian over-the-counter (OTC) financial markets, and S&P Dow Jones Indices (S&P DJI), one of the world’s leading providers of financial market indices, announced today the signing of a Memorandum of Understanding for a strategic agreement to create and launch new, co-branded fixed income-based indices. The signing took place at a ceremony in Lagos. The agreement marks S&P DJI’s first-ever…

Gold Fields has $1 billion available for M&A – CEO

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CAPE TOWN (Capital Markets in Africa) – South African bullion producer Gold Fields has a $1 billion loan facility to draw on if it wants to pursue mergers or acquisitions, but no deals are on the immediate horizon, its chief executive said on Wednesday. “We have a $1 billion committed, unutilised facility,” Nick Holland told Reuters on the sidelines of an African mining conference in Cape Town. But he said the company did not feel…

Nigerian Equities Market Sustains Downtrend …NSE ASI Dips 0.6%

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LAGOS (Capital Markets in Africa) – The current downtrend in the local bourse continued today as the All Share Index closed in the red for the third consecutive trading session, down 0.6% to settle at 25,446.66 points despite a 0.6% uptick in DANGCEM. Accordingly, YTD performance worsened to -5.3% the decline today can be broadly attributed to price depreciation n NESTLE (-5.0%), NIGERIAN BREWERIES (-2.0%) and ZENITH (-2.2%). Consequently, the market lost N53.1bn as the total capitalization closed at N8.8tn. However,…

Botswana gets offer for struggling BCL mines

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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

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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,…

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