The Editorial Team |

Unleashing African Equities — Fund Manager Perspective

LAGOS, Nigeria, Capital Markets in Africa: Confident in the positive prospects embedded into Africa’s long term development, our team has been working on the best way to access the latter for almost a decade. In this purpose, one should be aware that intrinsic risks related to the region’s political and economic situation make the definition of an investment strategy relatively complex, especially when taking into account the features of the continent’s capital markets such as…

South Africa | Moody’s places South Africa’s Baa2 ratings on review for downgrade

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Johannesburg, South Africa, Capital Markets in Africa — New York, Moody’s Investors Service has today placed the Baa2 bond and issuer ratings of the government of South Africa on review for downgrade. Also placed on review for downgrade were South Africa’s (P)Baa2/(P)P-2 shelf and MTN program ratings. The decision to place the ratings on review was prompted by the continuing rise in risks to the country’s medium-term economic prospects and to its fiscal strength, notwithstanding…

Investing in Africa’s Equity: Balancing Risk, Return and Regret

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LAGOS, Nigeria, Capital Markets in Africa: Broad-based performance of African equities in 2015 was something many investors like to forget, if they do not regret their investment decision in the first place. Investors following the herd and buying into the asset class for the first time in the heydays of 2013 can be regularly found in the latter category. Others, who remained on the sidelines so far, can now buy great African businesses at much…

Nigeria | Data Releases Show Economy on a Sticky Wicket … Outlook Conservative

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LAGOS, Nigeria, Capital Markets in Africa — This week’s data releases by the CBN and NBS – April 2016 Purchasing Manager’s Index (PMI) and Q1:2016 Quarterly Capital Importation data – revealed very disappointing numbers. Besides the fact that the weak numbers reflected poorly on business activities and investment confidence, they further reinforced the market perception that weakening domestic fundamentals is yet abating. The PMI data, a monthly survey carried out by the CBN to examine…

Gabon | Fitch Revises Gabon’s Outlooks to Negative; Affirms at ‘B+

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Libreville, Gabon, Capital Markets in Africa — Fitch Ratings has revised the Outlook on Gabon’s Long-term foreign and local currency Issuer Default Ratings (IDR) to Negative from Stable and affirmed the IDRs at ‘B+’. The issue ratings on Gabon’s senior unsecured foreign currency bonds have also been affirmed at ‘B+’. The Short-Term IDR has been affirmed at ‘B’. Fitch has also affirmed the Country Ceiling for the Communaute Economique et Monetaire d’Afrique Centrale (CEMAC) and…

`Zombie’ Money Printed by Zimbabwe Draws Scorn From Critics

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Harare, Zimbabwe, Capital Markets in Africa — A new currency printed by Zimbabwe’s central bank to ease a cash shortage has drawn scorn from critics attacking it as signaling a return to the hated local dollar, abandoned seven years ago as inflation spiraled to 500 billion percent. The central bank will distribute units with face values ranging from two to 20 dollars, pegged to the U.S. currency, Governor John Mangudya said Wednesday, describing them as “bond notes”…

Ivory Coast May Sell Stake in Orange Phone Unit on Exchange

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Abidjan, Cote d’Ivoire, Capital Markets in Africa — Ivory Coast is considering the sale of its minority stake in the local unit of French wireless operator Orange SA on the regional stock exchange. That would add the West African nation’s telecommunications industry to a privatization program that already covers industries such as banking and agribusiness. “It’s something that’s being considered,” Bruno Kone, Ivory Coast’s minister of digital economy and postal services, said in a phone interview on Wednesday. “There’s…

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