The Editorial Team |

Industrialisation key to Africa’s economic transformation

DAVOS (Capital Markets in Africa) – Industrialisation is key to making Africa a force to be reckoned with, but without power and infrastructure this will remain a mere dream. On this Building Africa debate CNBC Africa is joined by panellists consisting of Phuthuma Nhleko, Executive Chairman, MTN; Paul Kagame, President of the Republic of Rwanda; Oluyemi Oluleke Osinbajo, Vice President of Nigeria and Siyabonga Gama, CEO, Transnet to discuss what is needed from power to…

Mozambique Eurobond Default Heralds Lengthy Uncertainty, Fitch Says

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MAPUTO (Capital Markets in Africa) – Fitch Ratings-London-20 January 2017: Mozambique’s failure to pay USD59.8m in interest on a sovereign Eurobond points to an extended period of uncertainty as the country seeks to restructure its debt, Fitch Ratings says. It has no sovereign rating impact because Fitch already downgraded Mozambique’s Long-Term Foreign Currency Issuer Default Rating to ‘RD’ in November after confirmation that a state-owned enterprise missed a payment on a sovereign-guaranteed loan in May…

History Shows Best Equity Gains Come From Emerging Markets

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LAGOS (Capital Markets in Africa) – If you want world-beating returns from your equity investments year after year, avoiding emerging markets isn’t an option. The top 10 stock indexes that gave global investors the greatest returns in 2016 were all emerging or frontier markets, according to data compiled by Bloomberg. That’s not a fluke: over the past 20 years, nine out of 10 best-performing equity gauges have been in developing nations, the figures show. Investors often think of emerging…

South Africa ANC Leaders Break Ranks on Succession, M&G Says

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JOHANNESBURG (Capital Markets in Africa) — Provincial office bearers in South Africa’s ruling party are in disagreement over who should take over as leaders of the African National Congress, the Mail & Guardian reported, citing party members. Free State province Deputy Chairman Thabo Manyoni says party Deputy President Cyril Ramaphosa should succeed Jacob Zuma, in line with party tradition, the Johannesburg-based newspaper reported, citing him. Free State Premier Ace Magashule says leaders are elected at…

Kenyan Bourse Develops Equity Index, Single Stock Futures

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NAIROBI (Capital Markets in Africa) – Nairobi Securities Exchange has sought regulatory approval to introduce products in derivatives market, Capital Markets Authority says in e-mailed statement. Regulator proposes to charge fee not exceeding 0.14% per value of equity index futures contract, 0.17% per value of single stock futures contract. Proposed fees will “give investors exposure to price movements in the derivatives instruments rather than the underlying individual constituents”. Charges cover securities exchange, clearing member, trading…

Billionaire Motsepe’s Investment Firm Mulls IPO, Plans 30 Deals

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JOHANNESBURG (Capital Markets in Africa) – South African billionaire Patrice Motsepe’s African Rainbow Capital (Pty) Ltd. plans to close as many as 30 deals by June and is considering an initial public offering or starting a fund to attract capital for the next phase of the investment company’s growth strategy. ARC, as it’s known, is finalizing 15 transactions and hopes to conclude another 15 in the first six months of this year, Johan van Zyl, co-chief executive officer of…

Mozambique’s Eurobond Strategy May Damage Restructure Prospects

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MAPUTO (Capital Markets in Africa) – Mozambique’s decision to skip an interest payment on its Eurobonds this week was a strategic move that will be damaging for the debt-restructuring process it started, a group of investors said. “The non-payment of Wednesday was a strategic default and was not driven by the inability to make the payment,” said Charles Blitzer, a Washington-based consultant who’s advising a group of creditors that hold the majority of the bonds. “This…

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