The Editorial Team |

South Africa’s Rand Strongest in World as Local Elections, BOE Boost Currency

Johannesburg, South Africa, Capital Markets in Africa: The rand strengthened to a nine-month high against the dollar to lead global currency gains as results from South African local-government elections showed a swing toward the main opposition. The currency also gained to the highest since April last year against the pound as the Bank of England cut its main lending rate to the lowest on record as it tries to support the U.K. economy against fallout from Brexit….

Ghana Scraps Eurobond Sale as Costs Soar on Fiscal Concerns

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ACCRA, Ghana, Capital Markets in Africa: Ghana scrapped plans to sell its fourth Eurobond in as many years, balking at the price investors demanded amid concern that the West African nation may relax its commitment to fiscal targets ahead of parliamentary and presidential elections. The government will monitor markets and revive the sale “at the optimal time and the right conditions,” the Finance Ministry said in a statement on Thursday after concluding investor meetings in the…

Transcorp Stops $1 Billion Nigeria Power Plan on Scarce Gas

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LAGOS, Nigeria, Capital Markets in Africa Transnational Corp. of Nigeria Plc suspended plans to build one of the nation’s biggest power plants as a local gas shortage makes it difficult to obtain fuel and a downturn in Africa’s largest economy hinders efforts to raise funds for the project. The company in 2014 said it would raise $1 billion to build a 1,000-megawatt gas-fired facility. Two years earlier, it bought the Ughelli plant in the hydrocarbon-rich Niger River…

Time Kenyan Banks Made ‘Down Payment’ on Rates, Njoroge Says

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NAIROBI, Kenya, Capital Markets in Africa: Kenyan banks need to lower their “remarkably high” interest rates and make a “credible down payment” to borrowers, central bank Governor Patrick Njoroge said. While a proposed law limiting how much lenders can charge for loans is misguided, banks still need to do more to cut their rates so the benefits of a well-functioning financial system reaches customers, he said in a statement published on the central bank’s website. Lawmakers in…

Egyptian Stocks Rise as Investors Prepare for Pound Devaluation

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CAIRO, Egypt, Capital Markets in Africa: Egyptian stocks rallied to the highest level in more than a year as investors increased their holdings on bets that a currency devaluation would lure foreigners to the nation’s assets. The EGX 30 Index advanced 1.9 percent, the most in the world among more than 90 indexes tracked by Bloomberg globally after Argentinian equities. Commercial International Bank Egypt, the country’s biggest listed company, climbed to a record and was the biggest contributor to the gauge’s gains….

Nigeria |FCMB Forecasts Weaker Second Half as Nigerian Economy Shrinks

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LAGOS, Nigeria, Capital Markets in Africa: FCMB Group Plc, a Nigerian lender, said earnings will come under pressure in the second half as it sets aside more money for loan losses to cope with a Nigerian economy headed toward a recession. Profit in the six months through December will probably be weaker than the first half “in view of operating environment challenges and our decision to step up impairment charges,’’ the Lagos-based lender said in…

Zambeef Rises by Record as U.K.’s CDC to Invest $65 Million

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LUSAKA, Zambia, Capital Markets in Africa: Zambeef Products, the Zambian agricultural company, rose the most on record in London after announcing a $65 million investment by the U.K.’s Commonwealth Development Corp. The company’s stock jumped 39 percent on the Alternative Investment Market to 11.125 pence, having climbed as much as 58 percent earlier in the day, giving it a market value of 27.6 million pounds ($36.3 million). Seventeen times the three-month daily average volume of stock was traded…

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