The Editorial Team |

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

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…

Kenyan Shilling Rises to 10-Month High as Dollar Demand Muted

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NAIROBI, Kenya, Capital Markets in Africa — The Kenyan shilling rose to the highest level against the dollar in 10 months amid muted demand for the greenback from importers in East Africa’s largest company. The currency added 0.3 percent to 100.35 per dollar as of 11.33 a.m. in the capital, Nairobi, the highest since July 6 on a closing basis. The shilling extended its gain this week to 0.7 percent, the most since the five days ended…

South Africa Reserve Bank Can Wait — Bank of America Merrill Lynch

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Johannesburg, Capital Markets in Africa — The South Africa Reserve Bank continues to be one of the most orthodox emerging market central banks in the aftermath of the global financial crisis. As inflation has been above the bank’s target band, it is one of the few EM central banks to have hiked the policy rate so far this year. Even as the global backdrop has become much more emerging market friendly compared to late last…

Nigeria | Nestle Nigeria Plc Q1 2016: Leveraging on Stronger Value Brands

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LAGOS, Nigeria, Capital Markets in Africa — Nestlé Nigeria Plc (“Nestlé “or “the Company”) published its Q1: 2016 results last weekend with the Company showing an impressive growth in revenue on the back of its stronger value brands despite the recent constraints on consumer spending. While leveraging on its rich product portfolio and its cost-cutting measures, which led to moderation in cost to sales ratio and drop in finance charges, Nestlé’s profitability metrics improved significantly…

South Africa Junk Rating a Matter of Time as Economy Falters

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Johannesburg, South Africa, Capital Markets in Africa — It appears to be just a matter of time before South Africa’s credit rating is cut to junk. S&P Global Ratings will lower the nation’s rating to non-investment grade by the end of this year, according to 12 of 13 economists and analysts surveyedby Bloomberg. Four see the downgrade to BB+, which will put South Africa on par with Turkey and Indonesia, coming as early as next month. All 13 analysts…

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