The Editorial Team |

Soutth Africa’s Rand Heads for Fourth Week of Gains as Johannesburg Stocks Rise

Johannesburg, South Africa, Capital Markets in Africa: The rand strengthened for a fourth week against the dollar as investors seeking higher yields piled into South African bonds and stocks and data showed the continent’s biggest economy may avoid a recession this year. The rand was also set for a fourth weekly advance against Britain’s pound, the longest stretch since the four weeks to April 10, and poised for the biggest gain against sterling since the…

Trade | Ivory Coast Will Ratify Interim Trade Deal With EU This Month

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Abidjan, Ivory Coast, Capital Markets in Africa: Ivory Coast plans to ratify an interim economic trade pact with the European Union by the end of the month even though a regional deal, approved in 2014, has yet to be signed by all the countries of the West African economic bloc, a minister said. An Ivorian parliamentary foreign affairs committee unanimously voted on Wednesday to allow President Alassane Ouattara to ratify the agreement, which will reduce trade barriers…

Currency conundrums in Zimbabwe

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HARARE (Capital Markets in Africa) – Zimbabwe abandoned the use of its own currency, the Zimbabwe dollar, in February 2009 and adopted a multi-currency regime. The demise of the Zimbabwe dollar was not mourned. By the time it was phased out it had lost all credibility as a medium of exchange, after years of hyperinflation running to many million percent. While the multi-currency regime legalised the use in Zimbabwe of a number of currencies, among…

South Africa’s Aveng Rises by Record as JSE Sentiment on Construction Improves

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South Africa, Capital Markets in Africa: Aveng Ltd., South Africa’s largest construction company by sales, jumped by the most on record in Johannesburg trading after forecasting better earnings and as sentiment toward the industry improves. Aveng surged as much as 23 percent and was 17 percent higher at 5.52 rand by 11:43 a.m., taking its advance this week to 38 percent. The company said Aug. 10 it expects a smaller full-year loss. The seven-member FTSE/JSE Africa…

Egypt on Cusp of $12 Billion IMF Aid Seen Prelude to Devaluation

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CAIRO, Capital Markets in Africa: Egypt moved closer to securing $12 billion of International Monetary Fund support designed to restore the confidence of foreign investors and ease a crippling dollar shortage hampering economic growth. Authorities reached an initial accord with an IMF delegation after more than a week of talks in Cairo. If approved by the fund’s executive board and Egyptian lawmakers, the agreement will be the IMF’s second-biggest active traditional loan program after Ukraine. The…

Kenyan Lawmakers Escalate Battle Against Banks to Cap Rates

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NAIROBI, Kenya, Capital Markets in Africa: Kenyan lawmakers are threatening to overrule President Uhuru Kenyatta if needed to force the country’s banks to lower their lending rates. The country’s parliament on July 28 approved a bill that will limit the amount of interest banks can charge on loans, with the proposal only needing Kenyatta’s signature to become law. The proposals jolted lenders into signing a memorandum of understanding with the Central Bank of Kenya that commits them to…

Zenith Bank at Three-Week Low as First-Half Profit Slides

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LAGOS, Nigeria, Capital Markets in Africa: Zenith Bank Plc, Nigeria’s second-largest lender by market value, fell to the lowest level in almost three weeks after reporting a 16 percent drop in first-half profit. The stock, which has declined in six out of the past seven days, slid 2.5 percent to 15.60 naira, the lowest closing price since July 22. That pared gains this year to 11 percent, making it the fourth best-performing bank on the…

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