The Editorial Team |

Ouattara Alliance Wins Ivory Coast Vote as Independents Gain

ABIDJAN (Capital Markets in Africa) – Ivory Coast President Alassane Ouattara’s ruling coalition won an almost two-thirds majority in parliament, while the victory of a record 75 independent candidates showed growing discontent with the government and the opposition. Ouattara’s Rally of Houphouetists for Democracy and Peace won 167 of the 255 seats contested in Sunday’s election, Youssouf Bakayoko, head of the electoral commission, told reporters in the commercial capital, Abidjan. It was the second parliamentary vote…

World’s Biggest Stock Surge After Fed Hike Isn’t Done Yet

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egyptian stocks are shrugging off emerging-market losses to post the world’s biggest gains since the Federal Reserve raised interest rates. The rally may extend into 2017, according to EFG-Hermes Holding. The nation’s Nov. 3 decision to float its currency, effectively cutting its value by half, has unleashed the biggest inflows of foreign investment into the stock market since the 2011 Arab Spring. The pound’s weakness has kept the benchmark EGX 30 Index trading at a discount…

Coca Cola buys African bottling from AB InBev for $3.15 bln

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Anheuser-Busch InBev has agreed to sell its majority stake in Africa’s largest Coke bottler to the Coca Cola Company for $3.15 billion, the final planned divestment following its purchase of rival brewer SABMiller. The world’s largest beer maker and Coca Cola said in a joint statement on Wednesday that they had agreed the transfer of AB InBev’s 54.5 percent stake in Coca-Cola Beverages (CCBA). CCBA has operations in South Africa,…

Interswitch Delays IPO Over Nigerian Dollar Supply Concerns

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Interswitch Limited, which processes payments for banks and owns a brand of debit cards in Nigeria, suspended plans to raise as much as $1 billion in an initial public offering as investors fret over further potential weakness in the naira and a shortage of foreign currency. The company, which operates in five African countries, said last year it met with banks including Bank of America Corp., Barclays Plc and Standard Bank…

OPEC Deal Creates Chance for $70 Oil Next Year, Citigroup Says

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – OPEC’s agreement to reduce oil production may help send prices above $70 a barrel next year, according to Citigroup Inc. Output cuts agreed by the Organization of Petroleum Exporting Countries and other producers may reduce swollen inventories as early as the first quarter, reducing the surplus by about one-third, the bank predicts. OPEC finalized a deal with 11 fellow producers, including Russia and Kazakhstan, on Dec. 10 to curb output by…

Helios Investment Partners acquires 49% stakes in Oando’s Subsidiary

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, has announced the completion of a partial divestment of 49% of the voting rights in Oando’s midstream business subsidiary, Oando Gas and Power Limited (“OGP”), to Glover Gas & Power B.V., a special purpose vehicle owned by Helios Investment Partners LLP (“Helios”), a premier Africa-focused private…

Moroccan Central Bank keeps benchmark interest rate unchanged at 2,25%

Posted on by The Editorial Team

RABAT (Capital Markets in Africa) – Morocco’s central bank said on Tuesday economic growth would jump to 4.2 percent next year from an estimated 1.2 percent in 2016 on the back of sharply rising agricultural output. It made the bullish projections as it kept its benchmark interest rate unchanged at 2.25 percent. Abnormally dry weather across North Africa slashed the cereal harvest last season to 3.35 million tonnes, down 70 percent from the previous record…

« 1 … 771 772 773 774 775 … 1,075 »