The Editorial Team |

STANLIB announces single equity franchise

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…

Commodity | Trafigura Profit Boosted by Angola Buying Dormant Iron Ore Mine

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LAGOS, Nigeria, Capital Markets in Africa: Trafigura Group Pte’s first-half profit was boosted through a deal where the Angolan government paid millions of dollars for a dormant iron ore project, allowing the trading house to avoid a 50 percent drop in net income. The transaction, reported in a note in its earnings report earlier this month, enabled the Singapore-based trading house to book a one-time gain of almost $265 million in the six months to March…

Egypt’s Dilemma as Central Bank Meets on Rates

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CAIRO, Egypt, Capital Markets in Africa: Soaring inflation and a long-running dollar shortage suggest Egypt’s central bank has ample reason to raise interest rates when officials meet on Thursday. On the flip-side, doing so would increase interest payments for a government trying to plug a hole in its finances. A Bloomberg survey shows economists are split, with three predicting a hold and three predicting an increase to the benchmark rate. The central bank raised Egypt’s key interest…

Bank of Japan Keeps Policy Unchanged Even as Kuroda Warns on Yen

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LAGOS, Nigeria, Capital Markets in Africa: The Bank of Japan refrained from expanding monetary stimulus ahead of the U.K. vote on Brexit next week that could roil global markets, and before a domestic election in which the political opposition has made the bank’s negative interest-rate policy an issue. With the yen soaring to its strongest in almost two years after the decision Thursday, Governor Haruhiko Kuroda reiterated in a press conference in Tokyo that the central bank won’t hesitate to take…

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