The Editorial Team |

Kenya Shilling Seen Weakening Further as Forex Reserves Drop

NAIROBI (Capital Markets in Africa) – The Kenyan currency could weaken at a much faster pace this year, compared with 2016, as falling foreign-exchange reserves impede the central bank’s ability to intervene in support of the shilling. Kenya’s central bank, which has been selling dollars to boost the shilling, has stayed away from the market this year after frequent intervention throughout 2016 that kept the unit fairly stable, according to Faith Atiti, an economist at Commercial Bank…

Nigerian Equities Down by 46bps, Profit-Taking in GTBank Continues

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LAGOS (Capital Markets in Africa) – The Equities market closed negative today as the All Share Index (ASI) lost 46bps to settle at 26,495.04 points while YTD loss worsened to -1.4%. Consequently, investors lost N41.9bn as market capitalization settled at N9.1tn. The negative close can be attributed in sustained profit-taking in banking stocks – GUARANTY (-4.6%) and ETI (-2.4%) – and weaker appetite for WAPCO (-2.3%). Activity level was also thin as volume and value traded fell 41.7% and 36.5% to…

Oil Trader Gunvor Suing Cerberus Over Failed Chevron Africa Bid

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LAGOS (Capital Markets in Africa) – Oil trader Gunvor Group is suing Cerberus Capital Management alleging that the private equity firm is refusing to pay its share of costs incurred when the two companies made a failed $650 million bid for Chevron Corp. assets in South Africa. While a relatively small amount of money is at stake, the suit sheds light on the acquisition campaign now under way after Gunvor sold the bulk of its Russian…

South African stocks start 2017 positively, rand in the red

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JOHANNESBURG (Capital Markets in Africa) – South African stocks kicked off 2017 in positive territory as a platinum rally spurred producers of the precious metal, while dollar strength knocked the volatile rand into the red. The benchmark Top-40 index gained 0.8 percent on Tuesday, the first day of trade after the long New Year weekend, to reach 44,261.26. The benchmark All-share index ended the day 0.7 percent higher at 51,020.66. Platinum producers Lonmin and Northam were…

AfricInvest invests in Azalaï Hotels SA

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TUNIS (Capital Markets in Africa) – AfricInvest III LLC, a fund managed by AfricInvest Group has completed a EUR17.3mn equity investment in Azalaï Hotels SA, the holding company of one of the main Pan-African hospitality groups in the ECOWAS region with nine hotels representing a total capacity exceeding 1000 rooms. “AfricInvest is partnering with Azalaï for the implementation of the group’s regional growth strategy, focusing on three main areas: (i) regional expansion, (ii) increased capacity,…

Uganda gets $151 mln loan from African Development Bank for toll road

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KAMPALA (Capital Markets in Africa) – Uganda will expand a major road linking its capital Kampala with Rwanda after signing a deal on Thursday for a $151 million loan from the African Development Bank (AfDB). The 40-year loan will partly finance a new 23 km, 4-lane toll road to help de-congest traffic on an existing road, the finance ministry and AfDB said, adding the government would fund the remainder of the $192 million project. In recent…

Actis sells remaining stake in Umeme via capital markets offering

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NAIROBI (Capital Markets in Africa) – Actis, a leading growth markets investor, today announced a full exit of its remaining 14.3% stake in Uganda’s principal electricity distribution and supply business, Umeme Ltd, via the Ugandan and Kenyan capital markets. Actis originally invested in Umeme when it was privatised in 2005 and has now fully exited its stake following a planned phasing of the process. In November 2012, UHL sold 39.9% of its stake in Umeme…

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