The Editorial Team |

South Africa’s rand falls on higher U.S. rate rise prospects

JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand weakened on Thursday as bets on a December U.S. rate rise brought emerging currencies under pressure, while stocks ended slightly weaker as gold and platinum mining shares slid on lower precious metal prices. The benchmark Top-40 index closed down 0.6 percent at 45,051 points while the All-Share index fell 0.5 percent to 51,611 points. At 1530 GMT, the rand traded at 13.8550 per dollar, 1 percent…

Access Bank Plans to Sell 19% Stake in Ghana Unit in IPO

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NAIROBI (Capital Markets in Africa) – Access Bank Plc, a Nigerian lender, plans to sell a stake of about 19 percent in its Ghana unit in an initial public offering that will begin before the end of the year. The lender is seeking to raise at least 104 million cedis ($26 million) issuing shares at 4 cedis each, Jacob Aidoo, the head of issuers at the Securities and Exchange Commission, said by phone from Accra…

Kenya Beats Nigeria in Stock-Trading for the First Time

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NAIROBI (Capital Markets in Africa) – Investors put more money into Kenyan stocks than Nigeria’s for the first time on record in September. The value of shares traded on Nigeria’s exchange fell to $139 million, near the lowest since Bloomberg began compiling such data in 2009, as foreign investors shunned an economy battered by militant attacks on oil facilities and shortages of foreign-exchange. In Kenya, with an economy an eighth the size of Nigeria’s but…

South Africa’s rand gains as investors bet ECB will delay tapering

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand firmed on Wednesday as investors ignored local factors and bet on the European Central Bank delaying plans to taper its asset buying programme. Gold mining stocks led the bourse weaker, still reeling from Tuesday’s drop in bullion prices. By 1519 GMT the rand had firmed 0.87 percent to 13.7100 per dollar, shrugging off September’s weak business confidence print. “The rand initially recovered during Wednesday’s European session as…

South Africa’s PIC Has ‘Appetite’ for Barclays Africa Stake

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JOHANNESBURG (Capital Markets in Africa) – Public Investment Corp., Africa’s largest money manager, said it’s interested in boosting its holding in Barclays Africa Group Ltd. and is still considering the best partner to team up with for a bid. “There is appetite from our side to increase our stake,” Chief Executive Officer Dan Matjila said in an interview in Pretoria on Tuesday. “We’re still assessing which is the best partner to go with and the best partner with…

PIC May Boost Investments Outside South Africa as Economy Slows

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JOHANNESBURG (Capital Markets in Africa) – Public Investment Corp., which manages the bulk of South African government employee pensions, will consider further investments outside its home market as the continent’s most industrialized economy expands at the slowest pace since the 2009 recession. “I would like to see more growth, and because of the tough economic environment in South Africa, that is a concern,” Chief Executive Officer Dan Matjila said in an interview in Pretoria on Tuesday. “One way to…

Cocoa Beans to Bring Ghana Foreign-Exchange Market to Life

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ACCRA (Capital Markets in Africa) – Ghana’s foreign-exchange market is about to be spurred to life: by cocoa beans. Currency transactions by Ghanaian banks are set to double as the government starts to auction foreign exchange raised by the country’s cocoa-exporting body, allowing companies to bid for dollars rather than buy them from the black market or exchange bureaus. The first $1.8 billion, a loan raised by the Ghana Cocoa Board, is hitting the market this…

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