The Editorial Team |

Tanzania’s Vodacom files prospectus for share offering

DAR ES SALAAM (Capital Markets in Africa) – Vodacom Tanzania, part of South Africa’s Vodacom Group, has filed a prospectus with Tanzania’s capital markets regulators for an initial public offering (IPO), the company’s managing director told Reuters on Monday. Tanzania’s biggest mobile phone operator filed its application for an IPO with the state-run Capital Markets and Securities Authority (CMSA) and Dar es Salaam stock exchange (DSE) on Friday, managing director Ian Ferrao said in a…

Expecting the unexpected: A post-Brexit world

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LONDON (Capital Markets in Africa) – The Brexit vote and the election of Donald Trump mark the rise of nationalism and risk intensifying the politics of fragmentation in the European Union. A new report by Amundi Asset Management and CREATE-Research shows how investors are adapting to the post-Brexit world. Its main focus is on political risks, asset allocation and product innovation. One of its conclusions is that investment processes need to go well beyond financial…

Nigeria Capital Markets Update Week Ending Nov 25 2016

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Equities Market Review and Outlook The All Share Index (ASI) closed in the red for the 6th consecutive week as the broader index depreciated on four of five trading days. The week started on a negative note as the NBS published its Q3:2016 GDP report on Monday, indicating a further contraction in domestic output in Nigeria. Meanwhile, an expectation of the outcome of the MPC meeting held from Monday to Tuesday kept market soft on…

Fitch keeps S.Africa’s investment-grade rating but cuts outlook to negative

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JOHANNESBURG (Capital Markets in Africa) – Ratings agency Fitch affirmed South Africa’s investment-grade credit rating at one notch above ‘junk’ on Friday but changed its outlook to negative from stable, warning that political risks could hurt growth. With the economy expected to grow by only half a percent this year, South Africa has been racing to avert a downgrade of its sovereign debt to sub-investment status, which would raise its borrowing costs and deter investment. Africa’s…

MPC Maintains Status Quo but Ignores Elephant in the Room …

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LAGOS (Capital Markets in Africa) – The Monetary Policy Committee (MPC) held its scheduled 6th and final meeting for 2016 on the 21st and 22nd of November. The conclusions from the two-day deliberations were broadly in consonance with our prognosis in the Pre-MPC note; “Blunted Policy Tools Call for Rollback of Administrative Measures” where we projected that the MPC will likely hold all rates constant whilst reinstate the need for the CBN’s hierarchy to properly…

Moody’s keeps South Africa’s sovereign rating at Baa2, negative outlook

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JOHANNESBURG (Capital Markets in Africa) – Credit ratings firm Moody’s Investors Service kept South Africa’s sovereign rating unchanged at Baa2 on Friday, two levels above subinvestment grade, with a negative outlook. Africa’s most industrialised country, which is expected to see economic growth of around 0.5 percent half a percent this year, has been trying to avert a sovereign rating downgrade to junk status that would raise borrowing costs and deter investment. “The negative outlook on South…

Central Bank of Kenya to hold rates at 10 pct on Nov 28

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NAIROBI (Capital Markets in Africa) – Kenya is expected to keep interest rates stable on Nov. 28 ahead of an expected rate rise in the United States while cautiously dealing with the impact of new banking regulations, a Reuters poll found on Friday. The shock of trade-sceptic Donald Trump ascending to the top office of the world’s biggest economy has wrong-footed African countries, many of which have enjoyed beneficial trade agreements. A stronger dollar and higher…

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