The Editorial Team |

South Africa | Barclays Sells 12.2% Stake in African Unit for $879 Million

Johannesburg, South Africa, Capital Markets in Africa — Barclays Plc said it sold about one-fifth of its stake in Barclays Africa Group Ltd. for about 13.1 billion rand ($879 million) as part of Chief Executive Officer Jes Staley’s plan to overhaul the British lender. The bank sold 12.2 percent of Barclays Africa’s shares to money managers, leaving it with a holding of 50.1 percent, it said in a statement on Thursday. The shares were bought for 126 rand each,…

Infrastructure | Zimbabwe Sees $5 Billion Hydro Project Producing Power by 2023

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Harare, Zimbabwe, Capital Markets in Africa — The $5 billion Batoka Gorge hydropower project Zambia and Zimbabwe plan to build on their shared border could start producing by 2023 and will generate electricity at a cheaper cost than solar or coal, Zimbabwean Energy Minister Samuel Undenge said. The two southern African nations will complete a feasibility study into the project by July, with construction due to start next year, he said in an interview in…

Nigeria | Lafarge Africa Plc Q1:2016 Earnings Update

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LAGOS, Nigeria, Capital Markets in Africa — Lafarge Africa Plc (“Wapco” or “the Group”) released its Q1:2016 result last Thursday, 28th of April, reporting substantially weaker than expected numbers. Turnover fell 29.3% Y-o-Y to N52.4bn amid weaker macroeconomic fundamentals and intense competition in cement markets in Nigeria and South Africa which impacted volumes and product prices. The Group’s high operational and financial leverage further squeezed margins, resulting in a pre-tax loss of N2.2bn in the…

Dollar Shortage Leaves ATMs Empty, Zimbabweans Without Cash

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HARARE, Zimbabwe, Capital Markets in Africa — Banks in Zimbabwe, which abandoned its own currency in 2009 because of hyperinflation, have limited cash withdrawals and shut down some ATMs as the country’s ailing economy causes dollar supplies to evaporate, threatening to result in company failures. Lines of people are growing outside banks in the capital, Harare, as cash-strapped residents try get money to pay for everything from school fees to groceries. The shortage highlights the struggle…

Rand Tumbles as South African Downgrade Concerns Return

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Johannesburg, South Africa, Capital Markets in Africa — The rand weakened below 15 per dollar to the lowest in almost a month amid increasing expectations among economists that South Africa’s credit rating will be cut by the end of this year as growth falters. The rand fell as much as 1.2 percent to 15.1568, the weakest since April 7 on a closing basis, before paring its losses to be little changed at 14.9659 by 1:59 p.m. in…

Ghana IPOs at Risk as March Sale Leaves Buyers Empty-Handed

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ACCRA, Ghana, South Africa, Capital Markets in Africa — A delay in completing the sale of Ghana’s Agricultural Development Bank Ltd., the nation’s biggest initial public offering yet, may dent confidence in future share sales, according to FirstBanc Financial Services Ltd. Investors who bought into the 450 million cedis ($118 million) sale in March, which was oversubscribed, are still waiting for their shares after the owners — the Bank of Ghana and the Ministry of Finance — missed…

Gabon | Moody’s places Gabon’s Ba3 ratings on review for downgrade

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Libreville, Gabon, Capital Markets in Africa — Moody’s Investors Service has today placed the Republic of Gabon’s Ba3 government bond and issuer ratings on review for downgrade. The purpose of Moody’s ratings review is to assess the extent of the impact of the further sharp fall in oil prices, which Moody’s expects to remain low for several years, on the Republic of Gabon’s government balance sheet in the coming years. As part of the review,…

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