The Editorial Team |

South Africa Vote Rocks ANC as Big Cities Reject Status Quo

Johannesburg, South Africa, Capital Markets in Africa: South Africa’s ruling African National Congress trailed the main opposition party in four of the country’s biggest cities, including the capital, as results from local elections showed rising discontent among urban voters over a flat-lining economy and scandals surrounding President Jacob Zuma. While later results from its traditional strongholds in the townships around Pretoria, the capital, and economic hub Johannesburg may buoy the ANC vote, the election marks a…

MTN Gains as Investors Look Beyond Losses Led by Nigeria Fine

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LAGOS, Nigeria, Capital Markets in Africa: MTN Group Ltd. shares gained the most in more than five weeks after Africa’s biggest mobile-phone operator booked the full value of a 330 billion naira ($1 billion) fine in Nigeria, drawing a line under a 10-month saga that wiped a third off the share price. The wireless carrier made a first-ever per-share loss as a public company in the six months through June, partly caused by a provision for the penalty…

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

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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….

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