The Editorial Team |

Investment | ShowMax Expands to 36 African Countries in Challenge to Netflix

Johannesburg, South Africa, Capital Markets in Africa: Naspers Limited, Africa’s biggest company by market value, expanded its video-streaming service ShowMax into 36 new sub-Saharan African countries in a challenge to Netflix Inc., which is also growing in the region. The new markets went online Friday, bringing ShowMax’s availability globally to 65 countries, the company said in an e-mail. The service started in August. Naspers, which has a market value of $57 billion and is Africa’s largest…

Investment | DuPont Plans to Double Its African Seed Business in Five Years

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LAGOS, Nigeria, Capital Markets in Africa: DuPont Company plans to more than double its African seed business, excluding the mature South African market, over five years as governments and farmers on the least-developed continent seek to boost crop yields, a director of the company’s Pioneer unit said. “From a revenue perspective we’re aiming for over 20 percent in terms of the compound annual growth rate,” Prabdeep Bajwa, the African regional business director for Pioneer, said in…

Congo Government Will Investigate, Tax Freeport Copper-Mine Sale

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Kinshasa, DR. Congo, Capital Markets in Africa: The Democratic Republic of Congo’s government plans to investigate Freeport-McMoRan Inc.’s sale of a copper mine in the central African country for $2.65 billion and tax the transaction, Mines Minister Martin Kabwelulu said. Freeport, based in Phoenix, Arizona, announced May 9 it sold its indirect 56 percent stake in the Tenke Fugurume mine, which also produces cobalt, to China Molybdenum Company Gecamines, the state-owned Congolese miner, said May 10 it wasn’t informed…

Nigerian Equity Markets | 12 May 2016: Nigerian Bourse Rebounds as Downstream Oil Counters Rally… NSE ASI up 0.9%

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LAGOS, Nigeria, Capital Markets in Africa: The Nigerian equities market halted a two day losing streak as the All Share Index rose 0.9% to close at 25,865.06 points at the end of today’s trading session. Market capitalization also advanced N80.7bn to settle at N8.9tn. Today’s performance was buoyed by the gains in bellwether counters – NIGERIAN BREWERIES (+2.5%), FORTE OIL (+5.0%) and ZENITH (+1.5%) which counterpoised the impact of the decline in NESTLE (-1.5%), UNILEVER…

World | Negative Rates Risk Weakness for Lenders, Says World Bank’s Oteh

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LAGOS, Nigeria, Capital Markets in Africa: Nations that have adopted a negative interest rate policy to spur economic growth face the possibility of weakening their banks, according to Arunma Oteh, vice president and treasurer of the World Bank. “We still have a global economy that is very fragile,” Oteh said in an interview in Tokyo Wednesday. “What you find where you have had the expansionary monetary policy that has been useful, what you’ve also found is…

Oil Rises to Six-Month High as Nigeria, U.S. Supply Tightens

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LAGOS, Nigeria, Capital Markets in Africa: Oil advanced to its highest intraday level in six months as supply reductions around the world, from the U.S. and Canada to Nigeria, helped whittle away the global surplus. Futures gained 1.2 percent in New York after climbing 6.4 percent the previous two sessions. U.S. inventories dropped by 3.4 million barrels last week, government data showed Wednesday. Nigeria said militants have curbed the country’s oil output by about 30 percent. The global surplus in…

Market Watch | Emerging Currencies Gain as Rousseff Ouster Spurs Brazil Stocks

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market currencies and energy shares rose as oil traded above $48 a barrel, bolstering the outlook for commodity exporters. Brazilian equities rallied after President Dilma Rousseff was suspended from office. The Ibovespa headed for its highest level in more than a week. Currencies in Colombia, Mexico and Russia appreciated at least 0.6 percent as a drop in U.S. crude stockpiles and supply outages from Canada to Nigeria supported oil. Wagers for a devaluation…

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