The Editorial Team |

Equatorial Resources aims to invest $1.2 bln in Congo iron project

BRAZZAVILLE (Capital Markets in Africa) – Africa-focused Australian mining company Equatorial Resources Ltd will aim to invest around $1.2 billion to develop its Badondo iron ore project in Republic of Congo, the company said. John Welborn, a non-executive director of Equatorial Resources and chief executive of its Congolese unit Congo Mining Exploration Ltd, met Prime Minister Clement Mouamba on Tuesday and submitted an application for a mining license. “The recent improvement in the price of iron…

Steady rates, rand to buoy South African bonds despite “junk” threat

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JOHANNESBURG (Capital Markets in Africa) – Yield-hungry investors look set to boost demand for South African bonds despite the threat of rating downgrades to “junk”, as the cycle of interest rate hikes ends, the rand recovers and inflation calms down, analysts say. The Treasury is battling to avoid downgrades from Moody’s, Fitch and S&P this year, with the agencies keen to see Pretoria’s commitment to fiscal prudence. But Lesiba Mothata, chief economist at Investment Solutions, which…

Nigerian lawmakers say 2017 draft budget has unrealistic assumptions

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ABUJA (Capital Markets in Africa) – A draft budget framework for 2017 submitted to parliament by Nigerian President Muhammadu Buhari is based on unrealistic assumptions about oil production and the currency exchange rate, lawmakers said on Wednesday. Nigeria slid into recession in the second quarter for the first time in 25 years , largely because oil price fell. Crude oil sales account for 70 percent of government revenue. The budget plans, which include spending a record…

LeapFrog secures a majority stake in GoodLife Pharmacy, Kenya

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NAIROBI (Capital Markets in Africa) – LeapFrog Investments, a leading specialist investor in emerging markets, today announced its acquisition of a US$22mn majority stake in Kenya’s GoodLife Pharmacy, the largest direct investment in the East African retail pharmacy sector to date. LeapFrog will now build on its financial services specialism by diversifying its private equity investments into a closely linked sector – healthcare. This will develop a platform that combines both payers and providers, thereby…

Catalyst Principal Partners sells GoodLife Pharmacy, Kenya

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NAIROBI (Capital Markets in Africa) – East Africa focused private equity firm Catalyst Principal Partners (Catalyst) has announced its exit from pharmaceutical retailer Goodlife Pharmacy where it held a controlling stake. Catalyst sold its stake to LeapFrog Investments, a private equity investment company focusing on investments for emerging consumers in Africa and Asia. Catalyst, along with strategic partners Africa Chemist and Beauty Care and a seasoned management team, acquired a controlling stake in Mimosa Pharmacy…

Nigerian Equity Markets | 23 Nov 2016: Bulls Creep into The Market … NSE ASI up 21bps

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LAGOS (Capital Markets in Africa) – The hunt for a bargain in value counters halted the erstwhile unrelenting negative performance of the benchmark index as the NSEASI gained 21bps to close at 25,517.00 points at the end of the trade. Accordingly, market capitalization advanced by N19.2bn to settle at N8.8tn. Today’s positive performance was largely as a result of bargain hunting in NESTLE (+1.3%), GUARANTY (+1.2%), PZ (+4.9%) and NIGERIAN BREWERIES (+0.2%). Market activity was…

Egypt Market Watch | Nov 23 2016: Egypt’s bourse closes on positive note

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Cairo (Capital Markets in Africa) – The Egyptian Exchange (EGX) indices moved higher collectively to close on a positive note on Wednesday, while the market capitalization added EGP 4.8 billion amid buying activity by foreign investors. The benchmark index EGX30 added 0.26% or 30.51 points to close at 11,550.1 points. The small and medium caps index EGX70 went up 1.71% to close at 445.9 points, while the broader index EGX100 added 1.71% to close at…

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