The Editorial Team |

Ghana Companies Sell Shares at Record Rate Amid Debt Squeeze

ACCRA, Ghana, Capital Markets in Africa: Ghanaian companies needing cash are caught in a dilemma. Faced with borrowing costs at a 13-year high, companies including the local unit of Diageo Plc and Ghana Oil Co. are turning to the stock market to raise record amounts of capital as they try to reduce debt. They could hardly have chosen a worse time. The West African nation’s benchmark stock index is in a bear market, having fallen to a three-year low as a plunge…

Investment | Chinese to Invest $2.8 Billion in South Africa Economic Zone

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South Africa, Capital Markets in Africa: A group of Chinese investors will invest more than 40 billion rand ($2.8 billion) in an energy and metals-related industrial park in South Africa, giving a boost to the country’s government as it seeks to grow the manufacturing industry and ease unemployment. The consortium, led by Hong Kong Mining Exchange Co., will develop and manage the park, which will house plants to process minerals including chrome, manganese, coking coal and…

Senegal | Woodside to Buy Conoco’s Senegal Assets for $350 Million

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DAKAR, Senegal, Capital Markets in Africa: Woodside Petroleum Limited agreed to buy ConocoPhillips’s assets in Senegal for $350 million to gain a stake in exploration blocks off the West African nation. ConocoPhillips holds 35 percent of a contract with the Senegal government covering three offshore blocks, Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore, Perth-based Woodside said in a statement to the stock exchange Thursday. “This is a gutsy move from Woodside, which will only pay off…

Emerging Stocks Rise Sixth Day on Mounting Stimulus Speculation

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks headed for their longest winning streak since April and currencies rose to the strongest against the dollar in almost a year as optimism over prospects for stimulus in major economies boosted demand for riskier assets. Energy stocks led the MSCI Emerging Markets Index to a sixth consecutive gain as oil prices climbed. Turkey’s equity benchmark increased to the highest in two months. A gauge of mainland Chinese companies traded in Hong…

South Africa’s Rand Leads Emerging-Market Gains Against Dollar on Stimulus Bets

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South Africa, Capital Markets in Africa: South Africa’s rand strengthened to a 11-week high against the dollar as prospects for stimulus in major economies boosted demand for riskier assets. The currency weakened against the pound as an expected immediate U.K. rate cut failed to materialize. The currency jumped 1.7 percent to 14.2423 against the dollar by 1:58 p.m. in Johannesburg, set for the strongest close since April 29 and leading gains among 24 emerging-market currencies tracked by Bloomberg….

Africa’s Biggest Pension Fund Invests $730 Million in Home Loans

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South Africa, Capital Markets in Africa: South Africa’s Government Employees Pension Fund, the continent’s largest, invested 10.5 billion rand ($730 million) in mortgage provider SA Home Loans Ltd. to boost government workers’ access to housing. The investment will be done by the Public Investment Corp. on behalf of the GEPF, according to a statement distributed in Johannesburg on Wednesday. Of the funds, 5 billion rand is earmarked for civil servants, 2 billion rand will be allocated to affordable…

Diamond’s Atlas Mara Snared in Nigeria Contagion as Stock Sinks

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LAGOS, Nigeria, Capital Markets in Africa: Atlas Mara Limited, the company co-founded by former Barclays Plc Chief Executive Officer Bob Diamond to buy lenders in Africa, fell to a record low as concern over the health of Nigeria’s banking industry spread. Atlas Mara, which owns at least 21 percent of Lagos-based Union Bank Nigeria Plc, dropped for the fourth time in seven days in London trading on Wednesday. That mirrors declines among most Nigerian lenders after the central bank replaced the…

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