The Editorial Team |

Cash Is King in Mugabe’s Zimbabwe as Dollar Supply Dries Up

HARARE (Capital Markets in Africa) – Walk into Pedzai Nyika’s furniture factory in Zimbabwe’s capital and he’ll offer a 20 percent discount straight away — provided you pay in cash. He’s not alone. A shortage of banknotes gripping the southern African nation has become so dire that business are offering huge discounts to cash-paying customers and limiting the amounts they can charge on credit cards or refusing to accept them altogether. “I am desperate. Business is…

Sentiment Bearish as Nestle Drags Index Lower in Nigerian Equity Markets

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LAGOS (Capital Markets in Africa) – Sentiment was bearish today on the Nigerian Bourse as the All Share Index shed 0.2% to close at 26,330.39 points consequent on price declines in large cap stocks such as NESTLE (-2.4%), FORTE(-9.2%) and ETI (-3.0%). Accordingly, investors lost N19.1bn as market capitalization settled at N9.1tn. However, market activity was mixed as volume traded waned 9.2% to 179.3m units while value traded surged 42.4% to close at N1.5bn. Banking Sector Emerges Lone Gainer Performance…

IMF says plans to meet new Ghana government over aid programme

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ACCRA (Capital Markets in Africa) – The International Monetary Fund (IMF) plans to visit Ghana to hear the new government’s plans for implementing the country’s $918 million aid deal, the Fund said on Thursday. President Nana Akufo-Addo was sworn in on Saturday pledging to cut taxes, spend on development and boost annual growth to double digits as he seeks to return Ghana to its place as one of Africa’s most dynamic economies. He also inherits a…

South Africa’s rand jumps to 2-month high, stocks flat

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand gained more than two percent on Thursday to hit its strongest level in two months as the dollar plunged on concerns over U.S. President-elect Donald Trump’s economic strategy. Stocks were flat overall but luxury goods group Richemont gained 6 percent to reach a 10-month high after posting stronger than expected sales. By 1501 GMT the rand had gained 2.2 percent to 13.4475 per dollar, following most currencies…

Nigeria Central Bank Won’t Devalue Naira, Traders’ Union Says

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LAGOS (Capital Markets in Africa) – The Central Bank of Nigeria has no plans to devalue the naira, the head of a money changers’ body said after meeting policy makers. Officials are “not looking at devaluation” as rising oil prices boost reserves, according to the Association of Bureaux De Change Operators of Nigeria. The naira was little changed at 315.34 per dollar on Thursday, while Brent crude traded above $56 per barrel. “They assure us that people have…

Emerging-Market Currencies Climb as Lira Rebounds From Lows

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LAGOS (Capital Markets in Africa) – Emerging-market currencies rose the most in 10 months as the Turkish lira’s rebounded from record lows on speculation the central bank will take steps to support it. The MSCI Emerging Market Currency Index surged by the strongest pace since March and a similar gauge of stocks is on track to erase losses recorded after Donald Trump’s election in November. The U.S. President-elect news conference on Wednesday failed to support fiscal expansion…

China Pledges $40 Billion towards Nigerian infrastructure projects

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LAGOS (Capital Markets in Africa) – Nigeria ordered Taiwan to move its trade mission from the capital, Abuja, to the commercial hub, Lagos, following a visit by the Chinese foreign minister during which his government pledged to invest $40 billion in infrastructure in Africa’s most populous country. Nigerian Minister of Foreign Affairs Geoffrey Onyeama announced the move Wednesday after meeting with Chinese counterpart, Wang Yi, China’s official Xinhua News Agency said. China has said it will invest $40…

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