The Editorial Team |

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

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…

Hate Speech in Social Media Targeted by Kenya Before August Vote

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NAIROBI (Capital Markets in Africa) – Kenya’s communication authority said it increased monitoring of social media in a bid to combat hate speech before the East African nation holds presidential elections in August. Authorities have spent 1.1 billion shillings ($10.6 million) since 2015 to monitor broadcasters and last year paid an additional 1 billion to examine social-media output, Chairman Ngene Gituku told reporters Thursday in the capital, Nairobi. “We are working with other government agencies…

Sub-Saharan Africa 2017 Growth to accelerate by 2.9 Percent, World Bank Says

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LAGOS (Capital Markets in Africa) – Growth in Sub-Saharan Africa is estimated to have decelerated to 1.5 percent in 2016, the lowest level in over two decades, as commodity exporters adjust to low commodity prices. Regional GDP per capita contracted by 1.1 percent. South Africa and oil exporters account for most of the slowdown, while activity in non-resource intensive countries—agricultural exporters and commodity importers—generally remained robust. Commodity prices are expected to stabilize, but stay well…

Ugandan Leader Seen Preparing Successor as Son Named Adviser

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KAMPALA (Capital Markets in Africa) – Ugandan President Yoweri Museveni’s appointment of his son as a senior adviser may be a move to stem dissent in the governing party and prepare a successor to his 30-year rule. Museveni, who secured a fifth term in a 2016 vote, named Muhoozi Kainerugaba, the 42-year-old head of an elite military group, as his adviser for special operations. The chief of Uganda’s defense forces was also replaced, army spokesman Paddy Ankunda…

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