The Editorial Team |

Nigeria | Moody’s downgrades Nigeria’s sovereign issuer rating with a stable outlook

LAGOS, Nigeria, Capital Markets in Africa — Moody’s Investors Service has today downgraded Nigeria’s long-term issuer ratings to B1 from Ba3 and has assigned a stable outlook, concluding the review for downgrade initiated on March 4th 2016. The key drivers of today’s rating action are as follows: 1) Increased external vulnerability brought about by the prospect of lower-for-longer oil prices; 2) Execution risk in the transition to a less oil-dependent federal budget, and the implications…

Global Market Review and Outlook Week Ending 29 April

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LAGOS, Nigeria, Capital Markets in Africa — In the week, the major events that shaped market performance were the US Fed meeting outcome and the BOJ’s decision. The US Fed completed its third meeting for the year on Tuesday and decided to keep its benchmark rate unchanged while reassuring investors that it will continue to assess economic developments amid slow and steady growth across the globe. Similarly, the BOJ’s decision to keep rates stable came…

Nigeria | Sub-Nationals on the Blink: A Case for Fiscal Restructuring

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LAGOS, Nigeria, Capital Markets in Africa — President Muhammadu Buhari met with members of Nigeria’s Governors Forum (NGF) yesterday, 28th April 2016. Expectedly, the state governors requested for more palliatives to ameliorate their fiscal challenges. The proposed palliatives include an 18-month moratorium on loans before resuming servicing, direct financial intervention and commitment of the Federal Government (FGN) to a Fiscal Restructuring Plan for Federating units which are yet to be made publicly available. This comes…

Angola | Moody’s downgrades Angola’s rating to B1 with negative outlook

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Luanda, Angola, Capital Market in Africa — Moody’s Investors Service has today downgraded the long-term issuer and senior unsecured debt ratings of the Government of Angola to B1 from Ba2 and assigned a negative outlook. The short-term issuer ratings have been affirmed at Not-Prime (NP). The key drivers of the downgrade are: The government’s financial position and the country’s external position have deteriorated sharply due to the shock stemming from the structural downward shift in…

Private Equity | CDC Group invests US$140m in East Africa’s ARM Cement

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NAIROBI, Kenya, Capital Market in Africa: A new US$140 million investment designed to boost the local supply of cement in East Africa and promote infrastructure development has been announced today by CDC, the UK’s development finance institution. CDC is investing in ARM Cement Limited (“ARM”), a producer of cement, lime and fertilizer, with operations in Kenya, Tanzania and Rwanda. CDC’s capital will help the company develop its existing business and to potentially expand its operations…

South Africa’s Rand Gains to Five-Month High Versus Dollar

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Johannesburg, South Africa, Capital Markets in Africa — The rand gained to its strongest level against the dollar in five months after South Africa unexpectedly posted a trade surplus in March for the first time this year. The currency gained 0.9 percent to 14.1611 per dollar by 2:46 p.m. in Johannesburg, heading for the strongest level since Nov. 24 and the best performance out of 31 major and emerging-market currencies monitored by Bloomberg. The rand has advanced 9.2 percent…

Kenya’s Biggest Bank May Expand Operations to Four New Countries

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NAIROBI, Kenya, Capital Markets in Africa — Kenya Commercial Bank (KCB) Group Limited, owner of Kenya’s largest bank, may enter Mozambique, the Democratic Republic of Congo, Somalia and Djibouti by 2020, said Chief Executive Officer Joshua Oigara. The lender is willing to swap shares to fund transactions, he told reporters in the capital, Nairobi, on Friday. KCB will complete an assessment of Chase Bank Kenya Ltd., the failed lender that it is helping to reopen branches and…

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