The Editorial Team |

Market Watch | Emerging Assets Decline as Fed Move in June Seen as Possibility

LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks and currencies fell to two-month lows as Federal Reserve minutes revived the possibility of an interest-rate increase as soon as next month, raising the specter of capital flows out of riskier assets. Raw-material producers led Brazilian equities toward a one-month low. Egyptian stocks posted a weekly loss after an EgyptAir plane went missing with 66 people on board. South African gold mining companies dropped, ending a four-day rally in…

Egyptian Stocks Drop on Missing Airliner; Mideast Markets Slump

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CAIRO, Egypt, Capital Markets in Africa: Egyptian stocks declined after the nation’s flagship airline said one of its passenger planes went missing on the way back to Cairo from Paris. Most equities dropped across the Middle East as oil retreated. The EGX 30 Index fell 1.8 percent to 7,499.49 at the close. About 538 million Egyptian pounds ($61 million) of shares traded, 21 percent less than the market’s full day average over the past three months. Qatar’s QE Index lost…

Attijariwafa Said to Work With UBS on Bid for Barclays Egypt

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Casablanca, Morocco, Capital Markets in Africa: Attijariwafa Bank, Morocco’s biggest lender, is working with UBS Group AG on a potential bid for Barclays Plc’s Egyptian business, people familiar with the matter said. The U.K. bank has received limited interest for the business after reaching out to Gulf-based banks, two of the people said, asking not to be identified as the information is private. The British bank has yet to receive any non-binding offers, they said. Chief Executive Officer Jes…

South Africa Maintains Rate at 7% Despite Inflation Risk in May

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Johannesburg, South Africa, Capital Markets in Africa: The pause in the South African central bank’s policy tightening cycle may be short-lived as it forecast increasing risks for inflation from a weaker rand and food prices. The repurchase rate was left unchanged at 7 percent, Governor Lesetja Kganyago told reporters on Thursday in the capital, Pretoria. Nineteen of the 25 economists in a Bloomberg survey predicted no change to borrowing costs. Five of the six members Monetary Policy Committee members preferred to keep the rate unchanged…

Glencore’s Best Start to Year Eases Blow From Post-IPO Slump

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LAGOS, Nigeria, Capital Markets in Africa: Glencore Plc shareholders showing up for the miner’s annual meeting on Thursday can take comfort in the stock’s best ever start to a year. Less so the loss of about half the company’s value since they met 12 months ago and more than 70 percent since a $10 billion initial public offering in 2011. Such wild share swings highlight both the opportunities from billionaire Chief Executive Officer Ivan Glasenberg’s plans to…

Ghana Regulator Probes Adviser in Latest Hurdle for Biggest IPO

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s largest initial public offering hit another snag as the nation’s regulator put the listing of shares in Agricultural Development Bank Ltd. on hold and began an investigation of the transaction adviser. ADB, which sold 450 million cedis ($116 million) of shares in an IPO that closed in March, filed a complaint last week against Accra-based IC Securities Holdings Ltd., Adu Anane Antwi, director general of the Securities and Exchange Commission, said…

MTN Raises South Africa Investment to $757 Million for Deals

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Johannesburg, South Africa, Capital Markets in Africa: MTN Group Limited raised its South Africa investment target by 50 percent as the continent’s biggest wireless operator by sales looks to boost its data-services offering with acquisitions and network upgrades in its home market. Capital expenditure will be about 12 billion rand ($757 million) in the country in 2016, MTN’s South Africa head Mteto Nyati told reporters in Johannesburg on Thursday. That compares with an 8 billion rand target…

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