The Editorial Team |

Oil Rises From $40 After Dropping Into Bear Market on Oversupply

LAGOS, Nigeria, Capital Markets in Africa: Oil rose in New York amid speculation the oversupply still weighing on global markets will diminish, even after prices fell into a bear market on Monday. Futures gained 1.2 percent after dropping below $40 on Monday for the first time since April. While crude and gasoline inventories are forecast to have declined, they will remain at the highest seasonal level in at least two decades. Still, the retreat is driven by a…

Vodafone Uses Voiceless Africa Plans to Get Tech-Savvy Youth

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LAGOS, Nigeria, Capital Markets in Africa: Inside a packed Vodafone Group Plc store in the Zambian capital of Lusaka, a group of the city’s tech-savvy students wait in line for wireless modems they hope will transform their ability to surf the internet. They don’t even care that they won’t be able to get a voice plan to talk over the British mobile operator’s network since Vodafone doesn’t have a license for that. “The coming of Vodafone is…

Investment | Sahel Capital in Dayntee Farms deal

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LAGOS, Nigeria, Capital Markets in Africa: Sahel Capital, Fund Managers for the Fund for Agricultural Finance in Nigeria (FAFIN), announced its most recent investment – in Dayntee Farms Limited, a commercial poultry farm located in Kwara State, in the North Central region of Nigeria. Founded in 2011, Dayntee Farms produces a variety of poultry products including table eggs, day‐old chicks and point‐of‐lay birds, which it supplies to customers across the country. The company is run by a strong management…

Nedbank Heads for Eight-Month High on Surprise Profit Increase

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Johannesburg, Capital Markets in Africa: Nedbank Group Ltd., the South African lender controlled by Old Mutual Plc, reached the highest level in eight months after first-half profit rose, beating analyst estimates that had predicted a decline. The shares jumped as much as 8.3 percent on Monday before paring gains, leading returns on the seven-member FTSE/JSE Africa Banks Index. First-half earnings per share excluding one-time items climbed to 11.19 rand from 11.01 rand a year earlier as bad-loan impairments improved….

Zimbabwe Securities Regulator Approves Debt Listing Rules

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HARARE, Capital Markets in Africa: Zimbabwe’s securities regulator has approved rules allowing companies to raise debt capital on the nation’s stock exchange, including minimum requirements for amounts and maturities of bond sales. Companies will have to raise a minimum of $1 million with a maturity of at least one year to qualify for a listing, according to draft regulations approved by the Securities and Exchange Commission last month, a copy of which was obtained by Bloomberg…

Heineken Sales Slow in Africa as Low Oil Prices Curb Demand

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LAGOS, Capital Markets in Africa: Heineken NV, the world’s third-largest brewer, reported sales growth that missed expectations as demand waned in key regions such as Africa, Russia and the Middle East. Second-quarter beer volumes dipped 5.9 percent on an organic basis across Africa, the Middle East and Eastern Europe, hurt by a weakening environment in Russia and Nigeria where low oil prices and falling currencies are denting growth. Chief Executive Officer Jean-Francois van Boxmeer said cuts to…

World Bank Stops Funding World’s Biggest Power Plant Plan

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LAGOS, Nigeria, Capital Markets in Africa: The World Bank has suspended funding to help develop a $14 billion hydropower project in the Democratic Republic of Congo, a stage in what could become the world’s biggest power plant, after a disagreement with the nation over implementation plans. The announcement to halt financing the Inga 3 project followed the Congo’s decision “to take the project in a different strategic direction to that agreed between the World Bank and the government in…

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