The Editorial Team |

Liberty Drops Most Since 2009 as Profit Falls More Than Expected

JOHANNESBURG (Capital Markets in Africa) – Liberty Holdings Ltd. slumped the most since April 2009 after the South African insurer said full-year profit tumbled more than analysts expected. The stock slid almost 12 percent to 109.90 rand as of 3:05 p.m. on Friday in Johannesburg, the biggest decline of 162 securities on the FTSE/JSE Africa All Share Index. Volumes traded in Liberty soared, reaching 2.7 times the daily average over the past three months. Earnings per share for…

Lagarde Says Trump’s Fiscal Plans Likely to Boost U.S. Economy

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KAMPALA (Capital Markets in Africa) – President Donald Trump’s plans to overhaul the U.S. tax system and increase infrastructure spending should accelerate growth in the world’s biggest economy over the next two years, said International Monetary Fund Managing Director Christine Lagarde. “We think there is a high probability of that in the next couple of years,” Lagarde said Friday in an interview in Kampala, the capital of Uganda, where she met President Yoweri Museveni. In an economic update…

Nigeria Central Bank Hits Out at ‘Unpatriotic’ Policy Critics

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LAGOS (Capital Markets in Africa) – Nigeria’s central bank lashed out at critics of its efforts to prop up the naira and said that weakening the currency would only harm poor people. “Intelligence reports at the disposal of the bank reveal the involvement of some unpatriotic elements funding the push to have the Central Bank of Nigeria and the federal government reverse its foreign-exchange policy,” Isaac Okorafor, a spokesman, said in a statement on the Abuja-based central…

Kenya May Hold Off Further Easing on Weak Shilling, Rate Cap

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NAIROBI (Capital Markets in Africa) – Kenya’s interest-rate cap that has failed to stimulate private-sector lending and the nation’s falling currency may force the central bank to hit the brakes on its loosening monetary policy stance. The Central Bank of Kenya’s Monetary Policy Committee led by Governor Patrick Njoroge may adopt a “wait-and-see approach” at its meeting on Monday in order to further assess the effect of a law passed in August that limits how much banks can…

Record Egypt-Tied Note Issuance Highlights IMF Loan Cheer

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CAIRO (Capital Markets in Africa) – Investors are rushing back to structured notes tied to Egypt following a currency float and an International Monetary Fund loan last quarter, six years after a revolution that had scared them off. Citigroup Inc. issued all four of the recorded credit-linked notes this month raising a total of 2.3 billion Egyptian pounds ($121 million), the most for a single month on record, according to data compiled by Bloomberg. The biggest was…

Barrow Returns to Gambia as President Amid High Expectations

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BANJUL (Capital Markets in Africa) – Gambian President Adama Barrow returned from neighboring Senegal to take office after his predecessor went into exile under a threat by West African leaders to remove him by force. Barrow touched down at 5 p.m. at the airport in the capital, Banjul, on Thursday as thousands gathered for his arrival a week after his inauguration at the Gambian embassy in Senegal. This is “a proud day day for Gambians and a…

AfDB says gives Comoros $20 mln for road network

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NAIROBI (Reuters) – The African Development Bank is giving Comoros a $20.4 million grant to help it improve and expand its road networks, a move that will boost its agriculture and tourism sectors. The islands have few natural resources and largely rely on exports such as cloves and vanilla, remittances from citizens working abroad and foreign aid to finance development projects. AfDB said the money will be disbursed over five years. “The project will focus…

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