The Editorial Team |

Infrastructure | The Abraaj Group launches energy development arm dedicated to Global Growth

London, United Kingdom, Capital Markets in Africa — The Abraaj Group (“Abraaj”), a leading investor operating in global growth markets, today announced the formation of a dedicated project development arm to further extend its investment capabilities in the energy infrastructure space. As a member of The Abraaj Group, Themis Energy (“Themis”) will leverage the Group’s local teams, global network, execution capabilities and existing infrastructure team to originate, develop and manage projects from concept stage to operations….

Private Equity | Agri-Vie founders & STANLIB launches independent Private Equity business

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Johannesburg, South Africa, Capital Markets in Africa — The founders of Agri-Vie Investment Fund, the African private equity fund focused on the food and agribusiness sector, and pan-African asset manager STANLIB, are proud to announce the formation of EXEO Capital – an Africa-focused private equity partnership – which will allow both parties the opportunity to expand their alternative investment offerings. STANLIB has taken a partnership stake in EXEO Capital. Following the success of the first…

World-Beating Stock Rally May Be Just the Start for Egypt

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Cairo, Egypt, Capital Markets in Africa — If history is any guide, Egyptian stocks’ world-beating gains following the nation’s currency devaluation may be just beginning. The EGX 30 Index has jumped 14 percent since Monday’s 13 percent weakening of the pound. The gains are an echo of what happened in January 2003, when a foreign-currency shortage that gave rise to a black market for dollars and deterred investment led policy makers to devalue the currency by 14 percent….

South African Reserves Bank to keep rate at 6.50% says Merrill Lynch

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Johannesburg, South Africa, Capital Markets in Africa — The South African Reserve Bank (SARB) will be meeting tomorrow to determine policy rate. Given the current outlook of the economy, threatened with recession and inflation above the 3 percent to 6 percent target, economists and traders are divided which way SARB will go interest rate move. Some economists predict the Monetary Policy Committee will keep the benchmark rate unchanged at 6.75% and some expect a 25 basis-point of tightening. Matthew…

Mozambique Rating Downgrade by S&P, Moody’s on Debt Swap

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MAPUTO, Mozambique, Capital Markets in Africa — Mozambique’s credit rating was downgraded by Standard & Poor’s and Moody’s Investors Service because a proposed restructuring of about $700 million of bonds issued by a state-owned Tuna-fishing company could be equivalent to a default, according to the firms. S&P’s rating for the south-east African nation was lowered to CC, 10 levels below investment grade, from B-, the company said in a press statement released on Tuesday. While Moody’s…

Central Bank of Egypt to auction US$1.5bn to stabilise the currency

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CAIRO, Egypt, Capital Markets in Africa — Egypt’s central bank will offer US$1.5 billion today in its third special foreign exchange auction of the week, part of an effort to crush the currency black market and stabilize the Egyptian pound a day after a major devaluation. Egypt devalued the pound on Monday to 8.85 pounds to the dollar from 7.73 pounds and announced that it would shift to a more flexible exchange rate. The equity…

Nigerian Equity Markets | 15 Mar 2016: Nigerian Bourse Closes Lower on Profit Warning… NSE ASI down 0.4%

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LAGOS, Nigeria, Capital Markets in Africa — At the end of today’s trading session, the All Share Index declined 0.4% to close at 24,745.13 points as the Nigerian bourse continued its retreat into the negative zone. Congruent to the ASI, market capitalization also declined N37.3bn to settle at N8.9tn. Today’s decline was driven by price depreciation in key Banking counters such as ETI (-9.7%), DIAMOND (-8.8%) and GUARANTY (-2.5%) as ETI issued a profit warning…

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