The Editorial Team |

Africa’s Biggest Money Manager Grows at Slowest Pace in 7 Years

JOHANNESBURG (Capital Markets in Africa) – The Public Investment Corp.’s growth in assets under management fell to the slowest pace in seven years after equity markets dropped and South Africa’s economy slowed to levels not seen since the 2009 recession. Assets increased by 2.4 percent to 1.85 trillion rand ($136 billion) in the 12 months ended March 31 from 1.81 trillion rand a year earlier, the Pretoria-based PIC, which manages the bulk of South Africa’s government employees’…

Net 1 Buys Blue Label Stake in $400 Million Deal for Cell C

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JOHANNESBURG (Capital Markets in Africa) – Blue Label Telecoms Ltd. will buy a 45 percent stake in Cell C (Pty) Ltd. for 5.5 billion rand ($400 million) to expand the network of South Africa’s third-largest mobile-phone operator and reduce the target company’s debt. As part of the deal, electronic-payment provider Net 1 UEPS Technologies Inc. agreed to subscribe for 118 million Blue Label shares for 2 billion rand, giving the company a 15 percent stake in Blue…

Nigeria lowers 2016 forecast, expects economy to shrink 1.3 pct

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LAGOS (Capital Markets in Africa) – Nigeria’s economy is likely to shrink 1.3 percent in 2016, the National Bureau of Statistics executive said on Wednesday, a sharp downward revision of its estimates he said was prompted by sharp falls in the naira after dollar peg was dropped. The NBS had predicted the Nigerian economy to grow 3.8 percent in 2016, but low oil prices have hammered the OPEC member’s government income and the naira, and recession…

MTN Returns to Eurobond Market With Two Notes to Fund Growth

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JOHANNESBURG (Capital Markets in Africa) – MTN Group Limited returned to the Eurobond market for the first time since 2014 as Africa’s biggest wireless carrier by sales seeks funds for investment. The mobile-phone company is offering a five-year note at a yield ranging from 5.375 percent to 5.5 percent, according to a person familiar with the matter, who asked not to be identified because the information is private. MTN is also marketing a 10-year bond at…

South Africa’s business confidence lowest in 30 years: survey

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JOHANNESBURG (Reuters) – Business confidence in South Africa fell to its lowest in three decades in September, reflecting uncertainty about the outlook for Africa’s most industrialised economy, a survey showed on Wednesday. South African companies are struggling to stay afloat due to sluggish economic growth since a 2009 recession. The South African Chamber of Commerce and Industry’s (SACCI) monthly business index dipped to 90.3 in September from 92.9 in August, its worst showing since July 1985….

Anglo Above 10 Pounds as Century-Old Miner Back From Brink

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LONDON (Capital Markets in Africa) — A rally in Anglo American Plc pushed its stock above 10 pounds for the first time in more than a year after a rebound in commodity prices and cuts in its debt brought the century-old mining company back from the brink. Anglo gained as much as 3.4 percent to 1,029 pence a share, the highest since June 2015. The stock has more than tripled this year, the best performer in the…

Egypt stocks up on strategic commodities ahead of devaluation

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CAIRO (Capital Markets in Africa) – Egypt said it plans to build a six month reserve of essential food items, adding to other recent purchases of commodities such as oil and wheat, in what traders said was a move to build up stocks ahead of a currency devaluation. Prime Minister Sherif Ismail said late on Tuesday the country would look to import 500,000 tonnes of rice and 400,000 tonnes of sugar to boost reserves and keep…

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