The Editorial Team |

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

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…

Uganda’s Second Stock Exchange Opens, Seeks 10 Million Accounts

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Kampala, Uganda, Capital Markets in Africa: Uganda’s second stock exchange started operating Wednesday, more than two years after winning approval, and said it seeks to win 10 million customers within five years. ALTX East Africa Limited, a unit of Mauritius-founded ALTX Africa Group, will run with fully automated systems enabling it to handle 150,000 transactions a second and provide settlement within 15 minutes, Chief Executive Officer Joseph Kitamirike told reporters in the capital, Kampala. The exchange’s first…

Rwanda launches RNIT Iterambere Fund to boost savings through capital market

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RWANDA, Capital Markets in Africa: Rwanda National Investment Trust Ltd (RNIT), a company fully owned by the Government of Rwanda launched on Tuesday RNIT Iterambere Fund – an open end balanced fund to facilitate Rwandans to have a planned approach to investments and wealth creation. The RNIT Iterambere Fund is an initiative of the Government of Rwanda that aims at promoting the culture of saving by designing products that suit the various investment needs…

IMF Says Nigeria’s Economy Will Probably Contract This Year

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LAGOS, Capital Markets in Africa: Nigeria’s economy will probably contract this year as energy shortages and the delayed budget weigh on output, according to the International Monetary Fund. “I think there is a high likelihood that the year 2016 as a whole will be a contractionary year,” Gene Leon, the fund’s resident representative in Nigeria, said in an interview in the capital, Abuja, on July 8. While the economy should look better in second half…

Chocolate Makers Saved by Currency as Cocoa Reaches 39-Year High

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LAGOS, Nigeria, Capital Markets in Africa: Cocoa prices may have climbed to a 39-year high, but for once chocolate makers have been spared. That’s because the rally that took futures traded in London to the highest level since 1977 was spurred by a weakening pound after the U.K.’s decision to leave the European Union. With most chocolate makers paying their bills in either euros or dollars, prices in those currencies have actually dropped since the…

Nigeria’s Skye Extends Decline to Record Low as Diamond Falls

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s Diamond Bank Plc and Skye Bank Plc slumped for the straight third day after the central bank stepped in to remove Skye’s top management a week ago. Skye Bank plummeted 9.2 percent to 79 kobo, a fresh all-time low by the close of trading, and Diamond Bank slid by 8 percent to 1.85 naira, the lowest since May 19. Skye’s stock has fallen by 25 percent since the July 4 intervention by…

Rising Energy-Import Bill Deepens Tunisia’s Economic Troubles

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TUNIS, Capital Markets in Africa: Social and political unrest in Tunisia is reducing energy production, adding to the economic pressure on the fragile nation that was the only real success story to emerge from the Arab Spring. The North African country’s energy-import bill has risen 45 percent to 5.5 billion dinars ($2.5 billion) since 2010, government data show. Domestic oil production dropped by about a quarter over the same period to 63,000 barrels a day last year, according…

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