The Editorial Team |

Nigeria’s Stocks Enter Bull Market Even as Economy Contracts

LAGOS, Nigeria, Capital Markets in Africa: Nigerian stocks entered a bull market as investors bought equities in anticipation of a currency devaluation that would boost share prices, even as data showed Africa’s biggest economy is in danger of a recession. The Nigerian Stock Exchange All Share Index closed at 27,129.41 on Friday, more than 20 percent above a three-year-low in mid-January. The measure fell for the first time in four days on Monday, dropping 0.6 percent to 26,978.6…

South Africa Prosecutor Plans to Appeal Zuma Graft Case Ruling

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s National Prosecuting Authority said it will ask for permission to appeal the High Court’s ruling that found that its decision to drop a corruption case against President Jacob Zuma seven years ago was wrong. The request to have the Supreme Court of Appeals review the judgment, which opened the way for 783 charges to be reinstated against Zuma, was because of legal reasons and hadn’t been discussed with Zuma’s…

Crude Falls as Canada to Resume Oil-Sands Output After Fires

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LAGOS, Nigeria, Capital Markets in Africa: Oil dropped for a fourth day as producers in Canada worked to resume operations after wildfires and Iran continued to raise exports. July crude fell as much as 2.1 percent. Cooler weather is helping to control a blaze in Canada’s oil-sands region and allowing Suncor Energy Inc. and Syncrude Canada Ltd. to start getting back to work. Iranian exports could surpass 2.2 million barrels a day by midsummer, the state oil company told…

Market Watch | Tech Stocks Lead Emerging Markets Higher, Hungary Bonds Advance

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LAGOS, Nigeria, Capital Markets in Africa: Technology companies led emerging-market stocks higher for a second day while declines in oil and metal prices dragged down energy shares. Brazil’s real and South Africa’s rand led currencies of commodity-producing nations lower while Hungarian bonds advanced after the country was raised to investment grade by Fitch Ratings. The Taiex index led advances as Apple Inc. vendors such as Taiwan Semiconductor Manufacturing Co. surged on reports production is gearing up on…

MTN Slumps After Nigeria Suspends Talks on $3.9 Billion Fine

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Johannesburg, South Africa, Capital Markets in Africa: MTN Group Ltd. shares fell after Nigeria suspended talks about a $3.9 billion fine on the South African mobile-phone company while the country’s House of Representatives completes an investigation into the nature of the penalty. The stock declined as much as 2.9 percent, the most since May 12, and traded 1.5 percent lower at 126.50 rand as of 10:23 a.m. in Johannesburg, valuing the company at 233 billion rand ($15 billion)….

International Investment Leaders to Gather in Bahrain to Assess the Road Ahead in the MENA Investment Industry

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The international asset and wealth management industry faces unparalleled change in the years ahead. A combination of macro factors and disruptive forces have set the stage for the transformation of the industry on a global and regional scale. 16th May 2016, Kingdom of Bahrain: The asset management industry stands on the verge of a number of significant changes that will re-shape the market for years to come. A recent report by KPMG titled “Investing in…

Investment | SN Power AS Invests in the Bujagali Hydropower, Uganda

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JOHANNESBURG – Allen & Overy LLP announced today that it has advised SN Power AS, the state-owned Norwegian company and one of the world’s leading international hydropower firms, on its acquisition of an interest in the Bujagali hydropower project (“Bujagali”) in Uganda from SG Bujagali Holdings, Ltd (“SGBH”). Bujagali is a 250 MW hydropower facility located near Jinja, Uganda. It has been financed and developed by Bujagali Energy Limited, an entity owned by affiliates of…

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