The Editorial Team |

Impressions from the World Economic Forum on Africa —- RMB Morgan Stanley

The 26th World Economic Forum on Africa was held in Kigali, Rwanda last week: We attended the gathering and provide feedback on the conference and the investable themes coming out of it. Connecting Africa’s Resources through Digital Transformation: The theme of this year’s forum builds on that of the World Economic Forum held in Davos this January, by honing in on how Africa sees itself participating in the so-called Fourth Industrial Revolution. Rwanda, a continental…

Ghana’s Regulator Orders Investor Refund in Biggest IPO

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s securities regulator instructed the nation’s biggest agricultural lender to refund investors after it rejected bids in an initial public offering that closed in March. The Agricultural Development Bank Ltd. refused 435.1 million cedis ($112 million) of the 437.9 million cedis in bids it received, the West Africa nation’s Securities and Exchange Commission said in a statement sent Tuesday by text message. The lender informed the regulator of its intention to reopen…

Buhari Gives Nigeria Central Bank Go-Ahead on Flexible Naira

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LAGOS, Nigeria, Capital Markets in Africa: Faced with an economy nearing recession and inflation at the highest in almost six years, Nigerian President Muhammadu Buhari has backed down on his refusal to allow the naira to weaken. Buhari has given the central bank the go-ahead to introduce a more flexible exchange-rate system even as he remains opposed to devaluation of the naira, said Garba Shehu, his spokesman. “The president is opposed to devaluing the naira, he has said…

Market Watch: Emerging Stocks Rise as China Rallies on MSCI Index Speculation

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks rose to a three-week high as Chinese equities rallied amid speculation MSCI Inc. will include yuan-denominated shares in its global benchmarks and concern eased that higher U.S. interest rates will squelch global economic growth. The Shanghai Composite Index surged 3.3 percent, the most since March. South African stocks headed toward a fourth month of gains as a slump in the rand in May boosted the outlook for companies with revenue in foreign currencies such…

Nigeria Records First Trade Deficit in at Least Seven Years

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria recorded its first quarterly trade deficit in at least seven years in the three months through March as exports of crude oil dropped, adding to the nation’s economic distress. The trade balance of Africa’s largest economy swung to a deficit of 184.1 billion naira ($925 million) from a revised surplus of 364.6 billion naira in the previous quarter, the Abuja-based National Bureau of Statistics said in an e-mailed statement on Tuesday….

South Africa Bonds | Downgrade Threat Drives South African Companies From Bond Market

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Johannesburg, South Africa, Capital Markets in Africa: As South Africa braces for a credit-rating downgrade, the nation’s companies are finding the bond market an unfriendly place. Corporate bond sales in the second quarter have slumped 15 percent from a year earlier to 20.8 billion rand ($1.32 billion), compared with a 10 percent decline across emerging markets, data compiled by Bloomberg show, as volatility and the threat of a cut to junk deter buyers. South African government 10-year yields —…

Tech Innovation Will Catalyse Productivity and Growth in Africa Says PWC Report

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JOHANNESBURG, South Africa, Capital Markets in Africa: Agriculture is currently standing on the edge of a second green revolution. This revolution will entail fundamental shifts in how the agricultural sector utilises and implements innovative technology to improve output in a sustainable manner and address the need for greater food security globally. These are some of the highlights of PwC’s latest Africa Agribusinesses Insights Survey 2016. “Currently, there is a second green revolution underway. There is…

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