The Editorial Team |

Moody’s assigns B2 first-time issuer rating to the Republic of Cameroon with stable outlook

Yaoundé, Cameroon, Capital Markets in Africa: Moody’s Investors Service (“Moody’s”) has today assigned first-time local and foreign-currency issuer ratings of B2 to the Government of Cameroon. The ratings carry a stable outlook. The rating assignment is based on the following key drivers: (1) Low (+) economic strength balancing the country’s exposure to the oil shock—albeit more contained than for regional peers—and our expectation of a stronger potential growth outlook supported by the infrastructure investment strategy…

Market Watch | Emerging Assets Set for Highest Close in a Year on Oil, Stimulus

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks and currencies headed for their highest close in a year as a recovery in oil prices and optimism central banks will keep monetary policy accommodative boosted demand for higher-yielding assets. A gauge of developing-market shares was poised for a fourth weekly gain, the longest winning streak since October, after a Bank of England interest-rate cut eased concern the U.K.’s decision to exit the European Union will slow global growth. Malaysia’s ringgit led…

MTN Group to Consider Raising Its Dividend If Business Picks Up

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South Africa, Capital Markets in Africa: MTN Group Limited will consider raising its full-year dividend above forecasts if business conditions improve after the settlement of a record fine in Nigeria led to the first-ever half-year loss at Africa’s biggest mobile-phone carrier. The company will consider a higher full-year payout than the forecast 7 rand-a-share “if operating conditions improve materially,” the Johannesburg-based carrier said in its first-half earnings statement on Friday. MTN paid 13.10 rand a share in 2015, while…

Nigeria Spends to Fight Slump as Emefiele Targets Inflation

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s government is looking to spend its way out of an economic slump after the central bank said it can’t bolster growth and is instead targeting inflation with a record interest rate. The government is planning 1.75 trillion naira ($5.6 billion) in capital spending for the year, more than four times the amount spent in 2015, according to information from the budget office. The state has spent 248 billion…

South Africa Vote Rocks ANC as Big Cities Reject Status Quo

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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….

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