The Editorial Team |

Nigeria’s GDP growth slows in 2015 amidst forex liquidity constraints

LAGOS, Nigeria, Capital Markets in Africa — The Nigeria National Bureau of Statistics released economic performance data for the fourth quarter of 2015 on Friday 11 2016. The release showed that Africa’s largest economy grew by 2.1% year-on-year (yoy) in the fourth quarter against market expectations of 2.85%. The growth rate was also lower than the 2.84% recorded in the third quarter of 2015 and significantly lower than the 5.94% recorded in the fourth quarter of…

Mauritius Eyes Asia, Far East for Its Financial Services

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Mauritius plans to sell itself as a world class financial-services hub to investment companies in Asia and the Far East to win new business, an official said. The island nation’s Financial Services Promotional Agency plans to market the country as an international financial center, or IFC, and is already collaborating with the City of London, according to Chief Executive Harvesh Seegolam. International fund managers domiciled in Mauritius were the source of $139.3 billion in portfolio…

Madagascar Removes Restrictions on Gold Exports, Official Says

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Antananarivo, Madagascar, Capital Markets in Africa — Madagascar liberalized gold exports three years after it made the central bank the sole seller of the precious metal, an official said. A ministerial decision to do so was adopted in July 2015 but it has taken time to implement the amendment, Guy Raoilison, the general manager of the national gold agency known as ANOR, told reporters Thursday in the capital, Antananarivo. The island-nation made its central bank…

South Africa | Old Mutual’s Breakup Adds to South Africa Financial Market Woes

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Johannesburg, South Africa, Capital Markets in Africa: Old Mutual Plc’s plan to separate its four businesses adds further uncertainty to South Africa’s financial-services industry, which is already under pressure after Barclays Plc’s decision to reduce its ownership in the country’s third-largest lender. While Old Mutual said it will spin off its 54 percent controlling stake in Johannesburg-based Nedbank Group to shareholders, it was short on details about plans for its emerging-market business, which is run from South Africa, as well as its U.S.-based OM Asset Management business and…

Nigerian Central Bank Governor and Investment Minister Talk on FX Supply

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LAGOS, Nigeria, Capital Markets in Africa — Nigerian central bank Governor Godwin Emefiele and Trade and Investment Minister Okechukwu Enelamah are discussing ways to ensure supplies of foreign exchange to manufacturers in the Africa’s largest economy as the slump in oil prices constraint dollar inflows. “My minister is engaging with the central bank governor and other key stakeholders to ensure that the interests of manufacturers are taken care of” in the provision of foreign exchange, Omotara Awobokun, director…

Moody’s place South Africa’s Banks, Old Mutual, Eskom on review for downgrade

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Johannesburg, South Africa, Capital Markets in Africa — Moody’s Investors Service placed on review for downgrade the Baa2 long-term deposit and senior debt ratings of the five largest South African banks: Standard Bank of South Africa, FirstRand Bank Limited, ABSA Bank Limited, Nedbank Limited, and Invective Bank Ltd. The rating agency has also placed on review for downgrade Standard Bank Group’s Baa3 issuer rating. It also placed the Baa3 senior debt rating of Old Mutual…

Foreign and Local Investors abandon Nigerian Stocks ….

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LAGOS, Nigeria, Capital Markets in Africa — Total equity transactions at the Nigerian Stock Exchange decreased by 23.93% from N110.56 billion recorded in December 2015 to N84.1 billion (about US$0.43 billion) in January 2016. In comparison to the same period in 2015, total transactions decreased by 55.67% from the N189.72 recorded in January 2015, the figure released by the bourse. In addition, domestic investors conceded about 3.14% of trading to foreign investors as domestic transactions…

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