The Editorial Team |

Rand, South African Assets Rally on Fading Prospects for Brexit

Johannesburg, South Africa, Capital Markets in Africa: South African markets rallied as diminished risks that British voters will favor an exit from the European Union in the June 23 referendum prompted investors to buy developing-nation assets. The rand headed for its biggest gain in more than two weeks as government bonds advanced for a fourth day and stocks in Johannesburg for a third. The currency strengthened 2.2 percent, the most since June 3 on a closing basis, to 14.8162…

Private Equity | Injaro invests in Gold Coast Fruits

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ACCRA, Ghana, Capital Markets in Africa: Injaro Agricultural Capital Holdings Limited (IACHL), the impact investment fund managed by Injaro Investments, announces an investment in Ghana’s pineapple sector. IACHL, through its Ghanaian subsidiary Injaro Agricultural Venture Capital Limited (IAVCL), has signed an agreement to invest in Gold Coast Fruits Limited (GCF), a Ghanaian pineapple exporter based in Accra. Founded in 2005, GCF is one of Ghana’s leading exporters of ‘Golden Sweet’ (MD2) pineapple with customers in…

Nigeria’s Naira Slumps as 15-Month Currency Peg Ends in Lagos

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s naira weakened 22 percent to 253.50 per dollar after the central bank allowed the currency of Africa’s biggest economy to float freely on Monday. Demand for foreign currency has built up to about $3 billion since capital controls were imposed 15 months ago to defend the currency’s peg of 197-199 per dollar, according to Chapel Hill Denham Securities Ltd. Even as the naira weakens, local stocks may extend the best three-day rally…

STANLIB announces single equity franchise

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South Africa, Capital Markets in Africa: STANLIB says it has drawn from its depth of talent, competence and experience in its investment team to make enhancements in the best interests of its customers. “These enhancements are in line with its proven operating model, which has now been successfully operating for five years. The specialist investment model offers a clear focus on client outcomes through line of sight and accountability of the investment professionals.” STANLIB says…

Nigeria Delays New Bank Capital Rules in Bid to Avoid Recession

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Lagos, Nigeria, Capital Markets in Africa: Nigeria plans to delay new capital rules for banks as regulators in Africa’s biggest economy follow fellow oil producer Kazakhstan in trying to boost lending and avoid a recession. The Central Bank of Nigeria in 2014 ordered the country’s lenders it considered too big to fail to boost minimum capital adequacy ratios to 16 percent from 15 percent to increase their resilience to shocks. The new rules, which followed a banking crisis…

Nigeria | Out of Options Amid Economic Slump, Nigeria Abandons Naira Peg

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LAGOS, Nigeria, Capital Markets in Africa: Battered by the oil plunge, starved of foreign currency and with the economy headed into recession, Africa’s second-biggest crude producer said Wednesday it will allow the naira to float, setting the stage for the currency to weaken. Free trade in the naira, set for Monday, will mark the end of more than a year of resistance by President Muhammadu Buhari, who reiterated his opposition to devaluation as recently as two…

African Development Bank Sees Africa Eurobond Issuance Slowing on Rate Concern

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LAGOS, Nigeria, Capital Markets in Africa: African governments may curtail foreign-currency bond sales in coming months amid expectation that U.S. policy tightening will make it more expensive to pay back those debts, African Development Bank President Akinwumi Adesina said. “Right now there is a little bit of caginess with regard to issuing dollar bonds or Eurobonds because the Fed rates are going up, which means it’s becoming a race to the top of the yield curve,” Adesina…

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