The Editorial Team |

South African Rand Advances to Five-Week High After U.S. Debate

JOHANNESBURG, Capital Markets in Africa: South Africa’s currency strengthened for a second day, trailing only Mexico’s peso, as traders judged Hillary Clinton to have won the U.S. presidential debate versus Donald Trump. The rand appreciated as much as 1.5 percent against the dollar, heading for the strongest closing level since Aug. 18. It was 1.3 percent stronger at 13.5060 by 9:42 a.m. in Johannesburg. Most of the more than 140 global currencies tracked by Bloomberg gained. After Clinton and Trump’s first face-to-face…

Access Bank to Sell Nigeria’s First Eurobond for Two Years

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LAGOS, Capital Markets in Africa: Access Bank Plc will start an investor roadshow Tuesday as it prepares to issue the first Eurobond from Nigeria in almost two years. Nigeria’s fourth-largest lender by assets will meet investors in the U.S. and Europe through Oct. 3 and wants to sell five-year debt, according to Chief Executive Officer Herbert Wigwe. Barclays Plc, Citigroup Inc. and JPMorgan Chase & Co. will arrange the deal, he said. “It will be for working capital,…

AfDB Seeks Investors for $7.6-Billion Tanzanian Railway Line

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DAR ES SALAAM, Capital Markets in Africa: The African Development Bank will hold an investors’ roadshow to attract as much as $7.6 billion in financing for a railway line linking Tanzania’s port in Dar es Salaam with neighboring landlocked countries. The Abidjan, Ivory Coast-based lender is teaming up with the World Economic Forum to help attract investors to bankroll the 2,200-kilometer (1,370-mile) line, according to Gabriel Negatu, AfDB’s regional director for East Africa. “We are convening a meeting of…

Nigeria Plans 2023 Sugar Self-Sufficiency Even as Woes Mount

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LAGOS, Capital Markets in Africa: Nigeria, sub-Saharan Africa’s biggest sugar importer, remains on target to become self-sufficient in the sweetener in seven years even as foreign-exchange shortages and insurgents pose a risk to the goal, an industry body said. Refiners Dangote Sugar Refinery Ltd., BUA Refinery Ltd. and Golden Sugar Co., which rely on raw-sugar imports from Brazil, joined a government program in 2013 seeking to meet annual demand of about 1.5 million metric tons within a decade. While…

Investment | Turkey’s MNG Gold to Invest $45 Million in Burkina Faso Mines

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Ouagadougou, Capital Markets in Africa: Turkey’s MNG Gold is spending $45 million to mine gold in Burkina Faso after obtaining two projects in Africa’s fourth-largest producer of the metal. The Balogo pit in the south of the country will yield 100,000 ounces annually when production starts this year, Richard Zongo, MNG Gold’s country manager, said in an interview. To guarantee the profitability of the mine, which has a lifespan of only two years, the company bought the rights…

Capitec Plans Insurance Offering as Credit-Card Rollout Starts

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JOHANNESBURG, Capital Markets in Africa: Capitec Bank Holdings Ltd., South Africa’s fastest-growing lender by profit, said it will start offering insurance products from next year in a bid to diversify sources of income and bolster earnings. “Right now we’re not covering insurance, but we’re working on that and will launch products next year with a partner,” Chief Executive Officer Gerrie Fouriesaid, declining to disclose details on who it will use as a partner. Having sold credit…

‘Super Rate Hike’ Still Seen in Egypt as Devaluation Looms

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CAIRO, Capital Markets in Africa: Egypt’s central bank, which unexpectedly left borrowing costs unchanged last week, is keeping its powder dry for what one economist called a “super” rate increase. Five out of 8 economists in a Bloomberg survey had expected the Monetary Policy Committee to raise its key rate on Thursday to curb accelerating inflation and lay the ground for a widely anticipated devaluation. The meeting was likely the last before Egypt secures a…

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