The Editorial Team |

South Africa Central Bank Opposes Gupta Associate’s Bank Bid

JOHANNESBURG (Capital Markets in Africa) – South Africa’s central bank has recommended rejecting a bid to buy Habib Overseas Bank’s local unit because of concerns about the source of the two businessmen’s income and tax declarations, according to government officials with knowledge of the matter. The Reserve Bank has written a letter to Finance Minister Pravin Gordhan recommending that the merger between the Habib Overseas Bank unit and a South African company be blocked, said the officials…

Bargain Hunting in Banking Stocks Drives Nigerian Equity Index Higher …NSE ASI up 13bps

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LAGOS (Capital Markets in Africa) – The Nigerian equities market bucked a 3-day downtrend as bargain hunting in banking stocks drove the index 13bps northwards to settle at 25,936.24 points. The performance was driven by gains in STANBIC(+2.9%), UBA (+2.9%), ZENITH (+1.4%) and GUARANTY (+0.6%). Accordingly, YTD loss eased slightly to -3.5%. Investors, in turn, gained N11.5bn as market capitalization settled at N9.0tn. However, activity level waned as volume and value traded decreased 50.3% and 12.0% to settle at 151.5m units and…

Been-Here-Before Feeling Saps Ghana Bonds Amid $1.6 Billion Hole

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ACCRA (Capital Markets in Africa)- The West African nation’s ballooning budget gap has dismayed investors betting the combination of a new government and an International Monetary Fund program would bring the country’s finances under control. The discovery of a 7 billion-cedi ($1.6 billion) hole is reviving memories of 2015 when Ghana’s economy was in tatters amid a slowdown in commodity prices and excessive spending. “There were some hopes that finally, under the previous government, and with the IMF’s…

Banks Bashed in Battle Over South African Financial System

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JOHANNESBURG (Capital Markets in Africa) – New allegations by President Jacob Zuma’s supporters that South Africa’s biggest banks are frustrating efforts to address racial inequality signal an escalation of a battle for control of the nation’s financial system including the Treasury. Protestors from the ruling African National Congress’s youth wing invaded aBarclays Africa Group Ltd. branch on Jan. 26. Then, on Monday, the ANC’s top leaders said the four biggest lenders can’t be allowed to continue dominating…

Nigeria Heads to London, U.S. for First Eurobond Since 2013

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LAGOS (Capital Markets in Africa) – Nigeria will meet investors this week for its first Eurobond sale in more than three years as Africa’s most populous nation battles an economic contraction and the worst dollar squeeze in almost a decade. Beginning Friday, officials will hold roadshows in London and the U.S. before the proposed issue of 15-year bonds, the country’s longest-maturity dollar notes yet, according to a person familiar with the matter, who is not…

European-Backed Fund Arise Targets $1 Billion of African Assets

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LAGOS (Capital Markets in Africa) – Arise, the new development-finance venture created from the pooled sub-Saharan African assets of three European lenders, said it plans to buy minority stakes in companies across the continent as part of a strategy to boost assets to $1 billion from $660 million. The company will target sub-Saharan African financial-service providers aimed at retail businesses, small- and medium-sized enterprises, rural areas and people who haven’t previously had access to banks and loans,…

Harmony Gold Ready for Acquisition After Paying Down Debt

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JOHANNESBURG (Capital Markets in Africa) – Harmony Gold Mining Co., South Africa’s third-largest miner of the metal, said it’s ready to make an acquisition after increasing production and paying off its debt in the six months to December 31. “We’ve identified some targets, we’re working on those targets,” Chief Executive Officer Peter Steenkamp said on a call with reporters Thursday. The purchase will likely be in Africa or Papua New Guinea, he said. Harmony made a profit…

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