The Editorial Team |

Fitch Cuts Mozambique Rating to CC Over Hidden Public Debt

MAPUTO, Mozambique, Capital Markets in Africa: Fitch Ratings cut Mozambique’s credit to CC, indicating that a default of some kind is probable, after the southern African nation last month disclosed more than $1 billion of previously hidden debt. The grade was cut by one notch from CCC, according to a statement e-mailed by the company Monday. The review was brought forward by five months because of a “material change in the creditworthiness of the issuer,” it said. “The…

Investment | Nigeria Talking With Ansteel of China Over $4.5 Billion Project

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria is in talks with companies including Ansteel Group Corporation of China to revive its $4.5 billion Ajaokuta steel complex, according to solid minerals development minister Kayode Fayemi. While construction of Ajaokuta started over three decades ago along the Niger River in central Nigeria with a planned production of 5 million metric tons annually, it was never completed. President Muhammadu Buhari wants to revive the factory project to diversify Africa’s largest economy which relies on oil,…

Old Mutual’s Asset Management Unit Attracts Possible Buyers

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Johannesburg, South Africa, Capital Markets in Africa: Old Mutual Plc, Africa’s largest insurer, said it has been approached by companies interested in buying a stake in its U.S.-based fund management unit. “Old Mutual confirms that it has received approaches from third parties to acquire its stake,” in OM Asset Management Plc, the London-based insurer said in a statement on Tuesday. There’s no certainty that the interest will lead to a purchase, it said. The company plans to split…

Emerging Currencies Drop on Fed Rate Bets as Turkish Stocks Jump

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market currencies fell with stocks as mounting speculation the Federal Reserve is moving closer to raising interest rates undercut the appeal of riskier assets. Turkish equities and the lira rallied the most among peers as the deputy prime minister survived a cabinet reshuffle. The MSCI Emerging Markets Currency Index weakened 0.2 percent as currencies in Malaysia and South Korea led declines. Russia’s ruble headed for the longest losing streak since December,…

Investment | Ascendis to Buy Remedica, Scitec for as Much as $566 Million

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Johannesburg, South Africa, Capital Markets in Africa: Ascendis Health Limited entered agreements to buy separate pharmaceutical and sports-nutrition companies for a total of as much as 505 million euros ($566 million), and will pay for the purchases through debt facilities and a potential share sale. The company will pay 260 million euros to 335 million euros for Cyprus-based pharmaceutical company Remedica Holdings Limited and about 170 million euros for Scitec International Sarl, Johannesburg-based Ascendis said in…

Nigerian Equity Markets | 23 May 2016: Market trends Southwards as MPC Meeting begins …NSE ASI down 42bps

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LAGOS, Nigeria, Capital Markets in Africa: The Nigerian Equities market opened in the red, for the first time in 5 weeks as profit taking thrived, following the impressive gains that were recorded in the previous week. As a result, the All Share Index slid 0.4% to settle at 27,015.97 points. In the same vein, market capitalisation reduced by N34.7bn to N9.3tn. The major drags to market performance today were ZENITH (-4.9%), ACCESS (-4.7%) and NIGERIAN…

Moody’s Sees More African Countries Seeking IMF, World Bank Help

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LAGOS, Nigeria, Capital Markets in Africa: More countries in sub-Saharan Africa are likely to turn to international lenders for emergency financing, according to Moody’s Investors Service. Ghana, Angola and Mozambique have turned to the International Monetary Fund for help in the past year and Zambia may soon follow suit. Kenya took on a $1.5 billion standby facility and Nigeria, Africa’s biggest economy, is negotiating a loan from the World Bank. Zimbabwe is also engaging with the Washington-based lenders to obtain…

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